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28/08/
2023

Today’s Announcements & News

Asia

On Friday, Asia-Pacific markets experienced widespread declines as investors awaited signals regarding U.S. monetary policy from central bankers’ comments at the Jackson Hole meeting. This included a highly anticipated speech by U.S. Federal Reserve Chair Jerome Powell.

Japan’s Nikkei 225 led the losses, falling by 2.05% and closing at 31,624.28. The Topix was down 0.88%, ending at 2,266.4. Both indices broke their four-day winning streaks.

Tokyo’s core inflation rate for August came in at 2.8%, slightly below the 2.9% expected by economists, excluding fresh food prices. Overall inflation in Tokyo was recorded at 2.9%, down from July’s 3.2%.

Australia’s S&P/ASX 200 lost 0.93%, closing at 7,115.2.

South Korea’s Kospi fell 0.73% to finish at 2,519.14, while the Kosdaq declined 0.26% to close at 899.38.

Hong Kong’s Hang Seng index was down 1.28% in its final hour of trading, and mainland China’s CSI 300 slipped 0.38% to end at 3,709.15.

US

Stocks rallied on Friday following comments from Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming. Powell’s remarks hinted at stronger-than-expected economic growth.

The Dow Jones Industrial Average closed up 247.48 points, or 0.7%, at 34,346.90, with session highs reaching over 300 points. The S&P 500 gained around 0.7%, closing at 4,405.71, and the tech-heavy Nasdaq Composite advanced 0.9%, closing at 13,590.65. This helped both indexes break a three-week losing streak, although the Dow recorded its second-straight week of losses.

The S&P 500’s energy and consumer discretionary sectors both saw gains of at least 1% on Friday. Companies like Valero Energy and Hasbro were among the top gainers, with advances of 2.8% and 5.7%, respectively.

Commodity

Stocks rallied on Friday following comments from Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming. Powell’s remarks hinted at stronger-than-expected economic growth.

The Dow Jones Industrial Average closed up 247.48 points, or 0.7%, at 34,346.90, with session highs reaching over 300 points. The S&P 500 gained around 0.7%, closing at 4,405.71, and the tech-heavy Nasdaq Composite advanced 0.9%, closing at 13,590.65. This helped both indexes break a three-week losing streak, although the Dow recorded its second-straight week of losses.

The S&P 500’s energy and consumer discretionary sectors both saw gains of at least 1% on Friday. Companies like Valero Energy and Hasbro were among the top gainers, with advances of 2.8% and 5.7%, respectively.

Gold fell on Friday, en route to snap a four-session streak of gains after Federal Reserve Chair Jerome Powell left the door open to more interest rate hikes.

Spot gold last fell 0.21% to $1,913.3643 per ounce. U.S. gold futures settled 0.4% lower at $1,939.90.

The dollar and benchmark 10-year Treasury yields ticked higher, denting non-yielding bullion’s appeal.

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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