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28/06/2023

Today’s Announcements & News

Asia

On Tuesday, Asia-Pacific markets exhibited a mixed performance following the tech sell-off on Wall Street. Hong Kong’s Hang Seng index rebounded from a five-day losing streak, gaining about 2% and leading the gains in the region. Mainland Chinese markets also showed positive movements, with the Shanghai Composite up 1.23% to break a four-day losing streak, while the Shenzhen Component closed 0.97% higher. In Australia, the S&P/ASX 200 closed 0.56% higher ahead of the upcoming release of May’s inflation figures, which will provide insights into the Reserve Bank of Australia’s rate decisions. Conversely, Japan’s Nikkei 225 experienced its fourth consecutive day of declines, falling 0.49%, and the Topix saw a loss of 0.28%. South Korea’s Kospi ended the day nearly flat, while the Kosdaq fell 0.61%.

United States

On Tuesday night, U.S. S&P 500 futures showed a slight decline. S&P 500 futures and Nasdaq 100 futures dipped by 0.12% and 0.31% respectively, while Dow Jones Industrial Average futures remained relatively unchanged.

During Tuesday’s trading session, the Dow Jones Industrial Average ended on a positive note, marking its first positive session in seven, with a gain of 0.65%. Additionally, the S&P 500 and the Nasdaq Composite saw significant jumps of over 1% each, benefiting from a resurgence in technology stocks following last week’s sell-off.

Investors are preparing to close out the best first half of the year for the Nasdaq in four decades, as they ride the wave of optimism surrounding artificial intelligence, which has significantly boosted a few large-cap technology stocks. The S&P 500 is up 14% this year, while the Nasdaq Composite has surged by 29%.

Commodity

On Tuesday, oil prices experienced a significant slump of over 2% due to indications that central banks may continue with interest rate hikes. Additionally, investors were awaiting data that could provide insights into U.S. fuel consumption during the peak summer driving season.

Brent crude futures settled down 2.6%, or $1.92, at $72.26 per barrel, while U.S. West Texas Intermediate (WTI) futures dropped 2.4%, or $1.67, to $67.70.

Gold, on the other hand, reversed its course and slipped following strong economic readings from the United States. Traders were positioning themselves ahead of Federal Reserve Chair Jerome Powell’s speech and further data releases that could offer clues about future interest rate hikes.

Spot gold fell by 0.6% to $1,911.53 per ounce, while U.S. gold futures settled 0.5% lower at $1,923.80.

In related news, U.S. consumer confidence increased in June, reaching the highest level in nearly one and a half years. Additionally, new single-family home sales rose by a higher-than-expected 12.2% in May.

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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