Global Markets:
- Asian Stock Markets : Nikkei down -1.75%, Shanghai Composite up 0.42%, Hang Seng up 0.84% ASX down -0.51%
- Commodities : Gold at $4,277.35 (0.52%), Silver at $57.010 (1.00%), Brent Oil at $63.44 (1.70%), WTI Oil at $59.60(1.84%)
- Rates : US 10-year yield at 4.040, UK 10-year yield at 4.4420, Germany 10-year yield at 2.6913
News & Data:
- (CAD) GDP m/m 0.2% to 0.2% expected
Markets Update:
Asian stock markets traded mixed on Monday, following the positive cues from Wall Street on Friday, as optimism about US interest rate cuts continued to support sentiment. However, concerns over high valuations, especially in technology stocks, kept gains in check. CME Group’s FedWatch Tool indicates an 87.4% probability of a quarter-point rate cut in December.
In Australia, the S&P/ASX 200 slipped below 8,600, pressured by weakness in financials and tech, though mining and energy stocks provided some support. The session was also impacted by an ASX outage that delayed around 50 company announcements. Major miners such as BHP and Rio Tinto gained around 1%, while Mineral Resources fell more than 4%. Oil stocks were mostly higher, but tech names like Appen and Zip declined. Among banks, Westpac and ANZ dropped over 1%. AUB Group plunged more than 17% after ending takeover talks. Economic data showed flat company profits in Q3 and a return to expansion in manufacturing PMI at 51.6. The Australian dollar traded at $0.654.
Japan’s Nikkei 225 dropped sharply to near 49,400, with broad declines led by tech and exporters. SoftBank fell nearly 4%, while major banks rose over 2%. Japan’s manufacturing PMI improved slightly to 48.7 but remained in contraction. The yen traded in the high 155 range.
Elsewhere in Asia, China, Hong Kong, Singapore, Malaysia, and Indonesia were modestly higher, while New Zealand, South Korea, and Taiwan edged lower. Wall Street ended Friday higher for the fifth straight session, and European markets also advanced. Crude oil inched up to $58.83 per barrel.
Upcoming Events:
- 03:00 PM GMT – USD ISM Manufacturing PMI
