Sunday, June 16, 2024

Asia-Pacific markets mixed as oil price rally, treasury yields dent risk sentiment

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Japan -1.54%.

China +0.19%. Trouble in the Chinese property sector is getting worse after trading in shares of China Evergrande was suspended in Hong Kong today after its billionaire chairman had been placed under police watch.

In China, the Golden Week holiday will begin Oct. 1, marking the annual weeklong period that includes the Mid-Autumn Festival and National Day breaks, with an estimated 800 million travel trips potentially being made.

Hong Kong -1.35%. Sentiment took a hit from the suspension of trading in Evergrande’s shares.

India -0.35%.

Australia -0.08%. Australian August retail sales +0.2% m/m (vs. expected +0.3%).

Thailand’s industrial production shrank 7.53% year-on-year in August 2023, above market expectations of a 6.65% fall and compared with an upwardly revised 4.7% drop in the previous month.

The ANZ Business Outlook Index in New Zealand rose to 1.5 in September 2023 from -3.7 in August, turning positive for the first time since May 2021.

In the U.S. on Wednesday, all three major indexes ended mixed following a brutal selloff in the previous session. The tech-heavy Nasdaq Composite closed 0.22% higher at 13,092.85 points. The S&P 500 settled little changed at 4,274.57 points, while the blue-chip Dow retreated 0.20% to finish at 33,550.67 points.

Investors were also cautious ahead of speeches from U.S. Federal Reserve Chair Jerome Powell and a handful of other central bank officials.

Oil prices jumped to one-year highs amid tightening supplies, while the benchmark 10-year U.S. yield hit its highest levels since 2007 on the back of a higher-for-longer interest rate scenario.

Brent crude futures climbed 16 cents to $96.71 a barrel by 0001 GMT. U.S. West Texas Intermediate crude futures rose 20 cents to $93.88.

Gold steadied on Thursday as markets brace for U.S. economic data. Spot gold held its ground at $1,874.49 per ounce by 0435 GMT. U.S. gold futures were flat at $1,891.30.

Spot silver eased 0.2% to $22.48 per ounce, while platinum edged up 0.1% to $888.25. Palladium fell 0.2% to $1,219.83.

Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).

U.S. stock futures held steady on Thursday after the major averages ended mixed in the last session: Dow +0.07%; S&P 500 +0.14%; Nasdaq +0.15%.

ETFs: (JEQ), (EWJ), (DXJ), (FXY), (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE), (CHIX), (CYB).

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