Global Markets:
- Asian Stock Markets : Nikkei down -0.65%, Shanghai Composite up 0.46%, Hang Seng down -0.21% ASX up 0.96%
- Commodities : Gold at $3,380.97 (-0.22%), Silver at $37.917 (0.38%), Brent Oil at $67.14 (0.45%), WTI Oil at $63.05 (0.54%)
- Rates : US 10-year yield at 4.297, UK 10-year yield at 4.6720, Germany 10-year yield at 2.7164
News & Data:
- (USD) Crude oil Inventories -6.0M to -0.8M expected
Markets Update:
Asian stock markets traded mostly higher on Thursday, following mixed Wall Street cues, as optimism grew over potential U.S. federal stakes in Intel and other chipmakers in exchange for subsidies. Investors are also anticipating a September Fed rate cut, with CME’s FedWatch Tool showing an 82.9% chance of a quarter-point reduction. Traders remain cautious ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium.
Australia’s market extended gains to fresh highs, with the S&P/ASX 200 nearing the 9,000 mark. Mining, financial and energy stocks led the rally, while Super Retail surged nearly 13% on record sales. Economic data showed stronger growth in manufacturing and services, pushing PMI readings further into expansion territory. The Australian dollar held at $0.642.
In contrast, Japan’s Nikkei declined below 42,650, pressured by automakers, financials, and index heavyweights like SoftBank and Fast Retailing. Advantest gained over 3%, but Daiichi Sankyo slumped more than 6%. Economic surveys revealed continued manufacturing contraction, though at a slower pace, with the PMI at 49.9. The yen traded in the lower 147 range.
Elsewhere, markets in China, Hong Kong, South Korea, and Taiwan gained, while Indonesia slipped. On Wall Street, the Dow eked out slight gains, while the Nasdaq and S&P 500 ended lower. European markets were mixed, and oil prices rose as U.S. inventories fell sharply.
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
