Global Markets:
- Asian Stock Markets : Nikkei down 0.32%, Shanghai Composite down 0.32%, Hang Seng up 0.02% ASX up 0.73%
- Commodities : Gold at $2469.5 (0.07%), Silver at $31.06 (-1.34%), Brent Oil at $83.13 (-0.17%), WTI Oil at $79.59 (-0.47%)
- Rates : US 10-year yield at 4.179, UK 10-year yield at 4.081, Germany 10-year yield at 2.424
News & Data:
- (CAD) CPI m/m -0.1% vs 0.1% expected
- (CAD) Core CPI m/m -0.1% vs 0.6% expected
- (USD) Core Retail Sales m/m 0.4% vs 0.1% expected
- (USD) Retail Sales m/m 0.0% vs -0.3% expected
Markets Update:
Asia-Pacific markets showed mixed results on Wednesday, with Australia’s S&P/ASX 200 reaching a historic high. The index rose over 1%, driven by gains in gold miners Northern Star Resources and Bellevue Gold, up more than 4.55% and nearly 4%, respectively. Evolution Mining and Newmont Corporation also rose by over 2%.
In Japan, the Nikkei 225 fell by 0.32%, while the Topix gained 0.40%. The Reuters Tankan survey indicated rising business optimism among large Japanese manufacturers, with the manufacturing index climbing to +11 from +6. However, confidence among non-manufacturers dropped from +31 to +26. Japanese authorities likely intervened in the currency market last week, spending approximately 6 trillion yen ($37.9 billion), with the yen currently at 158.36 against the U.S. dollar.
The Taiwan Weighted Index fell by 0.77% following comments from U.S. Republican presidential candidate Donald Trump, who suggested Taiwan should pay the U.S. for its defense. Shares of Taiwanese chip manufacturer TSMC dropped by as much as 2.36%. In South Korea, the Kospi decreased by 0.39%, with the small-cap Kosdaq also declining by 0.31%. Hong Kong’s Hang Seng index saw a slight increase, while China’s CSI 300 rose by 0.09%.
HSBC Holdings announced the appointment of Georges Elhedery as group CEO, effective September 2. Elhedery, currently the company’s chief financial officer, will replace Noel Quinn. HSBC’s Hong Kong shares were marginally down. Singapore’s non-oil domestic exports fell more than expected in June, marking the fifth consecutive month of decline, dropping by 8.7% year-on-year. Overnight, Wall Street saw gains fueled by optimism over potential rate cuts, with the Dow Jones rising by 1.85% to a record 40,954.48, the S&P 500 increasing by 0.64%, and the Nasdaq Composite up by 0.20%.
Upcoming Events:
- 12:30 PM GMT – CAD Foreign Securities Purchases
- 12:30 PM GMT – USD Building Permits
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