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Hong Kong stocks led gains in Asia-Pacific markets on Wednesday, supported by positive economic data from China and a softer-than-expected U.S. inflation reading. Beijing reported robust retail sales and industrial data for October, surpassing expectations. Retail sales grew by 7.6%, exceeding the forecast of 7%, while industrial production rose 4.6%, faster than the anticipated 4.4%. In the U.S., October’s Consumer Price Index (CPI) was flat against economists’ expectations of a 0.1% month-over-month rise. Meanwhile, Japan’s economy contracted in Q3 for the first time in four quarters, with provisional GDP falling 2.1%, worse than the estimated 0.6% decline. Hong Kong’s Hang Seng index surged 3.77%, reaching its highest level in over a week, and the Hang Seng Tech index rose 4.28%. Mainland China’s CSI 300 index increased by 0.70%, marking its second consecutive day of gains. Japan’s Nikkei 225 closed 2.52% higher, reaching 33,519.70, and South Korea’s Kospi gained 2.20%, closing at 2,486.67. In Australia, the S&P/ASX 200 closed 1.42% higher, reaching an eight-week high at 7,105.90.


Stocks extended their gains on Wednesday, buoyed by favorable inflation data.

The S&P 500 advanced 0.16%, closing at 4,502.88, while the Nasdaq Composite inched up by 0.07%, concluding at 14,103.84. The Dow Jones Industrial Average added 163.51 points, or 0.47%, closing at 34,991.21.

The yield on the benchmark 10-year U.S. Treasury increased by 9 basis points to trade at 4.537%. This followed a day when the rate slipped below the 4.5% threshold.

October’s producer price index, gauging wholesale prices, experienced a 0.5% decline, marking its most substantial monthly drop since April 2020. However, not all economic data was positive, as retail sales also saw a decline.


Gold hovered near one-week highs on Wednesday, facing a tug-of-war between the strength of the dollar and the belief that the U.S. Federal Reserve has concluded its interest rate hikes. Spot gold edged down 0.1% to $1,959.96 per ounce by 4:12 p.m. ET, while U.S. gold futures also dipped 0.1% to $1,964.00.

The dollar index’s 0.3% rise and a rebound in benchmark 10-year U.S. Treasury yields, following robust gains in September retail sales, exerted pressure on gold.

Meanwhile, oil prices experienced a more than 1.5% decline on Wednesday due to a larger-than-expected increase in U.S. crude inventories, record production in the world’s leading producer, and growing concerns about demand in Asia. Brent futures settled down $1.29, or 1.6%, at $81.18 a barrel, while U.S. West Texas Intermediate crude (WTI) dropped $1.60, or 2%, to $76.66.

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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