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Asian Markets Mixed; Gold to New High

Asian Markets Mixed Gold New High

Asian stock markets mixed, gold hits record high, US indexes retreat, tech stocks rally, upcoming economic data.

Asian Stock Markets: The Asian stock markets displayed a mixed trend today, with Japan’s Nikkei up by 0.07%, the Shanghai Composite up by 0.22%, the Hang Seng down by 2.66%, and the ASX down by 0.15%.

Commodities: Gold futures surged to a record high of $2,126.30, marking a gain of 0.14%, while silver rose to $24.07, showing a 0.09% increase. Brent oil dipped by 0.46% to $82.45, and WTI oil dropped by 0.56% to $78.37.

Rates: The US 10-year yield stood at 4.213, the UK 10-year yield at 4.167, and the Germany 10-year yield at 2.394.

News & Data: Switzerland’s Consumer Price Index (CPI) month-on-month came in at 0.6%, surpassing the expected 0.5%.

Asian Markets Mixed; Gold to New High

Markets Update: The Asia-Pacific markets exhibited mixed performance following China’s “Two Sessions” meeting, where officials announced a 5% economic growth target for 2024 and a 7.2% increase in defense spending. Notably, Hong Kong’s Hang Seng index led losses with a significant drop of 2.2%, while China’s CSI 300 index rose by 0.5%. South Korea’s GDP grew by 0.6% in Q4 2023, and Japan’s Nikkei 225 reached new all-time highs, surpassing the 40,000 mark. However, Australia’s S&P/ASX 200 closed 0.15% lower at 7,724.20.

Commodities Front: Gold futures soared to a new high amidst speculation about potential Federal Reserve interest rate cuts later in the year.

US Markets: In the US, all three major indexes retreated, with the S&P 500 down by 0.12%, the Nasdaq Composite slipping by 0.41%, and the Dow Jones Industrial Average losing 0.25%. Despite the decline, technology stocks related to artificial intelligence experienced a rally.

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The global markets remain sensitive to geopolitical developments, economic indicators, and central bank policies, as investors closely monitor upcoming events and data releases for further insights into market movements.

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