Thursday 12th December 2024: Asia-Pacific Markets Rally Amid Positive Economic Signals

Global Markets:

•  Asian Stock Markets : Nikkei up 1.27%, Shanghai Composite up 0.75%, Hang Seng up 1.73% ASX down 0.28%
• Commodities : Gold at $2748.35 (-0.24%), Silver at $33.04 (0.28%), Brent Oil at $73.6 (0.46%), WTI Oil at $70.4 (0.49%)
• Rates : US 10-year yield at 4.284, UK 10-year yield at 4.3180, Germany 10-year yield at 2.130

News & Data:

• (USD) Core CPI m/m 0.3% vs 0.3% expected
• (USD) CPI m/m 0.3% vs 0.3% expected
• (USD) CPI y/y 2.7% vs 2.7% expected
• (CAD) Overnight Rate 3.25% vs 3.25% expected

Markets Update:

Asia-Pacific markets mostly rose on Wednesday, following Wall Street’s rally where the Nasdaq Composite hit record highs after U.S. inflation data aligned with expectations.

In Australia, the unemployment rate dropped to an eight-month low of 3.9% in November, beating economists’ predictions of a rise to 4.2%. However, Australia’s S&P/ASX 200 dipped 0.28% to close at 8,330.3.

Japan’s Nikkei 225 climbed 1.3%, while the Topix rose 1%. South Korea’s Kospi gained 0.9%, and the small-cap Kosdaq added 0.4%, as investors monitored the political situation in the country. South Korean President Yoon Suk Yeol stated he would not resign despite growing opposition following his brief martial law declaration.

China’s CSI 300 increased 0.9%, while Hong Kong’s Hang Seng rose 1.2% as investors awaited industrial production data for the third quarter.

In the U.S., Wednesday’s inflation report spurred optimism for a potential Federal Reserve rate cut next week. The Nasdaq surged 1.77% to close at a record 20,034.89. The S&P 500 rose 0.82% to 6,084.19, while the Dow Jones Industrial Average fell 0.22% to 44,148.56.

Tech stocks led gains, with Nvidia up over 3% and Tesla advancing nearly 6%, reflecting broader strength among major companies. The data-driven rally highlighted investor confidence amid favorable economic signals.

Upcoming Events: 

• 01:15 PM GMT – EUR Main Refinancing Rate
• 01:30 PM GMT – USD Core PPI m/m
• 01:30 PM GMT – USD PPI m/m
• 01:30 PM GMT – USD Unemployment Claims

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