17/11/2023
Today’s Announcements & News
Asia
On Thursday, Hong Kong stocks led declines in the Asia-Pacific region, with the Hang Seng index falling 1.46% following a robust gain of 3.92% in the previous session. The decline was influenced by Xpeng, a Chinese EV company, whose Hong Kong-listed shares dropped 4.16% after reporting a wider quarterly loss.
U.S. President Joe Biden and Chinese President Xi Jinping met for their first face-to-face meeting in a year on the sidelines of the Asia-Pacific Economic Cooperation conference. This meeting was part of broader efforts between the U.S. and China to enhance high-level communication amid ongoing tensions.
In South Korea, the stock markets opened an hour later than usual at 10 a.m. local time due to college entrance exams, aiming to ease rush-hour traffic. The Kospi in South Korea was 0.06% higher at 2,488.11, and the Kosdaq rose 0.22% to 811.11.
Japan’s Nikkei 225 dipped 0.28% to 33,424.41, and the Topix was down 0.19% at 2,368.62. Mainland China’s CSI 300 dropped 0.97% to 3,572.36, while in Australia, the S&P/ASX 200 fell 0.67% to close at 7,058.40.
US
On Thursday, stocks experienced a decline, primarily driven by significant losses in the energy sector, as investors took a pause from the robust rally observed throughout the month. The Dow Jones Industrial Average was down 172 points, or 0.4%, and the S&P 500, as well as the Nasdaq Composite, both shed 0.2%.
Chevron saw a 2% decline, contributing to the nearly 3% fall in the S&P 500 energy sector, marking its worst day in over a month. The West Texas Intermediate December contract plummeted more than 5%.
Despite this downturn, better-than-expected inflation data has been a positive factor for stocks this month. With November approximately halfway through, the S&P 500 has recorded over a 7% gain for the month, the Dow has advanced more than 5%, and the Nasdaq has surged over 9% during this period. In specific data, October’s producer price index, a measure of wholesale prices, experienced a 0.5% slide, marking its most substantial monthly decline since April 2020.
Commodity
On Thursday, U.S. crude prices experienced a 5% decline driven by a rise in inventories combined with a fall in industrial production. The West Texas Intermediate (WTI) December contract dropped $3.76, marking a 4.9% fall, settling at $72.90 per barrel. Similarly, the Brent January contract plunged $3.81, or 4.69%, to $77.37 per barrel. These figures reflect the lowest levels for both U.S. crude and the global benchmark since early July.
Conversely, gold prices rose amid a decrease in U.S. Treasury yields, likely influenced by prospects suggesting that the Federal Reserve has concluded its cycle of interest rate hikes. Spot gold surged by 1.3%, reaching $1,984.46 per ounce, while U.S. gold futures climbed by 1% to reach $1,985.60.
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.
