{"id":71550,"date":"2024-08-20T16:46:40","date_gmt":"2024-08-20T06:46:40","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71550"},"modified":"2025-11-10T21:34:03","modified_gmt":"2025-11-10T10:34:03","slug":"tuesday-20th-august-2024-asia-pacific-markets-gain-amid-wall-street-rally","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-20th-august-2024-asia-pacific-markets-gain-amid-wall-street-rally\/","title":{"rendered":"Tuesday 20th August 2024: Asia-Pacific Markets Gain Amid Wall Street Rally"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 1.98%, Shanghai Composite down 1.05%, Hang Seng down 0.51% ASX up 0.22%<\/li>\n\n\n\n<li>Commodities : Gold at $2545.35 (0.09%), Silver at $29.59 (0.81%), Brent Oil at $77.38 (-0.359%), WTI Oil at $73.22 (-0.62%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.878, UK 10-year yield at 3.926, Germany 10-year yield at 2.245<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) CB Leading Index m\/m&nbsp; -0.6% vs -0.4% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets were mostly up on Tuesday, following a strong rally on Wall Street, while investors closely examined the minutes of the Reserve Bank of Australia&#8217;s (RBA) latest meeting.Japan&#8217;s Nikkei 225 led the region, rising over 2%, driven by gains in utilities and healthcare stocks. The broader Topix index also saw an increase of 1.3%.<\/p>\n\n\n\n<p>In China, loan prime rates were maintained at 3.35% for the one-year LPR and 3.85% for the five-year LPR, as expected by economists in a Reuters poll. The one-year LPR serves as the benchmark for most corporate loans, while the five-year LPR is the reference rate for mortgages.<\/p>\n\n\n\n<p>The RBA released minutes from its August meeting, where it kept the benchmark interest rate at 4.35%. The central bank acknowledged that inflation remained &#8220;above target&#8221; and persistent. Although the board considered raising the interest rate, it ultimately decided to maintain the current rate, citing insufficient data to justify a change. The RBA cautioned that a rate cut was unlikely in the short term, and future rate adjustments could not be ruled out.<\/p>\n\n\n\n<p>South Korea&#8217;s Kospi rose 0.87%, and the small-cap Kosdaq climbed 1%. However, consumer sentiment in South Korea fell in August to 100.8 from a two-year high, influenced by concerns over a potential U.S. recession.<\/p>\n\n\n\n<p>Australia&#8217;s S&amp;P\/ASX 200 edged up 0.22% after the RBA&#8217;s release, while Hong Kong&#8217;s Hang Seng index and mainland China&#8217;s CSI300 both dipped 0.42%.In the U.S., the Dow Jones Industrial Average gained 0.58%, the S&amp;P 500 rose 0.97%, and the Nasdaq Composite jumped 1.39%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD CPI m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Median CPI y\/y<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Trimmed CPI y\/y<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Common CPI y\/y<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Core CPI m\/m<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets were mostly [&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\/71550"}],"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=71550"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71550\/revisions"}],"predecessor-version":[{"id":71557,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71550\/revisions\/71557"}],"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=71550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}