{"id":72954,"date":"2024-11-08T17:06:23","date_gmt":"2024-11-08T06:06:23","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=72954"},"modified":"2025-11-10T20:56:23","modified_gmt":"2025-11-10T09:56:23","slug":"friday-8th-november-2024-asia-pacific-markets-rally-following-u-s-fed-rate-cut-and-u-s-post-election-gains","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-8th-november-2024-asia-pacific-markets-rally-following-u-s-fed-rate-cut-and-u-s-post-election-gains\/","title":{"rendered":"Friday 8th November 2024: Asia-Pacific Markets Rally Following U.S. Fed Rate Cut and U.S. Post-Election Gains"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.25%, Shanghai Composite up 0.18%, Hang Seng down 0.27% ASX up 0.84%<\/li>\n\n\n\n<li>Commodities : Gold at $2702.35 (-0.14%), Silver at $31.7 (-0.08%), Brent Oil at $75.34 (-0.46%), WTI Oil at $71.93 (-0.59%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.341, UK 10-year yield at 4.499, Germany 10-year yield at 2.439<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(GBP) Official Bank Rate&nbsp; 4.75% vs 4.75% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims&nbsp; 221K vs 223K expected<\/li>\n\n\n\n<li>(USD) Federal Funds Rate&nbsp; 4.75% vs 4.75% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets rose on Tuesday following a 25-basis-point interest rate cut by the U.S. Federal Reserve and a continued post-election rally in U.S. markets. Investors are closely watching China\u2019s National People\u2019s Congress, set to announce fiscal measures to support the world\u2019s second-largest economy.<\/p>\n\n\n\n<p>Japan&#8217;s latest economic data showed a smaller-than-expected decline in household spending for September. Official data reported a 1.1% drop, below economists&#8217; forecast of a 2.1% fall, as surveyed by Reuters. Japan\u2019s Nikkei 225 gained 0.27%, with the Topix index up by 0.14%. South Korea\u2019s Kospi rose 0.64%, and the Kosdaq climbed 1.36%. Hong Kong\u2019s Hang Seng index advanced 1.23% before falling, and China\u2019s CSI 300 gained 0.37%. Australia\u2019s S&amp;P\/ASX 200 increased by 0.8%, marking three consecutive days of gains.<\/p>\n\n\n\n<p>In the U.S., the S&amp;P 500 and Nasdaq continued to climb Thursday following Donald Trump\u2019s election win and the Federal Reserve\u2019s latest rate cut. The S&amp;P 500 rose 0.74%, closing at a record 5,973.10, while the Nasdaq Composite advanced 1.51%, finishing above 19,000 for the first time. The Dow Jones Industrial Average was nearly unchanged but had surged 1,500 points in the previous session. All three major U.S. indexes achieved record intraday highs during the trading session.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>01:30 PM GMT &#8211; CAD Employment Change<\/li>\n\n\n\n<li>01:30 PM GMT &#8211; CAD Unemployment Rate<\/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\/72954"}],"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=72954"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/72954\/revisions"}],"predecessor-version":[{"id":72963,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/72954\/revisions\/72963"}],"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=72954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=72954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=72954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}