Tuesday 26th November 2024: Asia-Pacific Markets Waver While Wall Street Reaches New Peaks

Global Markets:

•  Asian Stock Markets : Nikkei down 1.25%, Shanghai Composite down 0.12%, Hang Seng up 0.07% ASX down 0.68%
• Commodities : Gold at $2645.35 (0.54%), Silver at $30.69 (0.48%), Brent Oil at $72.24 (0.26%), WTI Oil at $69.17 (0.29%)
• Rates : US 10-year yield at 4.289, UK 10-year yield at 4.343, Germany 10-year yield at 2.203

News & Data:

• (CAD) Corporate Profits q/q -2.5% vs 1.5% expected

Markets Update:

Asia-Pacific markets saw mixed performances on Tuesday, diverging from Wall Street, where U.S. indices hit record highs after President-elect Donald Trump announced his pick for Treasury Secretary.

Australia’s S&P/ASX 200 dropped 0.68%, retreating from Monday’s record closing high. Japan’s Nikkei 225 fell 1.49%, with the Topix down 1.5%, as Japan’s service producer price index (PPI) rose 2.9% year-on-year, slightly up from the previous month’s 2.8% increase.

South Korea’s Kospi declined 0.71%, while the Kosdaq slid 0.9%. In contrast, Hong Kong’s Hang Seng Index climbed 0.49%, and China’s CSI 300 rose 0.34%.Singapore’s manufacturing output increased by 1.2% year-on-year, falling short of Reuters’ projected 2.2% rise, per LSEG data. This was a stark decline compared to September’s 9.8% growth.

Meanwhile, in the U.S., stocks rallied as investors welcomed Trump’s nomination of Scott Bessent, founder of Key Square Group, for Treasury Secretary. The Dow Jones Industrial Average surged 440.06 points (0.99%) to 44,736.57, hitting an all-time high. The S&P 500 advanced 0.3% to 5,987.37, also setting a new record. The Nasdaq Composite added 0.27%, ending the day at 19,054.84.

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