Global Markets:
- Asian Stock Markets : Nikkei up 0.66%, Shanghai Composite up 0.47%, Hang Seng down 1.14% ASX up 0.36%
- Commodities : Gold at $2159.5 (-0.26%), Silver at $25.17 (-0.63%), Brent Oil at $86.53 (-0.26%), WTI Oil at $82.3 (-0.16%)
- Rates : US 10-year yield at 4.32, UK 10-year yield at 4.128, Germany 10-year yield at 2.452
News & Data:
- (CAD) IPPI m/m 0.7% vs 0.0% expected
Markets Update:
Japan’s Nikkei 225 index surged above 40,000 on Tuesday following the Bank of Japan’s decision to raise interest rates for the first time since 2007. The central bank lifted rates from -0.1% to a range of 0% to 0.1% and abolished its yield curve control policy, marking a significant policy shift. Despite initial volatility, the Nikkei 225 closed 0.66% higher at 40,003.60, while the broader Topix rose by 1.06% to 2,750.97.
Meanwhile, the Reserve Bank of Australia held its benchmark rate steady at 4.35% for the third consecutive meeting, citing persistent high inflation. It expects inflation to take time to return to the target range of 2%-3%. The S&P/ASX 200 closed 0.36% higher at 7,703.20 after the announcement, extending gains from the previous day.
In other markets, South Korea’s Kospi fell by 0.93%, while the Kosdaq dipped by 0.26%. Hong Kong’s Hang Seng index slid 1.15%, and the mainland Chinese CSI 300 was down 0.35%.
In the U.S., tech companies saw gains, with Nvidia shares rising 0.7% on the first day of its GTC Conference, where advancements in artificial intelligence were showcased. Alphabet shares surged 4.6% following reports that Apple was considering including Google’s Gemini AI in iPhones. The Dow Jones Industrial Average rose by 0.2%, the S&P 500 gained 0.63%, and the Nasdaq Composite climbed 0.82%, signaling a rebound in all three major indexes.
Upcoming Events:
- 12:30 PM GMT – CAD CPI m/m
- 12:30 PM GMT – CAD Median CPI y/y
- 12:30 PM GMT – CAD Trimmed CPI y/y
- 12:30 PM GMT – CAD Common CPI y/y
- 12:30 PM GMT – CAD Core CPI m/m
- 12:30 PM GMT – USD Building Permits
- 12:30 PM GMT – USD Housing Starts
