Wednesday 27th November 2024: Asia-Pacific Markets Diverge as Wall Street Surges to New Highs

Global Markets:

•  Asian Stock Markets : Nikkei down 0.89%, Shanghai Composite up 0.32%, Hang Seng up 0.37% ASX up 0.58%
• Commodities : Gold at $2665.35 (0.74%), Silver at $30.9 (0.48%), Brent Oil at $72.24 (0.06%), WTI Oil at $68.7 (0.09%)
• Rates : US 10-year yield at 4.301, UK 10-year yield at 4.353, Germany 10-year yield at 2.198

News & Data:

• (USD) New Home Sales 610K vs 725K expected

Markets Update:

Asia-Pacific markets presented mixed results on Wednesday, echoing Wall Street’s strong performance, where the S&P 500 and Dow Jones reached new intraday and closing records.

China’s industrial profits fell 10% in October compared to the previous year, signaling that recent government stimulus efforts have yet to revive corporate earnings. Meanwhile, traders in Asia analyzed Australian inflation data, revealing a 2.1% year-on-year rise in the consumer price index for October, slightly below the 2.3% forecast by economists. This figure matched September’s increase but marked a significant decline from the 5.6% recorded in September 2023.

In stock movements, Hong Kong’s Hang Seng index rose by 0.4%, while mainland China’s CSI 300 climbed 0.9%. Australia’s S&P/ASX 200 gained 0.57%, closing at 8,406.7. Conversely, Japan’s Nikkei 225 fell 1.1%, and the Topix index declined 1.3%. In South Korea, the Kospi dropped 0.65%, though the Kosdaq edged up 0.1%.

On Tuesday, U.S. markets saw robust gains, with the Dow Jones rising 123.74 points (0.28%) to close at a record 44,860.31. The S&P 500 added 0.57% to 6,021.63, and the Nasdaq Composite advanced 0.63% to 19,174.30. The rally followed President-elect Donald Trump’s announcement of proposed tariffs, including a 25% levy on products from Mexico and Canada and a 10% tariff on Chinese goods, fueling optimism among investors.

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