Tuesday 27th August 2024: Asia-Pacific Markets Decline Amid Global Uncertainty

Global Markets:

•  Asian Stock Markets : Nikkei up 0.72%, Shanghai Composite down 0.3%, Hang Seng down 0.27% ASX down 0.19%
• Commodities : Gold at $2550.35 (-0.29%), Silver at $30.53 (0.271%), Brent Oil at $80.6 (-0.09%), WTI Oil at $77.32 (-0.18%)
• Rates : US 10-year yield at 3.829, UK 10-year yield at 3.914, Germany 10-year yield at 2.254

News & Data:

• (USD) Core Durable Goods Orders m/m  -0.2% vs 0.0% expected
• (USD) Durable Goods Orders m/m  9.9%  vs 4.0% expected

Markets Update:

Asia-Pacific markets mostly declined on Tuesday, mirroring losses in the S&P 500 and Nasdaq from the previous night as investors analyzed China’s industrial profit data. 

China reported a 3.6% year-on-year increase in industrial profits from January to July, slightly up from the 3.5% growth recorded between January and June. Following this data release, Hong Kong’s Hang Seng index dropped 0.27%, while mainland China’s CSI 300 fell by 0.61%.In contrast, Japan’s Nikkei 225 rose by 0.71%, and the Topix index gained 0.40%, making them the only major indexes in positive territory.

South Korea’s Kospi declined by 0.37%, and the Kosdaq, focused on small-cap stocks, lost 0.67%. In Australia, the S&P/ASX 200 index reversed earlier gains to close 0.19% lower, having been close to breaching its all-time high of 8,114.7, set on August 1.

Meanwhile, on Wall Street, the Dow Jones Industrial Average reached new highs, closing up by 65.44 points, or 0.16%, at 41,240.52. In contrast, the S&P 500 and Nasdaq Composite fell by 0.32% and 0.85%, respectively.

Upcoming Events: 

• 02:00 PM GMT – USD CB Consumer Confidence
• 02:00 PM GMT – USD Richmond Manufacturing Index

The post Tuesday 27th August 2024: Asia-Pacific Markets Decline Amid Global Uncertainty first appeared on IC Markets | Official Blog.