{"id":70323,"date":"2024-06-13T16:19:51","date_gmt":"2024-06-13T06:19:51","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70323"},"modified":"2025-11-10T21:48:06","modified_gmt":"2025-11-10T10:48:06","slug":"thursday-13th-june-2024-asian-markets-surge-as-fed-maintains-rates","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-13th-june-2024-asian-markets-surge-as-fed-maintains-rates\/","title":{"rendered":"Thursday 13th June 2024: Asian Markets Surge as Fed Maintains Rates"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.47%, Shanghai Composite down 0.43%, Hang Seng up 0.18% ASX up 0.44%<\/li>\n\n\n\n<li>Commodities : Gold at $2327.5 (1.17%), Silver at $29.48 (-3.31%), Brent Oil at $82.23 (-0.39%), WTI Oil at $78.17 (-0.39%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.31, UK 10-year yield at 4.32, Germany 10-year yield at 2.52<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Core CPI m\/m 0.2% vs 0.3% expected<\/li>\n\n\n\n<li>(USD) CPI m\/m 0.0% vs 0.1% expected<\/li>\n\n\n\n<li>(USD) Federal Funds Rate 5.5% vs 5.5% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets rose on Thursday after the U.S. Federal Reserve maintained the federal funds rate at 5.25% to 5.5% and revised its &#8220;dot plot&#8221; to project only one rate cut this year, down from three cuts projected in March. The dot plot also suggested a more aggressive rate-cutting path for 2025, anticipating four cuts totaling a full percentage point, up from three.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi led the gains, rising 1.39% and heading for a third consecutive day of growth, with the small-cap Kosdaq up 0.6 Australia\u2019s S&amp;P\/ASX 200 rebounded from two days of losses, climbing 0.4%. Hong Kong\u2019s Hang Seng Index opened 1.23% higher, driven by gains in electric vehicle stocks despite the European Union imposing tariffs of up to 38% on Chinese EV manufacturers. BYD surged over 6%, with Nio and Li Auto shares rising by 2.77% and 1.85%, respectively. The mainland Chinese CSI 300 increased by 0.12%.<\/p>\n\n\n\n<p>The Fed&#8217;s post-meeting statement noted that \u201cinflation has eased over the past year but remains elevated,\u201d with new language indicating \u201cmodest further progress toward the Committee\u2019s 2 percent inflation objective\u201d compared to the previous statement\u2019s mention of \u201ca lack of further progress\u201d on inflation. Separately, May inflation remained unchanged from April, increasing by 3.3% year-on-year and staying flat on a month-on-month basis.<\/p>\n\n\n\n<p>Overnight in the U.S., all three major indexes rose in response to the Fed\u2019s decision and the May inflation reading. The S&amp;P 500 hit a record high, closing above 5,400 for the first time, climbing 0.85% to end at 5,421.03. The Nasdaq Composite gained 1.53% to reach a record high, while the Dow Jones Industrial Average slipped by 0.09%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\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>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets rose on [&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\/70323"}],"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=70323"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70323\/revisions"}],"predecessor-version":[{"id":70336,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70323\/revisions\/70336"}],"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=70323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}