Global Markets:
- Asian Stock Markets : Nikkei down -0.08%, Shanghai Composite up 0.74%, Hang Seng up 0.32% ASX down -0.42%
- Commodities : Gold at $3,372.50 (-0.27%), Silver at $38.028 (-0.14%), Brent Oil at $67.61 (-0.09%), WTI Oil at $63.47 (-0.08%)
- Rates : US 10-year yield at 4.329, UK 10-year yield at 4.7280, Germany 10-year yield at 2.7537
News & Data:
- (USD) Unemployment Claims 235K to 226K expected
- (USD) Flash Manufacturing PMI 53.3 to 49.7 expected
- (USD) Flash Services PMI 55.4 to 54.2 expected
Markets Update:
Asian stock markets are mostly higher on Friday, rebounding despite weak cues from Wall Street, as traders await US Fed Chair Jerome Powell’s much-anticipated speech at the Jackson Hole Economic Symposium. His remarks are expected to guide the outlook for interest rates ahead of the Fed’s September policy meeting. Currently, CME Group’s FedWatch Tool shows a 73.6% chance of a quarter-point cut, down from over 92% last week.
The Australian market is edging lower, with the S&P/ASX 200 down 0.18% at 9,002.60. Tech and financial stocks are under pressure, offset by gains in mining and energy shares. Zip is soaring over 22% on plans for a Nasdaq dual listing, while Guzman y Gomez, Accent Group, Inghams Group, and Monash IVF posted sharp losses after disappointing results.
In Japan, the Nikkei 225 is slightly higher at 42,615.09, lifted by automakers, banks, and exporters following stronger-than-expected inflation data, which fueled speculation of a Bank of Japan rate hike later this year. Sony, Toyota, and Honda gained, while West Japan Railway and Shiseido declined.
Elsewhere in Asia, China, Hong Kong, Singapore, and South Korea are modestly higher, while New Zealand and Taiwan slipped.
On Wall Street, the S&P 500 fell for a fifth session, down 0.4%. In Europe, markets closed mixed. Crude oil rose 1.4% to $63.59, supported by strong US demand and uncertainty over Russia-Ukraine peace talks.
Upcoming Events:
- 12:30 PM GMT – CAD Core Retail Sales
- 12:30 PM GMT – CAD Retail Sales
- 02:00 PM GMT – USD Fed Chair Powell Speaks
