{"id":63410,"date":"2023-05-23T14:05:21","date_gmt":"2023-05-23T04:05:21","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=63410"},"modified":"2025-11-11T15:56:13","modified_gmt":"2025-11-11T04:56:13","slug":"thursday-25th-may-2023-chinas-reopening-lifts-north-asian-equities-oil-and-gold-retreat","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-25th-may-2023-chinas-reopening-lifts-north-asian-equities-oil-and-gold-retreat\/","title":{"rendered":"Thursday 25th May 2023: China\u2019s reopening lifts North Asian equities; oil and gold retreat"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>Asian Stock Markets : Nikkei up 0.39%, Shanghai Composite down 0.58%, Hang Seng down 2.10%, ASX down 1.05%<\/li>\n\n\n\n<li>Commodities : Gold at $1957.50 (-0.36%), Silver at $23.15 (-0.39%), Brent Oil at $78.15 (-0.27%), WTI Oil at $74.04 (-0.40%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.751, UK 10-year yield at 4.254, Germany 10-year yield at 2.479<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(EUR) German ifo Business Climate 91.7 vs 93 expected<\/li>\n\n\n\n<li>(GBP) CPI y\/y 8.70% vs 8.20% expected<\/li>\n\n\n\n<li>(NZD) Official Cash Rate 5.50% vs 5.50% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asian equity markets ended mixed on Wednesday, as investors weighed the prospects of China\u2019s reopening and a rebound in corporate earnings against the risks of a U.S. debt default and a global economic slowdown. North Asian markets outperformed the broader region, led by China, Japan and Taiwan, which benefited from strong domestic demand and increased exports of technology products. South Asian markets lagged behind, dragged by India, Thailand and the Philippines, which faced rising COVID-19 cases and inflation pressures.<\/p>\n\n\n\n<p>Oil prices fell for the third consecutive day, as concerns over excess supply and weak demand overshadowed the impact of geopolitical tensions in Asia. Brent crude futures settled at $75.05 a barrel, down 0.7% on the day, while WTI crude futures dropped 0.73% to $71.03 a barrel. The oil market was pressured by expectations of higher output from OPEC+ and other producers, as well as signs of slowing demand growth in China and India, the world\u2019s second- and third-largest oil consumers.<\/p>\n\n\n\n<p>Gold prices edged lower, as a stronger U.S. dollar and higher bond yields reduced the appeal of the safe-haven metal. Spot gold was down 0.09% at $1,979.90 an ounce, while U.S. gold futures fell 0.17% to $1,980.10 an ounce. The U.S. dollar index rose 0.14% to 93.98, while the 10-year U.S. Treasury yield climbed to 1.67%, making gold more expensive for holders of other currencies and reducing its allure as a hedge against inflation.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 pm GMT &#8211; (USD) Prelim GDP q\/q<\/li>\n\n\n\n<li>12:30 pm GMT &#8211; (USD) Unemployment Claims<\/li>\n\n\n\n<li>12:30 pm GMT &#8211; (USD) Prelim GDP Price Index q\/q<\/li>\n\n\n\n<li>02:00 pm GMT &#8211; (USD) Pending Home Sales m\/m<\/li>\n\n\n\n<li>11:30 pm GMT &#8211; (JPY) Tokyo Core CPI y\/y<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asian equity markets ended [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/63410"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=63410"}],"version-history":[{"count":3,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/63410\/revisions"}],"predecessor-version":[{"id":63505,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/63410\/revisions\/63505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=63410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=63410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=63410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}