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Thursday Morning Coffee - Markets Update - 08 Feb 2024 - APAC Stocks Mixed After Wall Street Record - S&P 500 flirted with the 5,000 mark, European Futures Positive


Markets Update: Investors remain cautious ahead of the Lunar New Year break, but positive sentiment from Wall Street's record highs and a slightly higher expected open in Europe offer support.

 

Economic Calendar

 

Global Markets Roundup: 08 Feb 2024


APAC stocks closed with mixed results on Thursday, following record highs on Wall Street where the S&P 500 flirted with the 5,000 mark.


Market Drivers:

  • Wall Street Record: Positive sentiment spilled over from Wall Street's record close, but gains were capped by profit-taking ahead of the Lunar New Year holiday.

  • Earnings and China Data: Investors parsed recent earnings releases and softer-than-expected Chinese inflation data.

  • RBI Rate Decision: The Reserve Bank of India maintained its accommodative stance by keeping the repurchase rate unchanged at 6.50%.

Regional Performance:

  • Japan's Nikkei 225 edged higher, supported by a weaker yen.

  • China's Shanghai Composite and Hong Kong's Hang Seng ended marginally lower.

  • Australia's ASX 200 closed flat.

  • European futures Euro Stoxx 50 future +0.2% point to a slightly higher open for European markets.


FX:

  • USD holds steady: DXY remains choppy around 104, despite mixed Fed speak and Kugler's hawkish tilt.

  • EUR/USD static: Euro clings to narrow range as key support holds.

  • GBP/USD finds support: Pound consolidates around key technical levels.

  • USD/JPY rebounds: Dollar finds traction after BoJ signals dovish stance.

  • AUD and NZD stutter: AUD and NZD struggle despite positive sentiment, weighed down by China's deflation.

  • CNY mid-point adjusted: PBoC tweaks CNY mid-point, highlighting ongoing currency management.

  • BoC Minutes hawkish: Canadian central bank emphasizes inflation concerns, warns against premature rate cuts.

FIXED INCOME:

  • US Treasuries quiet: 10-year UST futures show muted reaction after recent volatility.

  • Bunds subdued: German bonds find support near 134.00 level.

  • JGBs recover: Japanese bonds erase losses as BoJ official downplays rate hike prospects.

COMMODITIES:

Key Events to Watch:

  • US: Initial Jobless Claims, Wholesale Inventories, Japanese M2 Money Supply.

  • Monetary Policy: ECB Economic Bulletin, Banxico Policy Announcement.

  • Central Banker Speeches: Dhingra, Mann (BoE), Elderson, Lane (ECB), Barkin (Fed), Bullock (RBA).

  • Earnings: Kering, SocGen, L'Oreal, AstraZeneca, BAT, Maersk, Siemens, Take-Two, Philip Morris, ConocoPhillips.


 

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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