Thursday 24th October 2024: Asia-Pacific Markets Fall as U.S. Stocks Slump

Global Markets:

•  Asian Stock Markets : Nikkei up 0.2%, Shanghai Composite down 0.9%, Hang Seng down 0.93% ASX up 0.3%
• Commodities : Gold at $2740.35 (0.24%), Silver at $34.20 (0.84%), Brent Oil at $75.64 (1.16%), WTI Oil at $71.69 (1.29%)
• Rates : US 10-year yield at 4.221, UK 10-year yield at 4.201, Germany 10-year yield at 2.313

News & Data:

• (USD) Existing Home sales  3.84M vs 3.88M expected
• (USD) Crude oil Inventories  5.5M  vs 0.9M expected

Markets Update:

Asia-Pacific markets mostly declined on Thursday after U.S. stocks dropped overnight, with the Dow Jones Industrial Average experiencing its worst day in more than a month.

South Korea narrowly avoided a technical recession, with its third-quarter GDP growing 0.1% quarter-on-quarter, following a 0.2% contraction in the second quarter. However, this growth missed Reuters’ expectations of 0.5%. On a year-on-year basis, the economy grew by 1.5%, below the anticipated 2%.

Following the GDP report, South Korea’s Kospi dropped 0.15%, while the small-cap Kosdaq fell 0.65%. In Japan, the Nikkei 225 reversed earlier losses to rise 0.2%, though the Topix declined by 0.21%. Australia’s S&P/ASX 200 also managed to recover, gaining 0.31%.

In Hong Kong, the Hang Seng index fell 0.93%, and mainland China’s CSI 300 declined by 0.93%. Meanwhile, U.S. markets continued their losing streak, with the S&P 500 down 0.92%, the Dow falling 0.96%, and the Nasdaq Composite losing 1.6%, driven by higher Treasury yields.

Upcoming Events: 

• 12:30 PM GMT – USD Unemployment Claims
• 01:45 PM GMT – USD Flash Manufacturing PMI
• 01:45 PM GMT – USD Flash Services PMI

The post Thursday 24th October 2024: Asia-Pacific Markets Fall as U.S. Stocks Slump first appeared on IC Markets | Official Blog.