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In the Asia-Pacific region, markets experienced a decline following a pause in the market rally on Wall Street. Investors were assessing economic data released during the week. China’s exports fell more than expected, and Australia’s central bank surprised the market by delivering a 25 basis-point interest rate hike. Australia stocks were slightly down, awaiting the May trade balance data. In Japan, the Nikkei 225 extended its slide from the previous day but climbed 0.3%, while the Topix rose 0.24%. Japan’s annualized GDP for the first quarter was revised higher than expected. South Korea’s Kospi and Kosdaq also experienced slight declines. Hong Kong’s Hang Seng index was expected to fall after a brief rally the previous day. In India, the central bank was anticipated to announce its interest rate decision, with expectations of rates being held steady.

United States

In the United States, stock futures were relatively flat as investors awaited the next market catalyst. S&P 500 futures and Nasdaq 100 futures showed minor gains, while Dow Jones Industrial Average futures dropped slightly. After the regular session, GameStop shares tumbled approximately 19% following the firing of its CEO and the appointment of a new executive chairman. The S&P 500 and Nasdaq Composite took a pause from their recent rally, with the S&P 500 closing 0.38% lower and the Nasdaq dropping 1.29%. The Dow was the outlier, posting a gain of 0.27%. Investors are currently awaiting the Federal Reserve’s upcoming policy meeting and closely monitoring economic indicators such as inflation and wage growth. More economic data, including weekly jobless claims and wholesale inventories, is expected to be released on Thursday.


On Wednesday, gold prices experienced a decline due to a rise in U.S. bond yields. Investors were also awaiting inflation data and the Federal Reserve’s policy meeting for further insights into the future of interest rates. Spot gold decreased by 1.15% to $1,940.2676 per ounce, while U.S. gold futures settled down 1.2% at $1,958.40.

On Wednesday, oil prices rose by approximately 1% due to Saudi Arabia’s plans for significant output cuts, which outweighed concerns about rising U.S. fuel stocks and weak Chinese export data. Brent crude futures settled at $76.95 a barrel, up 66 cents or 0.9%, while U.S. West Texas Intermediate crude futures gained 79 cents or 1.1% to reach $72.53. The market responded positively to Saudi Arabia’s announcement of reducing output by 1 million barrels per day (bpd) to 9 million bpd in July, leading to a price increase of over $1 for both benchmarks on Monday.


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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