Global Markets:
- Asian Stock Markets : Nikkei up 3.34%, Shanghai Composite up 0.34%, Hang Seng up 0.36% ASX up 0.17%
- Commodities : Gold at $2501.35 (0.10%), Silver at $27.8 (-0.74%), Brent Oil at $81.93 (-0.47%), WTI Oil at $79.6 (-0.5%)
- Rates : US 10-year yield at 3.918, UK 10-year yield at 3.967, Germany 10-year yield at 2.224
News & Data:
- (USD) Federal Budget Balance -243.7B vs -238.1B expected
Markets Update:
Japan’s major indexes surged on Tuesday as trading resumed after a holiday, with the Nikkei 225 jumping 3.4% to 36,232.51, breaching 36,000 for the first time since early August. The Topix index also rose 2.83% to 2,553.55. Gains were led by the technology and financial sectors, with Rakuten Group and Trend Micro soaring 9.22% and 6.37%, respectively. Japan’s parliament is set to discuss the Bank of Japan’s recent interest rate hike in a special session next week.
In other economic news, Japan’s producer price index increased by 3% in July year-on-year, slightly up from June’s 2.9%. Elsewhere in Asia, South Korea’s Kospi edged up 0.12% to 2,621.50, while the Kosdaq fell 1.02%. Australia’s S&P/ASX 200 inched up 0.17% to 7,826.8, despite wages growing at their slowest pace in a year, rising 0.8% in the June quarter.
China’s CSI 300 index gained 0.26% to close at 3,334.39, while Hong Kong’s Hang Seng index rose 0.32% in late trading. Singapore reported 2.9% economic growth in the second quarter, in line with earlier estimates, driven by strength in wholesale trade, finance, and information sectors. The city-state also projected GDP growth of 2% to 3% for 2024.
In the U.S., markets had a mixed session as investors awaited key inflation data. The S&P 500 stayed flat, while the Nasdaq rose 0.21%, buoyed by Nvidia’s 4% gain. The Dow Jones fell 0.36%, closing at 39,357.01.
Upcoming Events:
- 12:30 PM GMT – USD Core PPI m/m
- 12:30 PM GMT – USD PPI m/m
