Global Markets:
- Asian Stock Markets : Shanghai Composite up 0.88%, Hang Seng up 1.95%, ASX down 1.31%
- Commodities : Gold at $1846.15 (+1.09%), Silver at $24.54 (+2.09%), Brent Oil at $86.39 (+0.56%), WTI Oil at $80.86 (+0.75%)
- Rates : US 10-year yield at 3.809, UK 10-year yield at 3.677, Germany 10-year yield at 2.456
News & Data:
- (JPY) BOJ Core CPI y/y 2.90% vs 2.80% expected
- (JPY) Housing Starts y/y -1.40% vs 1.30% expected
- (JPY) Retail Sales y/y 2.60% vs 3.80% expected
- (JPY) Unemployment Rate 2.50% vs 2.60% expected
Markets Update:
Asian stock markets are trading mostly lower on Tuesday, despite the broadly positive cues from global markets overnight, as traders remain concerned aggressive monetary policy moves by global central banks this year also could tip the global economy into recession. Traders continued to refrain from creating fresh long positions. Asian markets closed mixed on Monday.
Traders also reacted to IMF head Kristalina Georgieva’s warning that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe and China, are all experiencing weakening activity. She added that a third of the world will fall into recession in 2023.
Hong Kong’s Hang Seng index traded 1.9% higher in its final hour of trade, leading gains in the region while the Shanghai Composite in mainland rose 0.5% to 3,116.51 and the Shenzhen Component gained 0.92% to 11,117.13. The Australian stock market is sharply lower on Tuesday after opening in the green on the first trading day of the year, as traders reacted to data that showed the lowest growth in factory activity since May 2020, with new orders slipping for the first time in 15 months.
The euro was steady on the dollar at $1.0679, after meeting resistance around $1.0715, while the dollar index was holding at 103.480.
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