Global Markets:
- Asian Stock Markets : Nikkei up 0.06%, Shanghai Composite up 0.27%, Hang Seng up 0.33% ASX up 0.32%
- Commodities : Gold at $2533.35 (0.29%), Silver at $28.7 (0.21%), Brent Oil at $71.50 (-0.49%), WTI Oil at $68.3 (-0.38%)
- Rates : US 10-year yield at 3.710, UK 10-year yield at 3.857, Germany 10-year yield at 2.178
News & Data:
- (USD) Final Wholesale Inventories m/m 0.2% vs 0.3% expected
- (USD) Consumer Credit m/m 25.5B vs 12.3B expected
Markets Update:
Asia-Pacific markets climbed on Tuesday, following gains in the U.S. as the S&P 500 and Nasdaq Composite rebounded from their worst week of the year. The S&P 500 rose by 1.16%, recovering from its worst week since March 2023, while the Nasdaq Composite also increased by 1.16%, bouncing back from its worst week in over two years.
Investors in Asia are focused on trade data from China and India for August. China’s exports grew 8.7% year-on-year, while imports increased by 0.5%, beating forecasts of 6.5% and 2%, respectively. This follows July’s data, which showed a 7% rise in exports and a stronger-than-expected 7.2% increase in imports.
In Hong Kong, the Hang Seng Index rose 0.3%, and Taiwan’s Weighted Index was flat. Shares of Alibaba surged over 4% after being added to the Stock Connect scheme, which facilitates cross-border trading between China and Hong Kong.
Apple concluded an event in Cupertino, California, where it unveiled the iPhone 16 Pro and iPhone 16 Pro Max. Preorders for these premium models begin on Friday, with a launch date set for September 20.
In Japan, the Nikkei 225 edged up by 0.1%, while the broader Topix gained 0.34%. South Korea’s Kospi Index added 0.04%, although the smaller Kosdaq slipped by 0.4%. Meanwhile, the Dow Jones Industrial Average in the U.S. climbed 1.2%, rebounding from last week’s significant losses.
Upcoming Events:
- 2:00 PM GMT – USD FOMC Member Barr Speaks
