Global Markets:
- Asian Stock Markets : Nikkei up 1.16%, Shanghai Composite up 0.10%, Hang Seng up 1.20% ASX up 0.81%
- Commodities : Gold at $4,205.06 (1.00%), Silver at $51.160 (1.06%), Brent Oil at $61.15 (-0.38%), WTI Oil at $58.51 (-0.32%)
- Rates : US 10-year yield at 4.013, UK 10-year yield at 4.5870, Germany 10-year yield at 2.6071
News & Data:
- (CAD) Building Permits m/m -1.2% to -0.7% expected
Markets Update:
Asian stock markets are trading mostly higher on Wednesday, following mixed cues from Wall Street overnight, as optimism about further interest rate cuts continues after U.S. Federal Reserve Chair Jerome Powell signaled two more quarter-point cuts this year, citing slower job growth. However, renewed U.S.-China trade tensions are weighing on sentiment. On Tuesday, Powell warned there was “no risk-free path” in balancing employment and inflation goals. Meanwhile, U.S. President Donald Trump accused China of being “economically hostile” by halting U.S. soybean purchases and hinted at further trade restrictions. China responded, accusing the U.S. of harmful measures undermining bilateral trade talks.
Australian shares are trading significantly higher, extending gains from the previous session. The S&P/ASX 200 is up 73.30 points or 0.82 percent to 8,972.70, led by miners and financials, while energy stocks are weak. Major miners BHP, Fortescue, and Rio Tinto are up around 0.5 percent each. Commonwealth Bank and Westpac are gaining nearly 2 percent.
Japan’s Nikkei 225 is also surging, up 1.31 percent to 47,463.31, supported by tech and export stocks. SoftBank gained 3 percent, while Advantest and Screen Holdings advanced nearly 4 percent.
Elsewhere in Asia, Hong Kong and South Korea are up 1.6 percent each, while other regional markets post smaller gains. On Wall Street, stocks ended mixed amid late-session volatility, and crude oil prices declined over 1 percent to $58.79 per barrel.
Upcoming Events:
- 12:30 PM GMT – CAD Manufacturing Sales m/m
- 12:30 PM GMT – CAD Wholesale Sales m/m
