Global Markets:
- Asian Stock Markets : Nikkei down 0.84%, Shanghai Composite up 0.07%, Hang Seng down 0.1% ASX down 0.23%
- Commodities : Gold at $2434.35 (0.10%), Silver at $26.8 (-0.54%), Brent Oil at $77.93 (-0.47%), WTI Oil at $74.9 (-0.35%)
- Rates : US 10-year yield at 3.903, UK 10-year yield at 3.952, Germany 10-year yield at 2.225
News & Data:
- (USD) Crude Oil Inventories -3.7M vs -1.6M expected
- (CAD) Ivey PMI 57.6 vs 60.0 expected
Markets Update:
Asia-Pacific markets experienced mixed trading on Thursday as U.S. stock benchmarks fell overnight, prompting investors to focus on Japan’s trade data and India’s rate decision. The Dow Jones Industrial Average dropped 0.60%, the S&P 500 declined 0.77%, and the tech-heavy Nasdaq Composite fell 1.05%. These losses came after early session gains, driven by Nvidia and other leading tech stocks, were reversed.
Global equities and currencies were volatile earlier in the week following the Bank of Japan’s (BOJ) decision to hike interest rates to their highest level since 2008. This coincided with the release of weaker-than-expected U.S. employment numbers, adding to market uncertainties.
In Asia, investors closely monitored Japan’s trade data and the Reserve Bank of India’s interest rate decision. The Reserve Bank of India kept its rates steady at 6.5% for the ninth consecutive meeting, as anticipated by economists. Meanwhile, Japan’s current account surplus for June came in at 1.533 trillion yen ($10.2 billion), below the expected 1.789 trillion yen. Japanese indices fluctuated throughout the day, with the Nikkei 225 ending 0.84% lower and the Topix dropping 1.11%.
Corporate news also drew attention, with SoftBank Group announcing a 500 billion yen ($3.4 billion) share buyback plan, although its shares declined by over 3.5%. Lasertec led gains on the Nikkei, surging 22.55% after reporting strong financial results. In other regional markets, Chinese and Hong Kong indices managed to reverse earlier losses, while South Korea’s Kospi and Australia’s S&P/ASX 200 closed the day lower.
Upcoming Events:
- 12:30 PM GMT – USD Unemployment Claims
