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03/10/
2023

Today’s Announcements & News

Asia

Asia-Pacific stocks fell even after manufacturing data out of China bounced back to expansion territory.

China’s factory activity in September expanded for the first time since April, according to official data over the weekend. China’s PMI climbed to 50.2 in September from 49.7, beating Reuters’ expectations of 50.0.

China’s markets are closed for the weeklong Golden Week holiday. South Korean and Hong Kong’s markets are also closed for holidays.

Japan’s Nikkei 225 traded 0.31% lower to close at 31,759.88, while the Topix slipped 0.39% to end at 2,314.

Sentiment of Japan’s big manufacturers improved to a score of 9 in the third quarter, up from 5 in the previous three months, the closely-watched central bank tankan survey showed.

Australia’s S&P/ASX 200 was down 0.22% to end at 7,033.2.

US

Stocks were lower on Monday despite a short-term agreement among U.S. legislators that prevented a government shutdown.

The Dow Jones Industrial Average declined 133 points, or 0.4%. The S&P 500 traded down 0.2%, while the Nasdaq Composite added 0.3%.

The small-cap-focused Russell 2000 fell 1.8% on Monday, pulling it into negative territory for the year, marking the first time it turned negative in 2023. This is seen as an indicator of potential trouble among smaller businesses, and the Russell 2000 is often considered a reflection of the broader economy’s health.

Discover was the top gainer in the S&P 500, with its shares up 5%. Health-care company Viatris and DXC Technology also saw gains of 3.8% and 3.5%, respectively.

Technology and communication services were the only sectors showing positivity in the broad market index, with communication services up 0.7% and the tech sector trading 0.5% higher.

Commodity

Oil prices dropped approximately 2% on Monday, reaching a three-week low due to the expiry of a higher-priced Brent contract, a stronger U.S. dollar, and profit-taking. Concerns over increasing crude supplies and the impact of high interest rates on demand contributed to the decline.

Brent futures for December delivery, on its first day as the front-month contract, settled $1.49, or 1.6%, lower at $90.71 per barrel. This marked a 5% drop from the price at which the November contract expired on Friday, representing the largest daily percentage decline for the Brent front-month contract since early May.

U.S. West Texas Intermediate crude (WTI) also experienced a decline, falling $1.97, or 2.2%, to settle at $88.82 per barrel.

The decline in oil prices came as some traders opted to take profits following a nearly 30% increase in crude prices to 10-month highs during the third quarter.

Meanwhile, gold continued its sixth consecutive session of decline, reaching a nearly seven-month low. This was attributed to the strength of the U.S. dollar and the anticipation of higher U.S. interest rates, which diminished the appeal of gold.

Spot gold dropped by 0.8% to $1,835.40 per ounce, its lowest level since March 10, while U.S. gold futures slipped by 0.7% to $1,853.00.

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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