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14/07/2023

Today’s Announcements & News

Asia

Thursday saw a positive trend in Asia-Pacific markets as the U.S. inflation rate for June came in lower than expected at 3%, marking the smallest year-over-year increase in two years.

The lower-than-expected figure of 3% was below economists’ forecasts of 3.1%, providing a boost to market sentiment. Month over month, the inflation rate also rose by a modest 0.2%, which was lower than the projected increase. Furthermore, the core Consumer Price Index (CPI), excluding volatile food and energy prices, saw a smaller-than-expected rise.

In Asia, Hong Kong’s Hang Seng index showed strong gains, surging 2.54% in its final hour of trade. The Hang Seng Tech index also performed well, posting a gain of over 3%. Mainland Chinese markets experienced positive momentum, with the Shanghai Composite rising by 1.26% to close at 3,236.48, and the Shenzhen Component increasing by 1.61% to end at 11,095.44.

China’s June trade data, however, fell below expectations, as exports recorded their largest decline in over three years.

South Korea’s Kospi index rose by 0.64% to close at 2,591.23. The Kosdaq index also displayed a notable gain of 1.5%, closing at 1.22%, following the Bank of Korea’s decision to maintain its key policy rate unchanged at 3.5%, aligning with market expectations.

In Australia, the S&P/ASX 200 index rose by 1.56%, closing at 7,246.9, marking a three-day winning streak. Meanwhile, Japan’s Nikkei 225 index climbed 1.49% to end at 32,419, and the Topix index increased by 0.97% to reach 2,242.99.

US

Thursday witnessed a rise in stock prices following the release of an inflation reading that came in lighter than expected. The S&P 500 and the Nasdaq Composite reached their highest levels in over a year.

The S&P 500 climbed 0.85% to close at 4,510.04, while the Dow Jones Industrial Average added 47.71 points, or 0.14%, ending at 34,395.14. The Nasdaq Composite advanced 1.58% to reach 14,138.57. This marked the fourth consecutive day of gains for these major indices.

Notable cybersecurity stock Palo Alto Networks experienced a surge of 2.7%. Additionally, shares of MGM Resorts and Alphabet rose by 4.1% and 4.7% respectively.

June’s producer price index (PPI) report showed a smaller increase than anticipated, further building on the optimism generated by Wednesday’s consumer price index (CPI) data. The PPI, which measures the prices wholesalers pay for goods, rose by 0.1% in June. Economists surveyed by Dow Jones had expected an increase of 0.2%. The core PPI, which excludes volatile food and energy prices, also climbed by 0.1%, falling below expectations.

Commodity

Oil prices closed higher on Wednesday, with Brent futures surpassing $80 a barrel for the first time since May. This was driven by U.S. inflation data that raised hopes of fewer interest rate hikes from the Federal Reserve, which could support economic growth and oil demand.

Meanwhile, gold prices surged over 1% following indications of easing inflation in the United States. This boosted expectations that the Federal Reserve might slow down its interest rate hike cycle earlier than anticipated.

Spot gold rose by 1.33% to $1,957.6418 per ounce, while U.S. gold futures settled 1.3% higher at $1,961.70.

In June, U.S. consumer prices experienced modest growth, resulting in the smallest annual increase in over two years. The Consumer Price Index (CPI) rose by 3.0% in the 12 months through June, slightly lower than Reuters’ estimates of 3.1%.

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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