Global Markets:
- Asian Stock Markets : Nikkei up 0.07%, Shanghai Composite up 0.22%, Hang Seng down 2.66% ASX down 0.15%
- Commodities : Gold at $2123.5 (-0.14%), Silver at $24.07 (0.09%), Brent Oil at $82.45 (-0.46%), WTI Oil at $78.37 (-0.56%)
- Rates : US 10-year yield at 4.213, UK 10-year yield at 4.167, Germany 10-year yield at 2.394
News & Data:
- (CHF) CPI m/m 0.6% vs 0.5% expected
Markets Update:
Asia-Pacific markets displayed a mixed trend after China’s “Two Sessions” meeting, projecting a 5% economic growth target for 2024 and a 7.2% increase in defense spending. Hong Kong’s Hang Seng index led losses, dropping 2.2%, while China’s CSI 300 index rose 0.5%. South Korea’s GDP grew 0.6% in Q4 2023, and Japan’s Nikkei 225 reached new all-time highs above 40,000. Australia’s S&P/ASX 200 closed 0.15% lower at 7,724.20.
On the commodities front, gold futures set a record high at $2,126.30 on speculation of potential Federal Reserve interest rate cuts later in the year. In the U.S., all three major indexes retreated, with the S&P 500 down 0.12%, the Nasdaq Composite slipping 0.41%, and the Dow Jones Industrial Average losing 0.25%. Despite the overall decline, technology stocks related to artificial intelligence experienced a rally.
Upcoming Events:
- 2:30 PM GMT – CAD Manufacturing PMI
- 2:45 PM GMT – USD Final manufacturing PMI
- 3:00 PM GMT – USD ISM Manufacturing PMI
