Tuesday 11th June 2024: Asian Markets Mixed Amid Strong U.S. Jobs Report

Global Markets:

  •  Asian Stock Markets : Nikkei up 0.19%, Shanghai Composite down 1.01%, Hang Seng down 0.89% ASX down 1.41%
  • Commodities : Gold at $2318.5 (-0.37%), Silver at $29.38 (-1.861%), Brent Oil at $81.13 (-0.25%), WTI Oil at $77.71 (-0.03%)
  • Rates : US 10-year yield at 4.45, UK 10-year yield at 4.37, Germany 10-year yield at 2.669

News & Data:

  • (JPY) M2 Money Stock y/y 1.9% vs 2.1% expected

Markets Update:

Asia-Pacific markets were mixed on Monday following a stronger-than-expected U.S. jobs report on Friday, which revealed increased hiring and wage growth in May. This data suggests that the Federal Reserve may not need to rush to lower interest rates, and traders do not expect the Federal Open Market Committee to cut rates in their meetings this week or in July.

In Asia, investors are assessing Japan’s revised first-quarter GDP figures, which showed an annualized contraction of 1.8%, slightly better than the initially reported 2% contraction and below the 1.9% expected in a Reuters poll. The Bank of Japan will announce its rate decision on Friday, while China and India will release their May inflation figures on Wednesday.

Japan’s Nikkei 225 rose by 0.92% to close at 39,038.16, and the Topix index increased by 1% to 2,782.49 after the GDP report. In contrast, South Korea’s Kospi fell by 0.79% to 2,701.17, and the Kosdaq index dipped by 0.17%, breaking a five-day winning streak and closing at 864.71. Several Asian markets, including Australia, mainland China, Hong Kong, and Taiwan, were closed for a holiday on Monday.

On Wall Street, the S&P 500 ended flat on Friday after reaching an intraday record high. The Dow Jones Industrial Average declined by 0.22%, and the Nasdaq Composite decreased by 0.23%. Despite these minor losses, all three major indices recorded a positive week, with the Dow gaining 0.29%, the S&P 500 rising nearly 1.32%, and the Nasdaq advancing 2.38%.

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