Global Markets Today: Asia-Ex China and Europe Rise, Gold Holds Near High
The global markets experienced a mixed day on Tuesday, August 13th, with U.S. stock markets reaching nearly a two-week high. The boost in the markets was attributed to softer producer prices, raising expectations of a Federal Reserve rate cut in September. Investors are now closely monitoring key consumer price data sets and retail sales figures, which could further support the case for a more aggressive rate cut by the Fed.
In the economic data released, U.S. producer prices saw a modest increase of 0.1% in July month-over-month, a decrease from the 0.2% rise in June and falling below market expectations of 0.2%. Despite this, the majority of sectors on the S&P 500 closed higher, with notable gains in communication services, tech, and consumer discretionary stocks, although energy stocks ended the day in the red.
The Dow Jones Industrial Average surged by 1.04% to close at 39,765.64, while the S&P 500 climbed by 1.68% to end at 5,434.43. The Nasdaq Composite also saw significant growth, rising by 2.43% to close the session at 17,187.61.
Asian Markets Today
On Wednesday, Asian markets showed mixed results:
– Japan’s Nikkei 225 closed higher by 0.54% at 36,427.50, driven by gains in the Banking, Chemical, Petroleum & Plastic, and Financial Services sectors.
– Australia’s S&P/ASX 200 gained 0.31%, closing at 7,850.70, with notable growth in Healthcare, IT, and A-REITs sectors.
– India’s Nifty 50 saw a modest increase of 0.02% at 24,143.20, while the broader Nifty 500 declined by 0.14% to close at 22,674.75.
– China’s Shanghai Composite dipped by 0.60% to end at 2,850.65, while the Shenzhen CSI declined by 0.75% to close at 3,309.24.
– Hong Kong’s Hang Seng experienced a slight decrease, ending the session lower by 0.35% at 17,113.36.
Eurozone at 06:00 AM ET
In the Eurozone at 06:00 AM ET:
– The European STOXX 50 index gained 0.32%.
– Germany’s DAX rose by 0.36%.
– France’s CAC also saw an increase of 0.36%.
– The U.K.’s FTSE 100 traded higher by 0.38%.
Commodities at 06:00 AM ET
Commodity prices at 06:00 AM ET showed mixed movements:
– Crude Oil WTI was trading higher by 0.08% at $78.42/bbl, while Brent saw a 0.20% increase to reach $80.84/bbl.
– Natural Gas rose by 0.42% to $2.157.
– Gold continued to hold near its high, trading higher by 0.15% at $2,511.60. Silver also gained by 0.58% to $27.948, and Copper rose by 0.44% to $4.0693.
US Futures at 06:00 AM ET
At 06:00 AM ET, U.S. futures showed slight movements:
– Dow futures were up by 0.04%.
– S&P 500 futures rose by 0.02%.
– Nasdaq 100 Futures slid by 0.01%.
Forex at 06:00 AM ET
In the Forex market at 06:00 AM ET:
– The U.S. Dollar Index declined by 0.09% to 102.46.
– USD/JPY was up by 0.19% at 147.09.
– USD/AUD gained by 0.05% to 1.5082.
As the global markets continue to navigate through economic data releases and geopolitical developments, investors are closely monitoring the fluctuations in various asset classes to make informed decisions in the dynamic financial landscape.
