{"id":69746,"date":"2024-05-14T16:18:38","date_gmt":"2024-05-14T06:18:38","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=69746"},"modified":"2025-11-10T21:54:51","modified_gmt":"2025-11-10T10:54:51","slug":"tuesday-14th-may-2024-asian-markets-retreat-as-wall-street-stumble-ends-dows-winning-streak","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-14th-may-2024-asian-markets-retreat-as-wall-street-stumble-ends-dows-winning-streak\/","title":{"rendered":"Tuesday 14th May 2024: Asian markets retreat as Wall Street stumble ends Dow&#8217;s winning streak"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.39%, Shanghai Composite down 0.01%, Hang Seng up 0.06% ASX down 0.35%<\/li>\n\n\n\n<li>Commodities : Gold at $2350.5 (0.35%), Silver at $28.68 (0.81%), Brent Oil at $83.47 (0.11%), WTI Oil at $79.22 (0.13%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.48, UK 10-year yield at 4.20, Germany 10-year yield at 2.50<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(CAD) Building Permits m\/m -11.7% vs -4.6% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets opened higher on Tuesday but later retreated as Wall Street stocks stumbled, ending the Dow Jones Industrial Average&#8217;s eight-day winning streak. Investors focused on India&#8217;s inflation data, which showed the consumer price index rising by 4.83% year-on-year, nearly in line with expectations. Wholesale inflation figures for India were awaited later in the day.&nbsp;<\/p>\n\n\n\n<p>Bank of Japan data indicated stable corporate inflation in April but a sharp 6.4% year-on-year increase in import prices, likely due to yen depreciation. Hong Kong&#8217;s Hang Seng index initially rose by 0.6% before flattening, while China&#8217;s CSI 300 index reversed gains to trade lower. Japan&#8217;s Nikkei 225 and the broader Topix hovered near the flatline.<\/p>\n\n\n\n<p>In the US, traders grappled with rising inflation expectations ahead of key reports later in the week. A New York Federal Reserve survey revealed consumer expectations for price hikes, with one-year inflation expectations at 3.3% and the five-year outlook at 2.8%. On Wall Street, the Dow dropped 0.21%, the S&amp;P 500 edged down 0.02%, and the Nasdaq Composite gained 0.29%. Notably, meme stock GameStop surged 74% after &#8220;Roaring Kitty&#8221; returned to online forums after three years.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD Wholesale Sales m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Core PPI m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD PPI m\/m<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Fed Chair Powell Speaks<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets opened higher [&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\/69746"}],"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=69746"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69746\/revisions"}],"predecessor-version":[{"id":69749,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69746\/revisions\/69749"}],"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=69746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=69746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=69746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}