29/09/2023
Today’s Announcements & News
Asia
Asia-Pacific markets faced a decline following some gains on Wednesday, influenced by several key factors. The benchmark 10-year U.S. Treasury yield reached its highest levels since 2007, which raised concerns and impacted investor sentiment. Concurrently, U.S. crude futures surged by over 3%, settling at $93.68 per barrel. Hong Kong’s Hang Seng index experienced a significant decline of 1.41% in its final trading hour, partly due to the suspension of shares belonging to the embattled Chinese real estate firm Evergrande by the exchange. Mainland Chinese stocks also saw a slight decline, with the CSI 300 decreasing by 0.3% and closing at 3,689.51. Japan’s Nikkei 225 index fell by 1.54%, closing at 31,872.52, marking the first time in approximately a month that the index had fallen below the 32,000 mark. The Topix, on the other hand, experienced a smaller loss of 1.43%, concluding at 2,345.51. Additionally, Australia’s S&P/ASX 200 extended the losses observed on Wednesday, declining by 0.08% and reaching its lowest level since July 10. South Korea’s markets remained closed for a public holiday. These market movements were influenced by a combination of rising Treasury yields, surging oil prices, and specific developments such as the Evergrande situation in Hong Kong.
US
Stocks showed signs of recovery on Thursday as Wall Street aimed to bounce back from the significant losses earlier in the month.
The Dow Jones Industrial Average climbed by 116.07 points, representing a 0.35% increase, and closed at 33,666.34. The S&P 500 added 0.59% to reach 4,299.70, coming close to the crucial 4,300 level. The Nasdaq Composite performed even better, with a jump of about 0.83%, closing at 13,201.28.
Despite these gains, stocks have been grappling with a challenging trading month and quarter.
The Dow is expected to end September with a 3% decrease and the quarter with a decline of more than 2%. The S&P 500 is slated to conclude the month with a 4.6% loss and the quarter with a 3.4% decline. The Nasdaq is on track to finish the month and quarter with declines of 5.9% and 4.3%, respectively.
These statistics highlight the turbulence and downward pressure that the stock market has faced recently.
Commodity
Oil prices experienced a decline on Thursday after reaching their highest level in over a year. U.S. West Texas Intermediate (WTI) futures fell by 2.09%, reaching $91.72 per barrel. Earlier in the session, they had risen to $95.03 per barrel, the highest level since August 2022. The global benchmark, Brent crude, declined by 1.4%, settling at $95.18 per barrel.
Additionally, gold prices hit a six-month low on Thursday as expectations of sustained higher U.S. interest rates reduced the appeal of non-yielding bullion. Traders shifted their focus to inflation data for insights into the Federal Reserve’s strategy. Spot gold experienced a drop of 0.7%, falling to $1,861.59 per ounce, marking its lowest level since March. U. S. gold futures settled 0.7% lower at $1,878.60 per ounce.
These market movements reflect the impact of shifting interest rate expectations on various asset classes, including oil and gold.
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.
