Global Markets:
- Asian Stock Markets : Nikkei up 1.24%, Shanghai Composite up 0.03%, Hang Seng down 0.33%, ASX up 0.55%
- Commodities : Gold at $1981.25 (+0.01%), Silver at $25.26 (+0.02%), Brent Oil at $80.28 (+0.78%), WTI Oil at $76.10 (+0.60%)
- Rates : US 10-year yield at 3.754, UK 10-year yield at 4.198, Germany 10-year yield at 2.304
News & Data:
- (CAD) CPI m/m 0.1% vs 0.3% expected
- (CAD) Median CPI y/y 3.9% vs 3.7% expected
- (CAD) Trimmed CPI y/y 3.7% vs 3.6% expected
- (USD) Core Retail Sales m/m 0.2% vs 0.4% expected
- (USD) Retail Sales m/m 0.2% vs 0.5% expected
Markets Update:
Asian markets mostly rose on Wednesday as investors reacted to the positive earnings season results from Wall Street. Japan’s Nikkei 225 surged 1.24%, closing at 32,896.93, and the Topix rose 1.19% to 2,278.97. However, business sentiment among manufacturers in Japan declined for the first time in six months in July.
South Korea’s Kospi rebounded and saw a slight increase, reaching 2,608.24, while the Kosdaq climbed 1.05%, closing at 923.72, its highest level since April 2022. Hong Kong’s Hang Seng index, on the other hand, extended its losses after falling over 2% on Tuesday, closing 0.33% lower in its final hour of trade. Mainland Chinese markets ended the day with mixed results, as the Shanghai Composite edged slightly higher to end at 3,198.84, while the Shenzhen Component closed 0.37% lower at 10,932.65.
In Australia, the S&P/ASX 200 rebounded from Tuesday’s losses and rose 0.55% to close at 7,323.7 on Wednesday. Investors eagerly awaited the release of Australia’s unemployment figures on Thursday, as they could significantly impact the central bank’s decision on whether to continue raising interest rates.
Overnight in the U.S., all three major indexes experienced gains. The Dow Jones Industrial Average rose 1.06%, marking its seventh consecutive day of gains and achieving its longest winning streak since March 2021. The Nasdaq Composite climbed 0.76%, while the S&P 500 gained 0.71%. The better-than-expected results from the earnings season provided a positive sentiment to the global markets, contributing to the overall rise in the Asian markets on Wednesday. Investors are keeping a close eye on economic indicators and corporate earnings to gauge the direction of the markets in the coming days.
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