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Asia-Pacific Markets Rise on Tech Rally and Inflation Analysis!

Asia-Pacific Markets Experience Upswing Amid Tech Rally and Inflation Insights. In the Asian stock market realm, the Nikkei gained 0.38%, the Shanghai Composite increased by 0.04%, the Hang Seng declined by 0.11%, and the ASX surged by 1.21%.

Commodity Trends. Gold saw a decrease to $1962.80 (-0.23%), silver followed suit at $24.61 (-0.72%), while Brent oil rose to $85.25 (0.42%), and WTI oil increased to $81.55 (0.49%).

Yield Indicators. The US 10-year yield stood at 4.151, the UK 10-year yield at 4.485, and the Germany 10-year yield at 2.555.

Asia-Pacific Markets Experience Upswing Amid Tech Rally and Inflation Insights 

  • (USD) CB Consumer Confidence was reported at 106.1, falling short of the expected 116.1.
  • (USD) Unemployment Rate totaled 8.83 million, slightly below the anticipated 9.49 million.

Market Update- Asia-Pacific Market

The Asia-Pacific markets are mirroring the upward trends witnessed on Wall Street, specifically the tech-fueled rally led by Nvidia-powered technology stocks in the US on the prior Tuesday.

Of significant interest to investors is Australia’s inflation data for July, a crucial determinant for the Reserve Bank of Australia’s monetary policy decision scheduled for September 5th. The July data revealed a 4.9% increase in inflation, exhibiting a more subdued upswing compared to the 5.4% surge seen in June.

The regional market movements were particularly notable. Australia’s S&P/ASX 200 index saw an impressive surge of 1.21%, reaching its peak since August 15th at 7,297.7 points. Japan’s Nikkei 225 index extended its three-day gains, rising by 0.38% and closing at 32,333.46. The Topix index followed suit, marking a 0.43% increase to conclude at 2,313.38.

South Korea’s Kospi index demonstrated an advance of 0.35%, closing at 2,561.22. The Kosdaq index also showcased strong performance, wrapping up with a rise of 0.83% at 923.81, its highest point since August 1st. In Hong Kong, the Hang Seng index experienced a minor dip of 0.11%, while mainland China’s benchmark CSI 300 index achieved a gain of 0.43%.

Overnight in the US, all major stock indexes exhibited gains. The Nasdaq Composite was particularly striking, with a surge of over 1%, attributed to renewed interest in technology stocks. The Nasdaq index itself saw substantial growth of 1.74%, the S&P 500 index climbed by 1.45% – marking its most robust performance since June 2nd, and the Dow Jones Industrial Average rose by 0.85%.

Upcoming Market Events

  • 12:15 PM GMT – USD ADP Non-Farm Employment Change
  • 12:30 PM GMT – USD Prelim GDP q/q
  • 12:30 PM GMT – USD Prelim GDP Price Index q/q
  • 2:00 PM GMT – USD Pending Home Sales m/m
  • 2:30 PM GMT – USD Crude Oil Inventories

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