12/10/2023
Today’s Announcements & News
Asia
In the Asia-Pacific region, a wave of positive sentiment swept through various markets. South Korea’s Kospi notably surged by 1.98%, marking a two-week high, with Samsung Electronics leading the way thanks to a slightly better-than-expected third-quarter operating profit forecast. The Kosdaq mirrored this enthusiasm with a 2.78% increase. Australia’s S&P/ASX 200 continued its upward trend, rising by 0.63% for the fifth consecutive day. Japan’s Nikkei 225 rose by 0.6%, closing at its highest level in nearly two weeks, while the Topix saw a minor dip. Hong Kong’s Hang Seng index also experienced gains for the fifth day, rising by 1.4% in the final trading hour. Mainland Chinese markets remained on an upward trajectory, with the CSI 300 index gaining 0.28% on the day.
US
Stocks remained within a narrow range on Wednesday, with traders eagerly anticipating the upcoming release of U.S. consumer inflation data. Meanwhile, Treasury yields were in retreat after reaching 16-year highs the previous week.
The Dow Jones Industrial Average showed a slight upward trend, gaining approximately 46 points, or roughly 0.1%. Earlier in the session, it had risen by over 143 points. The S&P 500 experienced a 0.4% increase, while the Nasdaq Composite recorded a gain of about 0.6%.
Investors are particularly focused on the consumer price index report scheduled for release on Thursday for insights into future Federal Reserve policy decisions. Economists surveyed by Dow Jones anticipate a 0.3% monthly increase and a 3.6% year-over-year increase in September’s data. This follows a day where traders dissected wholesale inflation figures that turned out to be hotter than expected.
Commodity
Gold prices reached a nearly two-week high on Wednesday, benefiting from a decrease in U.S. Treasury yields following dovish comments by Federal Reserve officials. Investors are now awaiting the release of minutes from the Fed’s latest policy meeting for additional guidance on interest rates.
Spot gold was up 0.66% to $1,872.29 per ounce, marking its highest level since September 29. U.S. gold futures settled 0.6% higher at $1,887.3.
According to Jim Wyckoff, a senior analyst at Kitco Metals, dovish remarks from Fed officials suggesting a potential pause in tightening and geopolitical turmoil in the Middle East are providing support to the gold market.
In contrast, oil prices experienced a more than 2% drop on Wednesday as concerns over supply disruptions due to the Middle East conflict lessened following Saudi Arabia’s commitment to stabilize the market.
Brent crude fell by $1.83, or 2.1%, to settle at $85.82 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by $2.48, or 2.9%, to settle at $83.49.
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.
