17/07/2023
Today’s Announcements & News
Asia
Asia-Pacific markets experienced a rise on Friday, driven by softer-than-expected inflation data from the U.S., which raised optimism about inflation easing without negatively impacting the labor market.
Australia’s S&P/ASX 200 climbed 0.78%, reaching 7,303.1, marking a week of consecutive gains. The appointment of Michele Bullock as the next governor for the Reserve Bank of Australia contributed to the positive sentiment.
In Japan, the Nikkei 225 marginally fell to 32,391, while the Topix closed 0.7% lower at 2,239.1, as investors analyzed the country’s industrial production data for May. On a weekly basis, the Nikkei remained mostly flat, while the Topix declined 0.63%.
South Korea’s Kospi led the gains in the region, rising 1.43% to close at 2,628.30. The Kosdaq also saw a slight increase of 0.36%, finishing at 896.28. The Kospi approached its 2023 high of 2,641.16.
Hong Kong’s Hang Seng index continued its rally from Thursday, gaining 0.21% in the final hour of trade.
In mainland China, the Shanghai Composite experienced a marginal increase, reaching 3,237.7, while the Shenzhen Component declined 0.14% to end at 11,080.32.
Singapore’s economy managed to avoid a technical recession, growing 0.7% in the second quarter of the year. The Straits Times index rose 0.26% following the release of the data.
US
On Friday, the Dow Jones Industrial Average experienced gains driven by strong earnings reports from major banks and companies, signaling a positive start to the earnings season. The Dow rose by 113.89 points, or 0.33%, closing at 34,509.03 and extending its winning streak for the fifth consecutive day. In contrast, the S&P 500 saw a slight decline of 0.10% to close at 4,505.42, while the Nasdaq Composite dropped 0.18%, ending at 14,113.70. Both the S&P 500 and the Nasdaq reached their highest intraday levels since April 2022.
For the week, the Dow achieved its strongest performance since March, rising by 2.3%. The S&P 500 gained 2.4%, and the Nasdaq recorded a significant increase of 3.3%.
Commodity
On Friday, oil prices experienced a decline of more than a dollar per barrel as the U.S. dollar strengthened and traders in the oil market took profits following a strong rally. Despite the drop, both Brent crude and U.S. West Texas Intermediate crude recorded their third consecutive weekly gains.
Brent crude futures settled at $79.87 per barrel, down $1.49 or 1.8%, while U.S. West Texas Intermediate crude futures fell by $1.47 or 1.9% to settle at $75.42 per barrel.
In the gold market, prices eased on Friday but still achieved their largest weekly gain since April. This came after signs of cooling inflation earlier in the week sparked hopes of a potential pause in U.S. interest rate hikes. Gold finished the day flat, trading at $1,964.4 per ounce, but recorded a 1.65% gain for the week, marking its best performance since April.
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.
