Global Markets:
- Asian Stock Markets : Nikkei up 0.06%, Shanghai Composite down 0.07%, Hang Seng up 1.76% ASX up 0.12%
- Commodities : Gold at $2137.5 (-0.34%), Silver at $23.97 (-0.09%), Brent Oil at $82.25 (0.26%), WTI Oil at $78.57 (0.26%)
- Rates : US 10-year yield at 4.152, UK 10-year yield at 4.041, Germany 10-year yield at 2.318
News & Data:
- (USD) ISM Services PMI 52.6 vs 53.0 expected
Markets Update:
Asia-Pacific markets rebounded on Wednesday, overcoming early declines, with Hong Kong’s Hang Seng index leading the gains with a robust increase of over 1.5%. However, mainland Chinese stocks, reflected in the CSI 300, experienced a 0.6% decline. This shift followed a Wall Street tech downturn fueled by Apple’s nearly 3% drop in U.S. trading, attributed to a report revealing a plunge in iPhone sales in China.
The Taiwan weighted index continued its positive trend, gaining 0.63%, with Taiwan Semiconductor Manufacturing Company shares trading near the flatline. In South Korea, Samsung Electronics saw a 1.22% decrease, contributing to a 0.44% slide in the broader Kospi, while the small-cap Kosdaq rose by 0.49%. China’s CSI 300 index reached over three-month highs on Tuesday after the country set its 2024 economic growth target at “around 5%” during the “Two Sessions” meeting.
Japan’s Nikkei 225 saw a marginal dip, while the Topix edged 0.27% higher. In Australia, the S&P/ASX 200 gained marginally, closing at 7,730.9, despite the economy surpassing expectations in the fourth quarter. U.S. stocks experienced a second consecutive session of decline on Tuesday, led by significant drops in major tech names, including Apple. The Nasdaq Composite fell 1.65%, with the Dow Jones Industrial Average and the S&P 500 losing 1.04% and 1.02%, respectively, as they retreated from record high levels.
Upcoming Events:
- 1:15 PM GMT – USD ADP Non-Farm Employment Change
- 1:30 PM GMT – CAD Labor Productivity q/q
- 2:45 PM GMT – CAD BOC Rate Statement
- 2:45 PM GMT – CAD Overnight Rate
- 3:30 PM GMT – CAD Crude Oil Inventories
- 3:30 PM GMT – CAD Ivey PMI
- 3:30 PM GMT – USD Fed Chair Powell Testifies
