04th August 2022 Thursday: Asian markets mixed as investors take a breather

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Global Markets:

  • Asian Stock Markets : Nikkei up 0.69%, Shanghai Composite up 0.80%, Hang Seng up 1.97%, ASX down 0.01%
  • Commodities : Gold at $1789.60 (+0.74%), Silver at $20.03 (+0.68%), Brent Oil at $97.04 (+0.27%), WTI Oil at $91.06 (+0.44%)
  • Rates : US 10-year yield at 2.737, UK 10-year yield at 1.921, Germany 10-year yield at 0.884

News & Data:

  • (GBP) Construction PMI 48.9 vs 52 expected
  • (USD) ISM Services PMI 56.7 vs 53.5 expected
  • (EUR) Spanish Services PMI 53.8 vs 52 expected
  • (CHF) CPI m/m 0.00% vs -0.10% expected

Markets Update:

Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from global markets overnight, as traders reacted positively to some upbeat U.S. economic data on services sector activity and manufactured goods new orders, which helped ease concerns about a lingering recession and sharper interest rate hikes. 

The Australian stock market is modestly higher on Thursday, with the benchmark S&P/ASX 200 just below the 7,000 mark, with the gains led by technology and financial stocks, partially offset by weakness in materials and energy stocks. Hong Kong’s Hang Seng index jumped more 2% earlier in the session and was up 1.76% in the final hour of trade. In Japan, Nikkei 225 Index closed the morning session at 27,892.68, up 150.78 points or 0.54 percent, after touching a high of 28,005.59 earlier.

Crude oil prices fell sharply Wednesday after data showed an unexpected surge in U.S. crude inventories last week. The dollar’s strength after hawkish comments from a few Fed officials also weighed on oil prices.

Upcoming Events:

  • 08:30 AM GMT – (GBP) Construction PMI
  • 11:00 AM GMT – (GBP) BOE Monetary Policy Report
  • 11:00 AM GMT – (GBP) MPC Official Bank Rate Votes
  • 11:00 AM GMT – (GBP) Monetary Policy Summary
  • 11:00 AM GMT – (GBP) Official Bank Rate
  • 11:30 AM GMT – (GBP) BOE Gov Bailey Speaks
  • 12:30 PM GMT – (USD) Unemployment Claims
  • 04:00 PM GMT – (USD) FOMC Member Mester Speaks