Global Markets:
- Asian Stock Markets : Nikkei down 0.27%, Shanghai Composite down 1.11%, Hang Seng down 1.28% ASX up 0.77%
- Commodities : Gold at $2663.35 (0.06%), Silver at $30.64 (0.08%), Brent Oil at $77.49 (0.6%), WTI Oil at $74.76 (0.62%)
- Rates : US 10-year yield at 4.683, UK 10-year yield at 4.6830, Germany 10-year yield at 2.4855
News & Data:
- (USD) ISM Services PMI 54.1 vs 53.5 expected
- (USD) JOLTS Job Openings 8.10M vs 7.73M expected
- (CAD) Ivey PMI 54.7 vs 55.4 expected
Markets Update:
Asia-Pacific markets showed mixed performance Wednesday, mirroring losses on Wall Street due to rising Treasury yields and declining U.S. tech stocks. Japan’s Nikkei 225 fell 0.35%, and the Topix dropped 0.59%. Meanwhile, South Korea’s Kospi gained 1.23%, though the Kosdaq Index remained flat.
Samsung Electronics shares rose 3.07% despite a disappointing fourth-quarter profit forecast. The memory chip leader estimated operating profit at 6.5 trillion won ($4.47 billion), falling short of LSEG’s forecast of 7.7 trillion won. In China, the Hang Seng Index slid 0.88%, and the CSI 300 declined 0.8%. Australia’s S&P/ASX 200 gained 0.73%.
Chinese tech giant Tencent Holdings fell 2.27%, extending Tuesday’s nearly 8% drop after its inclusion in the U.S. Department of Defense list of “Chinese military companies.” Battery maker CATL, also on the list, lost 1%.
In the U.S., major indices closed lower as tech stocks dragged down the market. The S&P 500 dropped 1.11% to 5,909.03, the Dow Jones fell 0.42% to 42,528.36, and the Nasdaq Composite shed 1.89% to 19,489.68. Nvidia fell 6.2% after reaching a record high earlier, while Tesla declined 4% following a Bank of America downgrade due to valuation and strategy risks. Meta Platforms lost nearly 2%, while Apple and Microsoft each fell over 1%.
Upcoming Events:
- 01:15 PM GMT – USD ADP Non-Farm Employment Change
- 01:30 PM GMT – USD Unemployment Claims
