{"id":71511,"date":"2024-08-16T16:44:19","date_gmt":"2024-08-16T06:44:19","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71511"},"modified":"2025-11-10T21:34:21","modified_gmt":"2025-11-10T10:34:21","slug":"friday-16th-august-2024-japan-leads-asian-markets-amid-wall-street-rally","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-16th-august-2024-japan-leads-asian-markets-amid-wall-street-rally\/","title":{"rendered":"Friday 16th August 2024: Japan Leads Asian Markets Amid Wall Street Rally"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 3.88%, Shanghai Composite down 0.08%, Hang Seng up 1.73% ASX up 1.37%<\/li>\n\n\n\n<li>Commodities : Gold at $2494.35 (0.06%), Silver at $28.23 (-0.40%), Brent Oil at $80.7 (-0.26%), WTI Oil at $77.79 (-0.34%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.911, UK 10-year yield at 3.9241, Germany 10-year yield at 2.241<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Core Retail Sales m\/m&nbsp; 0.4% vs 0.1% expected<\/li>\n\n\n\n<li>(USD) Retail Sales m\/m&nbsp; 1.00% vs 0.4% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims&nbsp; 227K vs 236K expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Japan&#8217;s stocks led gains across Asia on Friday, with the Nikkei 225 surging over 3%, marking its best week in four years. This followed a strong rally on Wall Street, where fresh economic data alleviated recession fears.<\/p>\n\n\n\n<p>U.S. retail sales for July exceeded expectations, rising by 1% compared to the Dow Jones estimate of 0.3%. Additionally, weekly jobless claims fell, further boosting confidence. Stephanie Roth, chief economist at Wolfe Research, noted, &#8220;Today\u2019s solid retail sales and claims data is a reminder that the sky is not falling on the U.S. economy. While economic momentum has cooled, a recession does not appear imminent.&#8221;<\/p>\n\n\n\n<p>In Asia, Singapore&#8217;s non-oil domestic exports surged by 15.7% in July, a significant rebound from June\u2019s 8.8% decline and well above the 1.2% growth forecast by Reuters. Total trade also saw a robust 13.7% increase in July, driven by rising exports and imports.<\/p>\n\n\n\n<p>Japan&#8217;s broader Topix index gained over 2%, while South Korea&#8217;s Kospi rose by 1.75% after returning from a public holiday. The small-cap Kosdaq climbed 0.94%. Australia&#8217;s S&amp;P\/ASX 200 posted a 1.18% gain, although Reserve Bank of Australia Governor Michelle Bullock cautioned that it was &#8220;premature&#8221; to anticipate rate cuts, citing persistently high inflation.<\/p>\n\n\n\n<p>Hong Kong&#8217;s Hang Seng index rose 1.69%, and mainland China&#8217;s CSI 300 saw a marginal increase. Taiwan and Hong Kong&#8217;s second-quarter GDP data were awaited after market hours. Overnight, U.S. markets continued to rally, with the Dow Jones, S&amp;P 500, and Nasdaq Composite all posting significant gains.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD Manufacturing Sales m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Building Permits&nbsp;<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Housing Starts<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Japan&#8217;s stocks led gains [&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\/71511"}],"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=71511"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71511\/revisions"}],"predecessor-version":[{"id":71512,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71511\/revisions\/71512"}],"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=71511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}