Friday 1st November 2024: Asia-Pacific Markets Slide Following Wall Street Losses Amid Economic Uncertainty

Global Markets:

•  Asian Stock Markets : Nikkei up 2.54%, Shanghai Composite up 0.11%, Hang Seng up 0.83% ASX down 0.49%
• Commodities : Gold at $2761.35 (0.4%), Silver at $32.80 (0.34%), Brent Oil at $74.64 (1.26%), WTI Oil at $70.63 (1.9%)
• Rates : US 10-year yield at 4.276, UK 10-year yield at 4.449, Germany 10-year yield at 2.3920

News & Data:

• (CAD) GDP m/m  0.0% vs 0.0% expected
• (USD) Unemployment Claims  216K vs 229K expected

Markets Update:

Asia-Pacific markets mostly traded lower on Friday following a sharp drop on Wall Street. The Nasdaq Composite and S&P 500 faced their worst losses in nearly two months after disappointing forecasts from Microsoft and Meta’s earnings.

Asian markets responded to regional economic updates. China’s Caixin manufacturing purchasing managers’ index (PMI) for October rose to 50.3, signaling expansion above September’s 49.3 and beating the forecast of 49.7. The CSI 300 rose 0.87%, and Hong Kong’s Hang Seng climbed 1.57%.

In Japan, the Nikkei 225 dropped 2.26%, and the Topix fell 1.52% after the Bank of Japan maintained its 0.25% interest rate. South Korea’s Kospi remained stable, while the Kosdaq fell 1.24%. Taiwan’s Weighted Index dropped 1.51% as Typhoon Kong-rey hit, causing significant disruption.

In Australia, the third-quarter producer price index increased 3.9% year-over-year, down from 4.8% in the previous quarter. The S&P/ASX 200 fell 0.5% to 8,118.8.

In the U.S., major indexes closed lower overnight. The S&P 500 dropped 1.86% to 5,705.45, while the Nasdaq fell 2.76% to 18,095.15, marking their largest one-day declines since September. The Dow Jones also slipped 0.9% to 41,763.46. This capped a volatile month for Wall Street, with the Dow down 1.3%, the S&P 500 1%, and the Nasdaq 0.5%, amid pre-election and Fed policy uncertainties.

Upcoming Events: 

• 12:30 PM GMT – USD Average Hourly Earnings m/m
• 12:30 PM GMT – USD Non – Farm Employment Change
• 12:30 PM GMT – USD Unemployment Rate

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