Global Markets:
- Asian Stock Markets : Nikkei down -1.59%, Shanghai Composite down 0.13%, Hang Seng down 0.64% ASX up 0.12%
- Commodities : Gold at $3,361.47 (0.10%), Silver at $37.045 (-0.62%), Brent Oil at $66.00 (0.65%), WTI Oil at $62.00 (0.70%)
- Rates : US 10-year yield at 4.316, UK 10-year yield at 4.7460, Germany 10-year yield at 2.754
News & Data:
- (CAD) CPI m/m 0.3% to 0.3% expected
- (CAD) Median CPI y/y 3.1% to 3.1% expected
- (CAD) Trimmed CPI y/y 3.0% to 3.0% expected
Markets Update:
Asian stock markets traded mixed on Wednesday, tracking Wall Street’s decline, as a selloff in global technology stocks weighed on sentiment. Concerns grew that enthusiasm around artificial intelligence may be overheating after reports that Nvidia is developing a new AI chip for China. Traders are also cautious ahead of the U.S. Fed’s meeting minutes and the Jackson Hole symposium, where Chair Jerome Powell’s speech could influence rate expectations. CME’s FedWatch Tool shows an 86.9 percent chance of a quarter-point rate cut in September.
Australian stocks rebounded, with the S&P/ASX 200 rising 0.41 percent to 8,932.50, lifted by financials though mining and tech lagged. Major banks gained strongly, while miners and energy stocks slipped. James Hardie tumbled nearly 27 percent on weak earnings, while Lottery Corp. surged 8 percent on upbeat results.
In Japan, the Nikkei 225 dropped 1.52 percent to 42,883.17, pressured by technology losses and weakness in exporters. SoftBank slumped almost 8 percent, while Advantest shed 6 percent. Automakers Honda and Toyota provided some support, rising over 1 percent each.
Economic data showed Japan’s core machinery orders rose 3 percent in June, beating expectations, though trade figures disappointed with a July deficit of 117.6 billion yen.
Elsewhere, New Zealand gained over 1 percent, while South Korea and Taiwan lost sharply. On Wall Street, the Nasdaq fell 1.5 percent, while the Dow finished flat. Crude oil declined to $62.35 amid supply concerns.
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