Market News

Asian Markets Retreat Despite China’s Strong Trade Data

Asian Markets Retreat

Asian markets retreat after reaching highs, impacted by trade data and comments from U.S. Federal Reserve Chair Jerome Powell.

Global Markets

  • Asian Stock Markets: The Nikkei down 1.31%, Shanghai Composite down 0.27%, Hang Seng down 1.08%, ASX up 0.39%.
  • Commodities: Gold is at $2161.5 (0.14%), Silver is at $24.27 (-0.9%), Brent Oil is at $83.05 (0.06%), and WTI Oil is at $79.17 (0.96%).
  • Rates: U.S. 10-year yield at 4.115, U.K. 10-year yield at 4.033, Germany 10-year yield at 2.326.

News & Data

  • (USD) ADP Nonfarm Employment Change 140K vs 149K expected.
  • (CAD) Overnight Rate 5.00% vs 5.00% expected.

Asian Markets Retreat Despite China’s Strong Trade Data

Markets Update

Japanese stock indexes retreated from record highs on Thursday, with the Nikkei 225 hitting a peak before sliding 1.2% and the Topix losing 0.24%. Meanwhile, the Taiwan-weighted index surged over 1%, and Australia’s S&P/ASX 200 rose by 0.39%, reaching new highs. The pullback followed better-than-expected trade data from China, which saw the CSI 300 index decline by 0.5%, while the Hang Seng index dipped by 0.46%. China’s dollar-denominated exports for the first two months of the year rose by 7.1% year on year, exceeding expectations.

In response to comments from U.S. Federal Reserve Chair Jerome Powell, Asian stocks rose as he reiterated a willingness to consider rate cuts without immediate action. Hong Kong-listed JD.com saw a remarkable 8% surge after reporting strong fourth-quarter earnings and unveiling a $3 billion share buyback plan. South Korea’s Kospi extended gains by 0.29%, while the Kosdaq dropped 0.8%.

In the U.S., all three major indexes rebounded after two days of decline, though Apple, Alphabet, and Disney did not join the rally. The S&P 500 added 0.51%, the Nasdaq Composite gained 0.58%, and the Dow Jones Industrial Average traded higher by 0.2%, weighed down by a more than 2% drop in Disney’s shares.

Upcoming Events

  • 1:15 PM GMT – EUR Main Refinancing Rate.
  • 1:30 PM GMT – USD Unemployment Claims.
  • 1:45 PM GMT – EUR ECB Press Conference.
  • 3:00 PM GMT – USD Fed Chair Powell Testifies.

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