Global Markets:
- Asian Stock Markets : Nikkei up 2.08%, Shanghai Composite up 0.14%, Hang Seng up 0.47% ASX up 0.92%
- Commodities : Gold at $4,200.80 (0.86%), Silver at $51.695 (1.19%), Brent Oil at $62.04 (0.39%), WTI Oil at $58.18 (0.13%)
- Rates : US 10-year yield at 4.005, UK 10-year yield at 4.4960, Germany 10-year yield at 2.6728
News & Data:
- (USD) Core PPI m/m 0.1% to 0.2% expected
- (USD) PPI m/m 0.3% to 0.3% expected
- (USD) Core Retail Sales m/m 0.3% to 0.3% expected
- (USD) Retail Sales m/m 0.2% to 0.4% expected
Markets Update:
Asian stock markets are trading sharply higher on Wednesday, extending Tuesday’s gains and taking strong cues from Wall Street. Renewed optimism about a possible US Federal Reserve rate cut in December—driven by softer US economic data and dovish remarks from Fed officials—has boosted sentiment across the region. Reports showed a steep drop in US consumer confidence for November and weaker-than-expected retail sales growth for September. According to CME Group’s FedWatch Tool, the probability of a quarter-point rate cut next month has surged to 82.7 percent from 50.1 percent a week earlier.
Australian shares are significantly higher, with the S&P/ASX 200 climbing above 8,600, supported by broad gains led by technology stocks, while gold miners lag. Major miners like Rio Tinto, BHP, and Fortescue are advancing, and tech names such as Block, Zip, and Appen are also posting strong gains. Banks are trading firmer as well. However, gold miners are mostly weak. In economic data, total construction work in Australia fell 0.7 percent in Q3, missing expectations.
Japan’s Nikkei 225 is surging more than 2 percent to above 49,600, with strong gains across exporters, financials, and tech firms. Major names including SoftBank, Panasonic, Sony, and major banks are all advancing.
Elsewhere in Asia, South Korea, Taiwan, Hong Kong, Singapore, and others are also higher. Wall Street finished strongly overnight, while European markets are also trading in positive territory. Crude oil prices, however, slipped on renewed Russia-Ukraine peace signals.
Upcoming Events:
- 01:30 PM GMT – USD Unemployment Claims
- 01:30 PM GMT – USD Core Durable Goods Orders m/m
- 01:30 PM GMT – USD Durable Goods Orders m/m
