{"id":65480,"date":"2023-09-06T17:05:59","date_gmt":"2023-09-06T07:05:59","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=65480"},"modified":"2025-11-11T15:28:12","modified_gmt":"2025-11-11T04:28:12","slug":"wednesday-6th-september-2023-asia-pacific-markets-navigate-volatile-waters-amidst-oil-cuts-and-property-surges","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/wednesday-6th-september-2023-asia-pacific-markets-navigate-volatile-waters-amidst-oil-cuts-and-property-surges\/","title":{"rendered":"Wednesday 6th September 2023: Asia-Pacific Markets Navigate Volatile Waters Amidst Oil Cuts and Property Surges"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.80%, Shanghai Composite up 0.10%, Hang Seng down 0.07%, ASX down 0.78%<\/li>\n\n\n\n<li>Commodities : Gold at $1961.25 (-0.23%), Silver at $23.81 (-0.23%), Brent Oil at $89.95 (-0.17%), WTI Oil at $86.55 (-0.16%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.253, UK 10-year yield at 4.549, Germany 10-year yield at 2.615<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(EUR) PPI m\/m -0.5% vs -0.5% expected<\/li>\n\n\n\n<li>(USD) Factory Orders -2.1% vs -2.5% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>On Thursday, the Asia-Pacific markets displayed a mixed performance, reacting to Saudi Arabia and Russia&#8217;s decision to extend their voluntary oil production cuts until the end of the year.<\/p>\n\n\n\n<p>Hong Kong-listed shares of Chinese property firms, led by Evergrande, experienced a remarkable surge, with Evergrande alone soaring by over 70%. This surge propelled the Hang Seng Property Index up by 4%. However, the broader Hang Seng index dipped by 0.07%, extending the losses observed earlier in the week. Meanwhile, mainland Chinese markets also faced a decline, with the CSI 300 index dropping by 0.7%.<\/p>\n\n\n\n<p>The price of Brent crude futures reached $90.04 per barrel, crossing the $90 threshold for the first time since November. U.S. West Texas Intermediate crude futures hovered near $86.69 per barrel, marking a 10-month high.Saudi Arabia&#8217;s announcement on Wednesday confirmed an extension of its oil production cut by 1 million barrels per day until December, while Russia stated its commitment to reduce oil exports by 300,000 barrels per day.<\/p>\n\n\n\n<p>In other parts of Asia, Japan&#8217;s Nikkei 225 index saw a gain of 0.80%, mirroring the Topix index&#8217;s performance. In contrast, South Korea&#8217;s Kospi index experienced a 0.62% decline, but the Kosdaq managed to climb by 0.25%. Australia&#8217;s S&amp;P\/ASX 200 index recorded a loss of 0.78% despite the country&#8217;s second-quarter gross domestic product growth of 2.1% year-on-year, slightly surpassing economist expectations as reported by Reuters.<\/p>\n\n\n\n<p>Turning to the U.S., the previous night saw all three major indexes posting losses due to concerns about rising crude oil prices. The Dow Jones Industrial Average decreased by 0.56%, the S&amp;P 500 dropped by 0.42%, and the Nasdaq Composite experienced a marginal decline of 0.08%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>1:45 PM GMT &#8211; USD Final Services PMI<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; CAD BOC Rate Statement<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; CAD Overnight Rate<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD ISM Services PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: On Thursday, the Asia-Pacific [&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\/65480"}],"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=65480"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65480\/revisions"}],"predecessor-version":[{"id":65492,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65480\/revisions\/65492"}],"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=65480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=65480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=65480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}