26/01/2024
Today’s Announcements & News
Asia
China and Hong Kong stocks led gains in Asia-Pacific markets following the People’s Bank of China’s announcement of a reserve requirement cut for the country’s lenders. Hong Kong’s Hang Seng index jumped 1.8%, while China’s CSI 300 closed 2% higher. Property stocks surged on the central bank’s measures, which are expected to boost liquidity for developers. South Korea’s GDP beat expectations, growing 2.2% year on year in Q4. Electric vehicle shares in Asia-Pacific fell after Tesla warned of lower volume growth in 2024. Japan’s Nikkei 225 closed flat, and Australia’s S&P/ASX 200 rose 0.48%.
US
The S&P 500 was set to rise for a sixth straight day, aiming for another all-time closing record, as data indicated continued economic growth. Despite a slump in Tesla shares, the broad index was up 0.3%, with the Dow Jones Industrial Average also trading higher. The Nasdaq Composite was near flat. GDP data revealed the U.S. economy grew at a rate of 3.3% in Q4, exceeding economists’ expectations. Encouraging inflation data also contributed to the positive market sentiment.
Commodity
Oil prices rallied as demand expectations increased on strong U.S. economic growth and Chinese stimulus, while falling crude inventories due to winter storms tightened the supply side. The West Texas Intermediate (WTI) rose 3.02%, settling at $77.36 a barrel, and Brent gained 2.99% to settle at $82.43 a barrel. Gold edged higher as Treasury yields fell after U.S. GDP data showed a slowdown in the pace of inflation, with attention shifting to PCE data for further hints on the Federal Reserve’s interest rate strategy. Spot gold rose 0.05% to $2,013.5356 per ounce.
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.
