Wednesday 13th November 2024: Asia-Pacific Stocks Fall Amid U.S. Market Pullback and Rising Japanese Inflation

Global Markets:

•  Asian Stock Markets : Nikkei down 1.71%, Shanghai Composite down 0.14%, Hang Seng down 0.9% ASX down 0.75%
• Commodities : Gold at $2612.35 (0.24%), Silver at $30.7 (0.78%), Brent Oil at $72.34 (-0.16%), WTI Oil at $68.2 (0.19%)
• Rates : US 10-year yield at 4.439, UK 10-year yield at 4.499, Germany 10-year yield at 2.3525

News & Data:

• (CAD) Building Permits  11.5% vs 2.9% expected

Markets Update:

Asia-Pacific stock markets traded lower Wednesday, following a decline on Wall Street as the U.S. postelection rally stalled. Investors in the region reacted to Japan’s corporate goods data, which revealed that producer price growth—or wholesale inflation—reached 3.4% year-over-year in October. This was the highest rate since July of last year, exceeding economists’ forecast of 3% and September’s 2.8% rise, as reported by Reuters.

In Japan, the Nikkei 225 and Topix indexes both declined by 0.9%. South Korea’s Kospi dropped 1.8%, while the Kosdaq Index fell by 2.4%. Australia’s S&P/ASX 200 dipped 0.7%, and Hong Kong’s Hang Seng Index was down 0.9%. Meanwhile, China’s CSI 300 saw a 0.25% decrease.

Overnight in the U.S., major indices fell, with both the Nasdaq and S&P 500 snapping five-day win streaks. The Dow Jones Industrial Average declined by 382.15 points, or 0.86%, closing at 43,910.98. The S&P 500 dropped 0.29% to end at 5,983.99, while the Nasdaq Composite edged down slightly to close at 19,281.40. Small-cap stocks, which some view as potential beneficiaries of Donald Trump’s possible return to the U.S. presidency, faced pressure, with the Russell 2000 Index sliding by about 1.8%.

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The post Wednesday 13th November 2024: Asia-Pacific Stocks Fall Amid U.S. Market Pullback and Rising Japanese Inflation first appeared on IC Markets | Official Blog.