Monday 12th February 2024: Asian Markets Open Mixed as Wall Street Hits Historic Highs

Global Markets:

  •  Asian Stock Markets : Nikkei up 0.09%, Shanghai Composite up 1.28%, Hang Seng down 0.83% ASX down 0.40%
  • Commodities : Gold at $2039.5 (-0.02%), Silver at $22.87 (1.34%), Brent Oil at $81.65 (-0.36%), WTI Oil at $76.57 (-0.37%)
  • Rates : US 10-year yield at 4.179, UK 10-year yield at 4.101, Germany 10-year yield at 2.373

News & Data:

  • (CAD) Employment Change 37.3K vs  16K expected
  • (CAD) Unemployment Change  5.7% vs 5.9% expected

Markets Update:

Asia’s markets had a mixed start to the holiday-shortened week, with China closed for the entire week. Several key Asia-Pacific markets, including Hong Kong, Taiwan, and South Korea, remained closed on Monday. India’s Nifty 50 index edged down by 0.3%, while Paytm, the financial technology firm listed as One 97 Communications, saw a 1.6% increase. 

In Australia, the S&P/ASX 200 closed 0.4% lower at 7,614.90. The New Zealand dollar dipped by 0.28% to $0.6128, pulling back from its 1.4% gain the previous week. Reserve Bank of New Zealand Governor Adrian Orr addressed a parliamentary committee, highlighting the country’s 4.7% inflation rate and the central bank’s aim to bring it down to around 2%.

Japan’s Nikkei 225 ended slightly higher at 36,897.42, up 0.1%, while the Topix dipped 0.2% to 2,557.88. Notably, the Nikkei breached the 37,000-point mark on an intra-day basis, reaching 34-year highs last Friday.

 On Wall Street, Friday saw positive momentum following a lower-than-expected revised inflation reading for December. The S&P 500 closed above the historic 5,000 level for the first time, rising 0.57% to 5,026.61. The Nasdaq Composite performed strongly, rallying 1.25% to close at 15,990.66, while the Dow Jones Industrial Average slipped marginally by 0.14% to settle at 38,671.69.

Upcoming Events: 

  • 7:00 PM GMT – USD Federal Budget Balance