Tuesday 19th November 2024: Asia-Pacific Markets Gain Amid Wall Street Rally

Global Markets:

•  Asian Stock Markets : Nikkei up 0.59%, Shanghai Composite down 0.85%, Hang Seng down 0.17% ASX up 0.87%
• Commodities : Gold at $2626.35 (0.4%), Silver at $31.7 (0.48%), Brent Oil at $73.14 (0.26%), WTI Oil at $69.2 (0.09%)
• Rates : US 10-year yield at 4.404, UK 10-year yield at 4.464, Germany 10-year yield at 2.371

News & Data:

• (CAD) Housing Starts  241K vs 239K expected
• (CAD) Foreign Securities Purchases 29.3B vs 10.5B expected

Markets Update:

Asia-Pacific markets mostly rose on Tuesday, following Wall Street’s gains driven by a Tesla rally and investor analysis of Chinese policymakers’ speeches at an investment summit in Hong Kong.

Australia’s S&P/ASX 200 gained 1.37%, Japan’s Nikkei 225 rose 0.72%, and the Topix advanced 0.78%. South Korea’s Kospi was up 0.29%. In Hong Kong, the Hang Seng Index increased by 0.33%, while mainland China’s CSI 300 dipped 0.42%. 

Earlier this month, Australia’s central bank emphasized the need for a “forward-looking” approach, ready to adjust interest rates as economic conditions evolve, though no immediate changes were deemed necessary.

In the U.S., the Nasdaq Composite rebounded 0.6% to close at 18,791.81, supported by Tesla’s gains, while the S&P 500 added 0.4% to end at 5,893.62. However, the Dow Jones Industrial Average fell slightly by 55.39 points, or 0.1%, to settle at 43,389.60. 

These movements followed a tough week for all three major U.S. indexes, which have retreated from their post-election peaks. The declines were fueled by concerns over interest rate policies after Federal Reserve Chair Jerome Powell indicated that the central bank isn’t in a rush to cut rates. Wall Street now anticipates major earnings reports that could influence market direction.

Upcoming Events: 

• 01:30 PM GMT – USD Housing Starts
• 01:30 PM GMT – USD Building Permits
• 01:30 PM GMT – CAD CPI m/m
• 01:30 PM GMT – USD Median CPI y/y
• 01:30 PM GMT – USD Trimmed CPI y/y

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