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03/05/2023

Today’s Announcements & News

Asia

After maintaining its benchmark policy rate at 3.6% at their April meeting, the Reserve Bank of Australia unexpectedly increased its cash rate by 25 basis points to 3.85%. Following the move, the Australian dollar increased by 0.6 percent to 0.6677 against the US dollar.

In Australia, the S&P/ASX 200 fell 0.92% to close at 7,267.4 as monetary stocks drove misfortunes.

After a long Labor Day weekend, most markets in Asia-Pacific returned on Tuesday with mixed results. Japan’s Nikkei 225

progressed 0.12% to close at 29,157.95 and the Topix fell 0.12% to end the day at 2,075.53.

As South Korea’s inflation rate slowed to a 14-month low of 3.7%, the Kospi closed 0.91 percent higher at 2,524.39 The Kosdaq rose 1.52 percent to 855.61 at the close.

In the final hour of trading, the Hang Seng index in Hong Kong rose 0.22 percent, while the Hang Seng Tech index gained slightly. Tuesday was a holiday in China, so markets on the mainland were closed.

United States

On Tuesday, traders’ worries about a regional banking sector contagion returning sent stocks plunging.

The Dow Jones Modern Normal

fell 367 focuses, or 1.1%. The Nasdaq Composite and the S&P 500 both lost 1.08 percent. The three major averages decreased for the second session in a row.

The SPDR S&P Regional Banking ETF lost more than 6% as bank shares fell. After the March crisis that engulfed Wall Street and led to the demise of Silicon Valley Bank and First Republic Bank, traders questioned the stability of smaller regional banks. PacWest and Western Alliance, two regional banks, lost 27% and 15%, respectively.

In the interim, JPMorgan Pursue’s portions shed 1%, offering back a portion of its benefits from the past meeting. A day sooner, JPMorgan shares rose after the takeover of troubled local First Republic Bank. Goldman Sachs and Citigroup, two of the biggest banks, also lost more than 2%. Bank of America lost 3%.

Commodity

Oil costs sank 4% to a five-week low on Tuesday alongside a drop in Money Road stocks on stresses over a U.S. obligation default and assumptions fuel request could endure if national banks in the U.S. also, Europe raise financing costs again this week.

Brent prospects fell $3.38, or 4.3%, to $75.93 a barrel, while U.S. West Texas Middle of the road (WTI) unrefined fell $3.41, or 4.5%, to $72.25.

As a result, Brent and WTI were technically oversold and poised to record their lowest closing prices since March 24.

Wall Street’s main indexes fell as investors waited for the Federal Reserve’s policy decision after Treasury Secretary Janet Yellen said the US government could run out of money in a month.

As yields fell on renewed concerns of contagion in the U.S. banking sector in advance of the widely anticipated decision by the Federal Reserve to raise interest rates, gold extended gains on Tuesday and was on track for its biggest daily rise in a month.

U.S. gold futures rose 1.7% to $2,026.70, while spot gold rose 1.8 percent to its highest level since April 14 at $2,017.33 per ounce.

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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