Market News

Mixed Asian Stocks, Commodity Fluctuations, & Market Insights

Us Yields XAU USD

Global Market Report: Mixed Asian Stocks, Commodity Fluctuations, and Market Insights. In the realm of global markets, the Asian stock exchanges displayed mixed performances. The Nikkei index in Japan exhibited a rise of 0.74%, while the Shanghai Composite experienced a dip of 0.55%. Simultaneously, the Hang Seng index in Hong Kong decreased by 0.83%, and the ASX index in Australia saw a modest uptick of 0.10%.

Commodity Update- Mixed Asian Stocks, Commodity Fluctuation

The precious metals market showed fluctuations, with Gold registering a minor decline of 0.03% at $1972.80 and Silver experiencing a more notable drop of 0.92% to reach $24.51. On the other hand, the oil market demonstrated marginal gains, with Brent Oil slightly increasing by 0.09% to $85.25 and WTI Oil rising by 0.09% to $81.69.

Interest Rates

  • Regarding interest rates, the US 10-year yield stood at 4.096%, the UK 10-year yield held at 4.457%, and the Germany 10-year yield remained at 2.509%.

News and Data

  • In the news and data segment, the ADP Non-Farm Employment Change report indicated the addition of 177,000 jobs, falling short of the anticipated 194,000. Furthermore, the Preliminary GDP growth rate for the quarter showed an increase of 2.1%, slightly below the projected 2.4%.

Market Insights- Mixed Asian Stocks, Commodity Fluctuation

Across the Asia-Pacific region, market dynamics were influenced by China’s continuous contraction in factory activity for the fifth consecutive month in August. The official manufacturing purchasing managers index was recorded at 49.7, reflecting a milder rate of contraction compared to the predicted 49.4. This demonstrated improvement from the previous month’s figure of 49.3.

Market movements varied across the region. Despite initial gains, Hong Kong’s Hang Seng index retraced by 0.83%, erasing its earlier advances. In China, the CSI 300 index experienced a decline of about 0.6%. Conversely, Japan’s Nikkei 225 saw a rise of 0.6%, accompanied by a 0.68% increase in the Topix index. Notably, Japan’s retail sales exceeded expectations, achieving a year-on-year growth of 6.8%, outperforming the projected 5.4%.

In contrast, South Korea’s Kospi index faced setbacks, declining by 0.42% due to a substantial 8% year-on-year drop in industrial production for July. This marked the tenth consecutive month of contraction in industrial output. However, the Kosdaq index exhibited marginal gains. Similarly, the Australian S&P/ASX 200 index shifted below the neutral line following three consecutive days of gains earlier in the week.

Across the Pacific in the United States, all three major indexes displayed positive momentum on Wednesday. The S&P 500 extended its four-day winning streak as investors digested new economic data. However, the US annual gross domestic product growth for the second quarter was revised downward to 2.1%, down from the initial projection of 2.4%. The S&P 500 rose by 0.38%, the Dow Jones Industrial Average experienced a slight increase of 0.11%, and the tech-focused Nasdaq Composite made significant advancements with a gain of 0.54%.

Upcoming Market Events

Looking ahead, several market events are on the horizon:

  • 12:30 PM GMT – CAD Current Account
  • 12:30 PM GMT – USD Core PCE Price Index month-on-month
  • 12:30 PM GMT – USD Flash Manufacturing PMI
  • 1:45 PM GMT – USD Chicago PMI
  • 2:30 PM GMT – USD Natural Gas Storage

Lastly, stay Updated with the Latest Market News

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts,...

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds...

Dollar Reaction to Inflation Figures and Unemployment Claims

Recent U.S. inflation and unemployment data led to mixed dollar movement, with...

Aussie Dollar Up on Retail Sales, Japan Sees Inflation Surprise

Aussie retail sales disappoint, Japan inflation jumps. Currencies & commodities face data,...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Euro Down EU Inflation
Market News

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts, while EUR/USD tests critical level at 1.0800.

Yen Wage Negotiations ECB Meetings
Market News

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds support before ECB meeting next week.

Copyright © 2023 Forex Prop News. All Rights Reserved.