Asian Markets Rebound: What You Need to Know

Asian markets rebound despite Wall Street tech decline, highlighting global rates, commodities, and upcoming events.

Global Markets

• Asian Stock Markets: The Nikkei rose by 0.06%, the Shanghai Composite declined by 0.07%, Hang Seng surged by 1.76%, and ASX saw a slight uptick of 0.12%.
• Commodities: Gold prices dipped to $2137.5 (-0.34%), Silver stood at $23.97 (-0.09%), Brent Oil was at $82.25 (0.26%), and WTI Oil stood at $78.57 (0.26%).
• Rates: The U.S. 10-year yield is 4.152, the U.K. 10-year yield is 4.041, and the Germany 10-year yield is 2.318.

News & Data

• (USD) ISM Services PMI reported 52.6 versus the expected 53.0.

Asian Markets Rebound: What You Need to Know

Markets Update

Asia-Pacific markets exhibited resilience on Wednesday despite initial setbacks, witnessing a rebound. Hong Kong’s Hang Seng index notably led the surge with a robust increase of over 1.5%. However, mainland Chinese stocks, reflected in the CSI 300, experienced a 0.6% decline. This turnaround follows a downturn in Wall Street’s tech sector, triggered by Apple’s nearly 3% drop in U.S. trading, attributed to a report revealing a plunge in iPhone sales in China.

The Taiwan-weighted index continued its upward trajectory, gaining 0.63%, with Taiwan Semiconductor Manufacturing Company shares trading near the flatline. In South Korea, Samsung Electronics witnessed a 1.22% decrease, contributing to a 0.44% slide in the broader Kospi, while the small-cap Kosdaq rose by 0.49%. China’s CSI 300 index reached over three-month highs on Tuesday following the announcement during the country’s “Two Sessions” meeting that it would set its 2024 economic growth target at “around 5%.”

Japan’s Nikkei 225 observed a marginal dip, while the Topix edged 0.27% higher. The S&P/ASX 200 gained marginally in Australia, closing at 7,730.9, despite the economy surpassing expectations in the fourth quarter. In the U.S., stocks witnessed a second consecutive session of decline on Tuesday, primarily driven by significant drops in prominent tech names, including Apple. The Nasdaq Composite fell 1.65%, with the Dow Jones Industrial Average and the S&P 500 losing 1.04% and 1.02%, respectively, as they retreated from record high levels.

Upcoming Events

• 1:15 PM GMT – USD ADP Non-Farm Employment Change
• 1:30 PM GMT – CAD Labor Productivity q/q
• 2:45 PM GMT – CAD BOC Rate Statement
• 2:45 PM GMT – CAD Overnight Rate
• 3:30 PM GMT – CAD Crude Oil Inventories
• 3:30 PM GMT – CAD Ivey PMI
• 3:30 PM GMT – USD Fed Chair Powell Testifies

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.