Global Markets:
- Asian Stock Markets : Nikkei down 0.60%, Shanghai Composite down 0.30%, Hang Seng up 0.57% ASX up 0.24%
- Commodities : Gold at $2551.35 (-0.19%), Silver at $29.53 (0.01%), Brent Oil at $76.18 (-0.09%), WTI Oil at $71.82 (-0.18%)
- Rates : US 10-year yield at 3.805, UK 10-year yield at 3.893, Germany 10-year yield at 2.201
News & Data:
- (CAD) IPPI m/m 0.0% vs -0.3% expected
- (CAD) RMPI m/m 0.7% vs -0.7% expected
- (USD) Crude Oil Inventories -4.6M% vs -2.0M expected
Markets Update:
Asia-Pacific markets presented a mixed performance on Thursday as investors assessed business activity data from Australia and Japan while awaiting PMI numbers from India. The Bank of Korea maintained its benchmark interest rate at 3.5%, aligning with expectations. The bank noted a continued downward trend in South Korea’s inflation but emphasized the need to monitor real estate prices and household debt.
This decision followed the release of the Federal Reserve’s July meeting minutes, where it was revealed that some participants advocated for an earlier rate cut in July rather than waiting until September. However, the majority agreed that, assuming the data remained consistent with expectations, easing policy at the next meeting would be appropriate.
Japan’s business activity in August accelerated, with the composite purchasing managers index rising to 53.0 from July’s 52.5, reflecting growth in both the manufacturing and services sectors.
South Korea’s Kospi fell 0.34% after reversing earlier gains, and the small-cap Kosdaq dropped 1.39%. Meanwhile, Hong Kong’s Hang Seng index rose by 0.5%, and mainland China’s CSI 300 fell by 0.24%.
In Australia, the S&P/ASX 200 gained 0.24%, buoyed by an increase in the country’s flash composite PMI for August, which reached a three-month high of 51.4, driven by rising services activity. In the U.S., all major benchmarks rose following the Fed minutes, with the S&P 500 nearing its record high, the Nasdaq Composite up 0.57%, and the Dow Jones Industrial Average increasing by 0.14%.
Upcoming Events:
- 12:30 PM GMT – USD Unemployment Claims
- 01:45 PM GMT – USD Flash Manufacturing PMI
- 01:45 PM GMT – USD Flash Service PMI
