Global Markets:
- Asian Stock Markets : Nikkei down 1.56%, Shanghai Composite down 0.90% Hang Seng up 1.10% ASX down 0.05%
- Commodities : Gold at $4,080.90 (-0.06%) Silver at $60.715 (0.32%), Brent Oil at $70.79 (-1.08%), WTI Oil at $67.75 (-1.21%)
- Rates : US 10-year yield at 4.482, UK 10-year yield at 4.7640, Germany 10-year yield at 2.9236
News & Data:
- (USD) ISM Manufacturing PMI 53.3 to 53.8 expected
Markets Update:
U.S. stock futures edged higher on Wednesday night, while most Asia-Pacific markets traded lower on Thursday, following weakness on Wall Street in the previous session. Dow Jones Industrial Average futures gained 19 points, or 0.04%, while S&P 500 futures rose 0.16% and Nasdaq-100 futures advanced 0.42%.
South Korea led regional declines, with the Kospi plunging 5.36% at the open, prompting the Korea Exchange to briefly halt trading for five minutes to curb volatility. The small-cap Kosdaq also fell 3.55%. Japan’s Nikkei 225 slipped 0.70%, although the broader Topix index managed a modest 0.13% gain. Australia’s S&P/ASX 200 declined 0.59%, while Hong Kong’s Hang Seng Index climbed 1.27%. Mainland China’s CSI 300, however, dropped more than 2%.
Overnight, U.S. markets finished mixed after giving up early gains. The Dow erased a 423-point rally to close nearly flat, while the S&P 500 and Nasdaq Composite fell 0.2% and 0.7%, respectively, as investors reduced exposure to semiconductor stocks. The VanEck Semiconductor ETF dropped 5.4%, with Micron Technology and Sandisk each tumbling more than 10%.
Despite the sell-off, Ned Davis Research strategist Rob Anderson said sector rotation is a healthy sign for the ongoing bull market. Investors are now focused on the June U.S. jobs report, with economists expecting payrolls to increase by 115,000.
Upcoming Events:
- 12:30 PM GMT – USD Non-Farm Employment Change
