{"id":68422,"date":"2024-03-08T18:13:30","date_gmt":"2024-03-08T07:13:30","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=68422"},"modified":"2025-11-10T22:05:48","modified_gmt":"2025-11-10T11:05:48","slug":"friday-8th-march-2024-asian-markets-surge-on-powells-rate-cut-signals-and-record-u-s-highs","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-8th-march-2024-asian-markets-surge-on-powells-rate-cut-signals-and-record-u-s-highs\/","title":{"rendered":"Friday 8th March 2024: Asian Markets Surge on Powell&#8217;s Rate Cut Signals and Record U.S. Highs"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.25%, Shanghai Composite up 0.61%, Hang Seng up 1.11% ASX up 1.07%<\/li>\n\n\n\n<li>Commodities : Gold at $2167.5 (0.14%), Silver at $24.67 (0.21%), Brent Oil at $83.53 (0.36%), WTI Oil at $79.67 (0.86%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.083, UK 10-year yield at 4.043, Germany 10-year yield at 2.292<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) ISM Services PMI 52.6 vs 53.0 expected<\/li>\n\n\n\n<li>(USD) Final Services PMI 52.3 vs 51.4 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets rallied as U.S. Federal Reserve Chair Jerome Powell hinted at possible interest rate cuts, contingent on supportive inflation signals. Powell, addressing the Senate Banking Committee, did not provide a specific timeline but suggested the cuts would occur soon. In Australia, the S&amp;P\/ASX 200 surged by 1.07%, marking a third consecutive day of gains and reaching a record high.<\/p>\n\n\n\n<p>Japan&#8217;s Nikkei 225 traded 0.25% higher, while the Topix declined by 0.30% due to unexpected drops in January household spending, raising concerns about inflation outpacing wage gains. South Korea&#8217;s Kospi rose by 1.3%, and the small-cap Kosdaq increased by 0.49%. Hong Kong&#8217;s Hang Seng index saw a 1.11% rise, and China&#8217;s CSI 300 recorded a 0.14% increase.<\/p>\n\n\n\n<p>In the U.S., both the S&amp;P 500 and Nasdaq Composite surged to record highs on hopes of easing inflation and tech sector gains, contributing to a midweek rebound on Wall Street. The S&amp;P 500 climbed by 1.03% to 5,157.36, while the Nasdaq Composite rose by 1.51% to 16,273.38, achieving all-time highs during the session. The Dow Jones Industrial Average gained 0.34%, securing a closing record.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>1:30 PM GMT &#8211; CAD Employment Change<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; CAD Unemployment Rate<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Average Hourly Earnings m\/m<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Non-Farm Employment Change<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Unemployment Rate<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets rallied as [&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\/68422"}],"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=68422"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/68422\/revisions"}],"predecessor-version":[{"id":68427,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/68422\/revisions\/68427"}],"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=68422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=68422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=68422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}