Saturday, October 12, 2024

Asian markets cautious ahead of key central bank events this week

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Japan remains closed for holiday

China -0.09%

Hong Kong -0.96%

India -0.13%

Australia -0.63%

New Zealand Services PMI for August at 47.1, back to levels last seen in January 2022.

Singapore August exports fall more than expected, non-oil domestic exports -3.8% m/m vs +5.5% expected in August.

In the U.S. on Thursday, all three major indexes edged lower. The tech-heavy Nasdaq Composite retreated 1.56% to close at 13,708.33 points. The benchmark S&P 500 lost ground by 1.22% to finish at 4,450.31 points, while the blue-chip Dow fell 0.83% to settle at 34,618.60 points.

For the week, the Nasdaq is down 0.39% and the S&P is down 0.16%. The Dow is up 0.12%.

Coming up in the session: Canada PPI numbers expected today, while the major focus remains on monetary policy decisions expected by key central banks later in the week. The Bank of Japan’s policy meeting on Friday is the highlight of the week in Asia, after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy.

Oil prices hit fresh 10-month peaks, further stoking inflationary pressures. U.S. West Texas Intermediate crude futures gained 0.8% to $91.52, their highest level since November, while Brent crude futures rose 0.7% to $94.55 per barrel.

Spot gold was up 0.21% at $1,927.66 per ounce. Spot silver jumped 0.68% to $23.16 per ounce. Platinum gained 0.42% to $928.94 and palladium added 0.15% to $1,250.39.

Currencies: (Japanese Yen / US Dollar (JPY:USD)), (Chinese Yuan / US Dollar (CNY:USD)), (Australian Dollar / US Dollar (AUD:USD)), (Indian Rupee / US Dollar (INR:USD)), (Hong Kong Dollar / US Dollar (HKD:USD)), (New Zealand Dollar / US Dollar (NZD:USD)).

U.S. stock futures held steady on Friday as investors remained cautious ahead of the Federal Reserve’s policy decision this week. Dow +0.19%; S&P 500 +0.22%; Nasdaq +0.19%.

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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