Market Watch: Asia-Pacific Reacts to Alibaba and US-China Talks

Explore diverse market movements in Asia-Pacific amid Alibaba concerns and US-China Talks. Stay informed on key events and trends.

Global Market Overview

Asian Stock Markets: Nikkei increased by 0.46%, Shanghai Composite rose by 0.11%, Hang Seng declined by 2.07%, ASX decreased by 0.13%

Commodities: Gold at $1988.05 (0.07%), Silver at $23.89 (-0.24%), Brent Oil at $77.48 (0.07%), WTI Oil at $73.03 (0.15%)

Rates: US 10-year yield at 4.445, UK 10-year yield at 4.155, Germany 10-year yield at 2.561

News & Data

• (CAD) Housing starts 277K vs 255K expected
• (USD) Unemployment claims 231K vs 221K expected

Market Watch: Asia-Pacific Reacts to Alibaba and U.S.-China Talks

Asia-Pacific stock markets displayed varied performance, with Hong Kong experiencing a decline on Friday. The Hang Seng index fell by 2.13%, primarily influenced by a substantial drop in Alibaba’s shares, leading to a 1.83% decrease in the Hang Seng Tech index. Despite this setback, the HSI was on track to conclude the week with a 1.47% gain.

Alibaba’s announcement of not proceeding with the complete spinoff of its cloud group, citing US chip export restrictions, impacted investor sentiment. Additionally, investors closely monitored high-level talks between the US and China while economic data from the region underwent scrutiny.

On Wall Street, after a month-long rally, stock prices took a pause. Japan’s Nikkei 225 closed 0.48% higher, with the Topix increasing by 0.95%, resulting in a 2.33% weekly gain.

In South Korea, the Kospi closed 0.74% lower but achieved a 2.5% weekly gain. The Kosdaq fell by 1.50% but maintained a 1.29% weekly increase.

Australia’s S&P/ASX 200 ended 0.13% lower, indicating a 1% weekly rise. Mainland China’s CSI 300 index dropped 0.23% daily, remaining the only primary Asian market with weekly losses. In the US, the Dow Jones closed lower with a 0.13% slip, the S&P 500 edged higher by 0.12%, and the Nasdaq Composite inched up by 0.07%.

Upcoming Schedule at 1:30 PM GMT

• CAD IPPI m/m
• CAD RMPI m/m
• USD Building Permits
• USD Housing Starts

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