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02/10/
2023

Today’s Announcements & News

Asia

Hong Kong’s Hang Seng index leading the gains with a 2.67% increase in its final trading hour.

Japan releasing key economic data, including the September inflation rate for Tokyo, which is considered a leading indicator for nationwide trends. Tokyo’s consumer price index rose by 2.8% in September compared to the previous year, slightly lower than August’s 2.9% gain. The core inflation rate, excluding fresh food prices, came in at 2.5%, below the 2.6% expected by a Reuters poll. Japan also reported data on unemployment, industrial output, and retail sales for August.

Japan’s Nikkei 225 experiencing a marginal decline, extending losses from Thursday and closing at 31,857.62, while the Topix dropped by 0.94% and ended at 2,323.29.

Australia’s S&P/ASX 200 advancing by 0.34%, ending at 7,048.6, marking a rebound after a three-day losing streak.

South Korean and mainland Chinese markets remaining closed for a holiday.

These market movements were influenced by economic data releases and regional factors, and they reflect the dynamics of the Asia-Pacific markets on that day.

US

On Friday, the Dow Jones Industrial Average experienced a retreat as investors closely monitored the latest developments regarding a potential government shutdown. This marked the conclusion of a challenging month for stocks. Here are the key highlights from the day’s trading:

The Dow Jones Industrial Average declined by 158.84 points, representing a 0.47% decrease, and closed at 33,507.50. Notably, Travelers Companies played a significant role in leading the index lower.

The S&P 500 also faced a decline, dropping by 0.27% to reach a closing value of 4,288.05.

In contrast, the Nasdaq Composite traded up slightly, gaining 0.14% and concluding the session at 13,219.32.

Earlier in the day, both the Dow and S&P 500 had started on a positive note as traders responded favorably to data indicating a potential easing of inflation. At their session highs, the Dow had surged by approximately 227 points (0.7%), and the S&P 500 had added 0.8%. The Nasdaq Composite had performed even better, rallying by 1.4% at its peak during the session.

A notable event during the day was the release of the latest reading of the personal consumption expenditures price index, the Federal Reserve’s preferred inflation metric. The core PCE, which excludes volatile food and energy prices, indicated a 0.1% increase in August and a 3.9% annual rise. Economists polled by Dow Jones had anticipated a 0.2% monthly increase and a 3.9% year-over-year gain in core PCE.

These market developments underscored the ongoing concerns regarding the possibility of a government shutdown and the market’s response to inflation data, contributing to a day of market volatility.

Commodity

Oil prices experienced a 1% decline on Friday, driven by macroeconomic concerns and profit-taking, despite a quarter that saw them rise by about 30%. This significant quarterly increase was primarily attributed to OPEC+ production cuts that tightened global crude supply. The Brent November futures contract settled down 7 cents to $95.31 per barrel at its expiry, marking a 2.2% gain for the week and a remarkable 27% surge in the third quarter. Meanwhile, the more liquid Brent December contract settled down 90 cents at $92.20 per barrel.

Gold prices extended their declines on Friday and were on track for monthly and quarterly losses, mainly due to expectations that the U.S. central bank may maintain higher interest rates for an extended period. Spot gold fell by 0.8% to reach $1,850.44 per ounce, marking its lowest level in over six months. U.S. gold futures settled 0.7% lower at $1,866.10 per ounce. Gold was poised to conclude September with a 4.6% decline and the quarter with a 3.6% decrease, primarily influenced by the Federal Reserve’s adoption of a hawkish stance. These market movements reflect the intricate dynamics at play in both oil and gold markets, influenced by factors such as supply considerations, macroeconomic worries, and central bank policies.

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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