Thursday 8th June 2023: Asian markets lag as Wall Street loses steam

Global Markets:

  • Asian Stock Markets : Nikkei down 1.09%, Shanghai Composite down 0.12%, Hang Seng down 0.62%, ASX down 0.24%
  • Commodities : Gold at $1960.65 (+0.11%), Silver at $23.64 (+0.46%), Brent Oil at $76.82 (-0.17%), WTI Oil at $72.41 (-0.17%)
  • Rates : US 10-year yield at 3.797, UK 10-year yield at 4.299, Germany 10-year yield at 2.451

News & Data:

  • (CAD) Overnight Rate 4.75% vs 4.50% expected
  • (CHF) Foreign Currency Reserves 734B vs 732B previous
  • (AUD) GDP q/q 0.20% vs 0.30% expected

Markets Update:

 Asian stock markets are trading mostly lower on Thursday, following the mostly negative cues from global markets overnight, as traders are nervous over the outlook for interest rates as the Bank of Canada once again raised interest rates after leaving rates unchanged for two straight meetings. Asian Markets closed mixed on Wednesday.

The Australian stock market is slightly lower on Thursday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the mostly negative cues from global markets overnight, with losses in gold miners and technology stocks, almost offset by gains in iron ore miners and energy stocks amid firmer commodity prices. Japan extended its slide from Wednesday in a volatile session and last fell 1.1%, leading losses in the region, while the Topix was down 0.75%. Hong Kong’s Hang Seng index reversed a brief rally on Wednesday and fell 0.29%, while mainland Chinese markets were also in the red. The Shanghai Composite was down 0.12%, and the Shenzhen Component saw a larger loss of 0.27%. India’s central bank is expected to announce its interest rate decision today, with economists polled by Reuters expecting the Reserve Bank of India to hold rates at 6.5% for a second consecutive time.

Crude oil prices climbed higher on Wednesday as Saudi Arabia’s recent decision to cut crude output outweighed concerns about demand, while data showing a drop in U.S. crude inventories last week also supported prices.

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