{"id":67833,"date":"2024-02-05T16:31:14","date_gmt":"2024-02-05T05:31:14","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=67833"},"modified":"2025-11-10T22:11:04","modified_gmt":"2025-11-10T11:11:04","slug":"monday-5th-february-2024-asian-markets-open-week-lower-amid-cautious-fed-comments","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/monday-5th-february-2024-asian-markets-open-week-lower-amid-cautious-fed-comments\/","title":{"rendered":"Monday 5th February 2024: Asian Markets Open Week Lower Amid Cautious Fed Comments"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.68%, Shanghai Composite down 0.89%, Hang Seng up 0.46% ASX down 0.95%<\/li>\n\n\n\n<li>Commodities : Gold at $2047.5 (-0.32%), Silver at $22.67 (-0.74%), Brent Oil at $77.65 (0.76%), WTI Oil at $72.67 (0.57%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.08, UK 10-year yield at 3.9525, Germany 10-year yield at 2.231<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Average Hourly Earnings m\/m 107k vs 148K expected<\/li>\n\n\n\n<li>(USD) Non-Farm Employment change 0.9% vs 1.0% expected<\/li>\n\n\n\n<li>(USD) Unemployment Rate 1.2M vs -0.8M expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asian markets began the holiday-shortened week with mostly lower performances, influenced by remarks from U.S. Federal Reserve Chair Jerome Powell, signaling a more gradual approach to rate cuts than anticipated by the market. Despite the People\u2019s Bank of China&#8217;s recent decision to reduce reserve ratio requirements for banks taking effect, it did not provide a lift to the market.<\/p>\n\n\n\n<p>In South Korea, the Kospi fell 1.47%, driven by losses in heavyweight Samsung Electronics, while the small-cap Kosdaq declined by 0.62%. Australia&#8217;s S&amp;P\/ASX 200 retreated by 0.95% from its recent all-time high, with markets awaiting an interest rate decision from the Reserve Bank of Australia.<\/p>\n\n\n\n<p>In contrast, Japan&#8217;s Nikkei 225 climbed 0.68%, and the broader Topix rose by 0.66%. As Lunar New Year approaches, several Asian countries, including China, Taiwan, South Korea, Singapore, and Hong Kong, will observe shortened trading weeks.<\/p>\n\n\n\n<p>Meanwhile, in the U.S., the S&amp;P 500 reached a new record high, driven by strong quarterly results from technology companies, including Meta, and a better-than-expected January jobs report. The S&amp;P 500 closed at 4,958.61, surpassing its previous record close of 4,927.93, with the Dow Jones Industrial Average also setting a new record at 38,654.42, and the Nasdaq Composite climbing by 1.7%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>10:00 AM GMT &#8211; EUR PPI m\/m<\/li>\n\n\n\n<li>2:45 PM GMT &#8211; USD Final Services PMI<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; USD ISM Services PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asian markets began the [&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\/67833"}],"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=67833"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/67833\/revisions"}],"predecessor-version":[{"id":67834,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/67833\/revisions\/67834"}],"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=67833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=67833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=67833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}