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Markets Update: APAC Stocks Rise Cautiously, Nike Slumps, DXY Breathes After Dip, Europe Edges Lower.
Economic Calendar
Global Markets Roundup: 22 Dec 2023
Asian-Pacific stocks edged higher on Friday, following the positive lead from Wall Street. However, gains were capped by the looming release of key US data, the Personal Consumption Expenditures (PCE) indicator, and the approaching Christmas break. Nike (NKE) shares plunged over 11% in after-hours trading after its Q3 guidance disappointed. The sportswear giant expects slightly negative year-over-year revenue in Q3, cut its FY24 revenue growth outlook, and expressed concerns about cautious consumer spending. With thin trading due to the holidays and possible month-end flows, investors opted to sell the dollar on Thursday. European equity futures are pointing to a slightly softer open, with the Euro Stoxx 50 down 0.1%. This follows a 0.2% decline for cash markets on Thursday.
Muted Momentum: Australia's ASX 200 closed flat around 7,500, with narrow sector ranges. Energy and IT provided some modest outperformance. Similarly, the Nikkei 225 found support in its banking sector, though autos and retail continued to lag.
Chinese Volatility: The Hang Seng and Shanghai Composite started with a slight positive bias but lost momentum in choppy trading. The mood soured significantly after Chinese regulators released draft online game management rules. The announcement triggered a steep selloff in tech giants Tencent and NetEase, which shed as much as 16% and 28% respectively, extending their losses into the afternoon.
Forex: DXY paused after dipping to multi-month lows overnight, with quiet US trade ahead of holidays influencing the Dollar. EUR/USD fluctuated around 1.10 after reaching a peak, while GBP/USD remained off this week's highs despite the Dollar's weakness. USD/JPY firmed slightly after dipping under 142.00, with in-line Japanese Core CPI failing to ignite action. AUD and NZD extended losses, with AUD/NZD falling below 1.0800.
Commodities: Crude oil futures edged higher overnight, supported by Red Sea tensions but capped by Angola's OPEC exit. Spot gold surged above $2,050/oz on the back of Dollar weakness. Copper futures initially climbed with the Dollar's decline and Chinese market sentiment, with 3M LME copper extending gains beyond $8,600/t. Baker Hughes Rig Count showed a decline in oil rigs and a small increase in gas rigs, with the total count down slightly. China's MPI Research Institute expects steel demand to fall in both 2023 and 2024.
Key data releases on the horizon include UK GDP and retail sales, US personal income and core PCE, US durable goods orders, University of Michigan's final inflation expectations, and Canadian GDP.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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