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Asia-Pacific Markets Slide as China Holds Rates!

Asia-Pacific Markets Slide as China Holds Rates, Eyes on Upcoming Fed Decision!

Asian Stock Markets. Asian stock markets experienced a mixed day, with the Nikkei down by 0.73%, the Shanghai Composite down by 0.52%, the Hang Seng down by 0.47%, and the ASX down by 0.47%.

Commodities. In the commodities sector, gold was valued at $1949.45, marking a decrease of 0.21%. Silver stood at $23.45, showing a minor dip of 0.05%. Brent Oil and WTI Oil both saw declines, with Brent Oil at $93.2 (-1.21%) and WTI Oil at $89.42 (-1.22%).

Rates. Across global bond markets, the US 10-year yield stood at 4.362%, the UK 10-year yield at 4.3155%, and the Germany 10-year yield at 2.737%.

News & Data. In economic news, Canada’s Consumer Price Index (CPI) month-on-month (m/m) exceeded expectations, coming in at 0.4% versus the expected 0.2%. Canada’s Median CPI year-on-year (y/y) also surpassed expectations, reaching 4.1% compared to the expected 3.7%. Additionally, Canada’s Trimmed CPI y/y stood at 3.9%, surpassing the expected 3.7%.

Asia-Pacific Markets Slide as China Holds Rates!

Asian-Pacific markets faced a widespread decline due to China’s decision to maintain its one-year and five-year loan prime rates without adjustments. Market participants were preparing for the upcoming interest rate decision by the US Federal Reserve scheduled for Wednesday in the United States. China’s choice to keep the one-year rate at 3.45% and the five-year rate at 4.2% significantly influenced market sentiment.

Japan’s Nikkei 225 index declined by 0.73%, closing at 33,023.78. In contrast, South Korea experienced a slight increase in wholesale inflation, ending a trend dating back to July 2022. Japan’s trade data for August showed a notable narrowing of the trade deficit year-on-year, with both imports and exports falling less than expected.

Australia’s S&P/ASX 200 experienced a 0.47% decline, marking its third consecutive day of losses. On the other hand, South Korea’s Kospi index closed slightly higher, up 0.02% at 2,559.77, bucking the broader market’s downward trend. However, the Kosdaq index slipped by 0.13% to 882.72.

In line with regional trends, Hong Kong’s Hang Seng index fell by 0.47% following China’s announcement on the loan prime rates, while mainland Chinese markets also reported negative territory, with the CSI 300 index dropping by 0.15%. In the United States, the preceding day witnessed declines in all three major stock indices as anticipation grew ahead of the Federal Reserve’s decision. The Dow Jones Industrial Average retreated by 0.31%, the S&P 500 registered a 0.22% slide, and the Nasdaq Composite recorded a loss of 0.23%.

Upcoming Events

At 6:00 PM GMT, significant events include the USD Federal Funds Rate, USD FOMC Economic Projections, USD FOMC Statement, and USD FOMC Press Conference, all of which are eagerly awaited by market participants.

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