25/08/2023
Today’s Announcements & News
Asia
Asia-Pacific markets showed positive momentum on Thursday, with Hong Kong leading the gains. The Hang Seng index surged by 1.93% in its final trading hour. Mainland Chinese markets also posted gains, with the CSI 300 rising by 0.72% and closing at 3,723.43.
South Korea’s central bank decided to keep interest rates unchanged at 3.5%, while Indonesia is expected to maintain its benchmark policy rate at 5.75%.
South Korea’s producer price index (PPI) registered a 0.2% year-on-year increase, marking the 13th consecutive month of slowed growth in the PPI.
Investors were closely watching the earnings report of chipmaker Nvidia, which was released earlier on Thursday. The company exceeded expectations for the fiscal second quarter and provided optimistic guidance for the current period.
US
Stocks experienced a significant decline on Thursday, following a brief tech rally triggered by Nvidia’s stronger-than-expected earnings. Investors were also preparing for a crucial speech by Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average closed with a loss of 373.56 points, or 1.08%, at 34,099.42. The S&P 500 fell by 1.35%, ending the day at 4,376.31. The Nasdaq Composite, which is heavily weighted towards technology stocks, dropped 1.87% to close at 13,463.97.
This marked the worst day for the Dow since March, while the S&P 500 and Nasdaq experienced their most significant one-day losses since August 2.
Commodity
On Thursday, oil prices experienced a decline, primarily due to concerns about the demand outlook following weak economic data from major economies the previous day. Investors were cautious ahead of a speech by U.S. Federal Reserve Chair Jerome Powell.
Brent crude dropped by 18 cents, or 0.2%, to reach $83.03 per barrel. U.S. West Texas Intermediate crude fell by 16 cents, or 0.2%, to $78.73 per barrel.
Gold prices remained relatively steady on Thursday, despite a stronger dollar and rising bond yields, as market participants exercised caution ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium.
Spot gold saw a 0.1% increase to reach $1,916.69 per ounce. U.S. gold futures settled 0.1% lower at $1,947.10.
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.
