Wednesday 21st February 2024: Asian Markets Navigate Volatility

Global Markets:

  •  Asian Stock Markets : Nikkei down 0.17%, Shanghai Composite up 1.85%, Hang Seng up 2.27% ASX down 0.66%
  • Commodities : Gold at $2041.5 (0.09%), Silver at $23.17 (0.24%), Brent Oil at $82.45 (0.26%), WTI Oil at $77.37 (0.28%)
  • Rates : US 10-year yield at 4.272, UK 10-year yield at 4.087, Germany 10-year yield at 2.376

News & Data:

  • (CAD) CPI m/m 0.0% vs 0.4% expected
  • (CAD) Median CPI y/y 3.3% vs 3.6% expected
  • (CAD) Trimmed CPI y/y 3.4% vs 3.6% expected

Markets Update:

Hong Kong stocks surged over 2% amid mixed trading in the broader Asia-Pacific markets influenced by Wednesday’s Wall Street losses. The Hang Seng index gained 2.36%, buoyed by strong performances in property, technology, and health-care stocks, while China’s CSI 300 also rose by 2.55%.

Conversely, Japan’s Nikkei 225 declined 0.34% due to a significant drop in business confidence among Japanese manufacturers. The Reuters Tankan poll reported a confidence level of -1 in February, marking the first negative reading since April of the previous year. This follows Japan’s recent entry into a technical recession, resulting in a loss of its position as the world’s third-largest economy to Germany.

South Korea’s Kospi saw a slight decrease of 0.29%, and Australia’s S&P/ASX 200 dipped by 0.66%, closing at 7,608.4. In the U.S. overnight, all three major indexes concluded in negative territory. A broader tech decline, led by Nvidia ahead of its earnings report, impacted the market. The Dow Jones Industrial Average edged down 0.17% to settle at 38,563.80 points, the S&P 500 experienced a 0.6% decline, closing at 4,975.51, and the Nasdaq Composite, heavily influenced by the tech sector, lost 0.92%, concluding at 15,630.78.

Upcoming Events: 

  • 1:30 PM GMT – CAD NHPI m/m
  • 7:00 PM GMT – USD FOMC Meeting Minutes


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