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03/01/2024

Today’s Announcements & News

Asia

Asia-Pacific markets were mixed on the first trading day of the year. China stocks fell as official data showed the manufacturing PMI contracted further in December, signaling potential need for more policy support. On the other hand, Australia shares came close to their all-time closing high, with the S&P/ASX 200 rising 0.49%. In contrast, China’s CSI 300 index closed 1.3% lower, and Hong Kong’s Hang Seng index shed 1.62%.

US

The S&P 500 fell on the first trading day of the year, losing 0.9%, while the Nasdaq Composite pulled back by 2%. The Dow Jones Industrial Average shed 82 points, or 0.2%. Apple shares led the pullback after a downgrade from Barclays, and defensive stocks like Johnson & Johnson and Merck helped contain losses. The stock market finished 2023 with a strong performance, enjoying its best weekly win streak since 2004 amid economic resilience, cooling inflation, and signals from the Federal Reserve about potential rate cuts later in the year.

Commodity

Oil prices fell as traders monitored tensions in the Red Sea, with WTI crude for February losing 1.77% to settle at $70.38 a barrel, and Brent for March shedding 1.49% to trade at $75.89. Crude prices had earlier jumped over 2% due to escalating tensions in the Red Sea, a critical global trade chokepoint. Gold, under pressure from a stronger U.S. dollar, steadied at $2,061.59 per ounce, supported by expectations of Federal Reserve interest rate cuts in 2024 and concerns over Red Sea shipping attacks.

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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