Asian Markets Soar as Wall Street Confidence Prevails

Stay updated with the latest Asian markets soar and Wall Street optimism in our daily financial news coverage.

Global Markets

Asian Stock Markets: Asian markets closed the week on a positive note, with Japan’s Nikkei rising by 1.10%, China’s Shanghai Composite up by 0.71%, Hang Seng in Hong Kong surging by 2.51%, and Australia’s ASX gaining 1.14%.

Commodities: In the commodities market, gold was at $1995.05 (0.08% increase), silver at $22.74 (-0.43%), Brent oil at $87.06 (0.26% rise), and WTI oil at $82.73 (0.32% increase).

Rates: The 10-year yields stood at 4.679% in the US, 4.432% in the UK, and 2.715% in Germany.

News & Data

In the latest economic developments, the official bank rate in GBP remained steady at 5.25%, meeting the expected rate. However, in the US, unemployment claims slightly exceeded expectations, with 217,000 claims compared to the anticipated 210,000.

Asian Markets Soar as Wall Street Confidence Prevails

Market Update

Asian-Pacific markets experienced gains as investors closely monitored the region’s business activities. China’s service sector slightly expanded in October, with the Caixin services purchasing managers index reaching 50.4, slightly higher than September’s 50.2. Conversely, Hong Kong’s private sector continued to contract due to decreased new business, particularly from mainland China.

This positive data influenced market performance, with Hong Kong’s Hang Seng index surging by 2.83%, China’s CSI 300 increasing by 0.89%, South Korea’s Kospi closing 1.08% higher, and the Kosdaq also experiencing gains for the third consecutive day. In Australia, the S&P/ASX 200 closed 1.14% higher. Meanwhile, Japan’s markets remained closed for a public holiday.

On Wall Street, indexes saw a rise as Treasury yields fell, leading to speculation that the Federal Reserve might pause rate hikes for the rest of 2023. The Dow Jones Industrial Average closed 1.7% higher, marking its best day since June. The S&P 500 recorded a 1.89% increase, achieving its first back-to-back gains of over 1% since February, while the Nasdaq Composite also climbed by 1.78%, marking its most vital session since July.

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