{"id":66378,"date":"2023-11-02T18:31:58","date_gmt":"2023-11-02T07:31:58","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=66378"},"modified":"2023-11-02T18:32:00","modified_gmt":"2023-11-02T07:32:00","slug":"thursday-2nd-november-2023-asian-markets-lead-global-rally-as-federal-reserve-holds-steady","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-2nd-november-2023-asian-markets-lead-global-rally-as-federal-reserve-holds-steady\/","title":{"rendered":"Thursday 2nd November 2023: Asian Markets Lead Global Rally as Federal Reserve Holds Steady"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 1.20%, Shanghai Composite down 0.45, Hang Seng up 0.61% ASX&nbsp; up&nbsp; 0.90%<\/li>\n\n\n\n<li>Commodities : Gold at $1992.05 (0.28%), Silver at $23.17 (1.39%), Brent Oil at $85.26 (1.06%), WTI Oil at $81.33 (1.13%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.729, UK 10-year yield at 4.532, Germany 10-year yield at 2.710<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Federal Funds Rate 5.50% vs 5.50% expected<\/li>\n\n\n\n<li>(USD) Crude Oil Inventories 0.8M vs 1.5M expected<\/li>\n\n\n\n<li>(USD) ISM Manufacturing PMI 46.7 vs 49.0 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asian markets surged following the U.S. Federal Reserve&#8217;s decision to maintain its benchmark interest rates, coupled with an upbeat assessment of the economy. South Korea reported a third consecutive month of rising consumer prices, slightly above expectations, while Australia&#8217;s trade surplus in goods narrowed.<\/p>\n\n\n\n<p>In Japan, the Nikkei 225 climbed by 1.2%, with the Topix index adding 0.51%, both reaching multi-week highs. South Korea&#8217;s Kospi and Kosdaq indices marked substantial gains of 1.81% and 4.55%, respectively, with Hong Kong&#8217;s Hang Seng index rising by 0.61%. China&#8217;s CSI 300 was the only major benchmark in negative territory, slipping by 0.43%. Australia&#8217;s S&amp;P\/ASX 200 rose by 0.9% to its highest level in nearly two weeks.<\/p>\n\n\n\n<p>In the United States, markets rebounded as the Federal Reserve&#8217;s decision to hold interest rates steady for the second time reassured investors, leading to gains in major indices. The Dow Jones Industrial Average rose by 0.67%, the S&amp;P 500 climbed by 1.05%, and the Nasdaq Composite added 1.64%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:00 PM GMT &#8211; GBP BOE Monetary Policy Report<\/li>\n\n\n\n<li>12:00 PM GMT &#8211; GBP Monetary Policy Summary<\/li>\n\n\n\n<li>12:00 PM GMT &#8211; GBP MPC Official Bank Rate Votes<\/li>\n\n\n\n<li>12:00 PM GMT &#8211; GBP Official Bank Rate<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; GBP BOE Gov Bailey Speaks<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asian markets surged following [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":64476,"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\/66378"}],"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=66378"}],"version-history":[{"count":3,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/66378\/revisions"}],"predecessor-version":[{"id":66413,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/66378\/revisions\/66413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/64476"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=66378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=66378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=66378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}