Friday 15th November 2024: Asian Markets Mixed as Wall Street Falls and Fed Signals Patience on Rate Cuts

Global Markets:

•  Asian Stock Markets : Nikkei up 0.81%, Shanghai Composite up 0.14%, Hang Seng up 0.49% ASX up 0.75%
• Commodities : Gold at $2569.35 (-0.24%), Silver at $30.7 (-0.18%), Brent Oil at $71.84 (-0.16%), WTI Oil at $68.2 (-0.9%)
• Rates : US 10-year yield at 4.464, UK 10-year yield at 4.481, Germany 10-year yield at 2.342

News & Data:

• (USD) Core PPI m/m  11.5% vs 2.9% expected
• (USD) PPI m/m  11.5% vs 2.9% expected
• (USD) Unemployment Claims  11.5% vs 2.9% expected

Markets Update:

Asia markets showed mixed results on Friday following Wall Street’s decline after U.S. Federal Reserve Chair Jerome Powell signaled no rush in rate cuts. Investors were also digesting fresh economic data from China and Japan. In a speech in Dallas, Powell highlighted that robust U.S. economic growth allows for a gradual approach to future rate adjustments. 

China’s October economic data revealed stronger-than-expected retail sales but weaker industrial production and investment, with urban unemployment dipping to 5% from 5.1% in September. Following this, Hong Kong’s Hang Seng index rose 0.62%, while China’s CSI 300 fell 0.2%.

Japan’s third-quarter GDP data showed a 0.3% year-on-year growth, breaking a two-quarter decline trend, and met quarterly expectations with a 0.2% rise. The Nikkei 225 gained 0.76% on the news, with the Topix up 0.8% as the yen weakened slightly against the dollar.

Elsewhere in Asia, South Korea’s Kospi dropped 0.45%, and the Kosdaq was down 0.97%. Meanwhile, Australia’s S&P/ASX 200 climbed 0.42%.

In the U.S., the Dow Jones Industrial Average dropped 0.47%, while the S&P 500 and Nasdaq Composite slid 0.6% and 0.64%, respectively. Additionally, high-flying “Trump trades” cooled, with Tesla plummeting 5.8% and the small-cap Russell 2000 underperforming, falling over 1%.

Upcoming Events: 

• 01:30 PM GMT – USD Core Retail Sales m/m
• 01:30 PM GMT – USD Retail Sales m/m

The post Friday 15th November 2024: Asian Markets Mixed as Wall Street Falls and Fed Signals Patience on Rate Cuts first appeared on IC Markets | Official Blog.