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Markets Update: BoC Hikes while RBI Holds Rates Unchanged
Today's important market events:
[USD] Initial Jobless Claims - 14:30 CEST
Global Markets Roundup: o8 June 2023
Asian stocks subdued as tech underperforms, RBI keeps rates unchanged
Asian stocks were mostly subdued on Wednesday following the mixed handover from Wall Street, where technology stocks underperformed as global yields climbed.
The Reserve Bank of India (RBI) kept the key repo rate unchanged at 6.50%, as expected, with the decision on rates unanimous.
European equity futures are indicative of a weaker open, with the Euro Stoxx 50 down 0.5% after the cash market closed down 0.1% on Tuesday. The US dollar index (DXY) is flat and lingering just below the 104 mark, while the euro (EUR/USD) is back above 1.07 and the Japanese yen (USD/JPY) has retreated below 140.
In Australia, the ASX 200 traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech. Softer trade data from Australia added to the non-committal mood.
In Japan, the Nikkei 225 was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Japan's Q1 GDP.
In Hong Kong and Shanghai, the Hang Seng and Shanghai Composite were lacklustre amid the ongoing growth concerns surrounding the world’s second-largest economy. The losses were stemmed after China's Big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.
In the United States, equity futures were restricted after yesterday's mixed performance and the cautious mood in Asia.
In the foreign exchange market, the US dollar index (DXY) was flat after yesterday’s indecisive mood. EUR/USD eked mild gains and GBP/USD was steady. USD/JPY retreated below 140.00.
In the fixed income market, 10-year US Treasury futures languished at this week’s lows and Bund futures remained subdued. 10-year JGB futures were pressured.
In the commodities market, crude futures traded rangebound and spot gold nursed some of its recent losses. Copper futures were subdued.
Overall, the mood in Asian markets was cautious on Wednesday as investors weighed economic growth concerns against hopes for further central bank tightening.
Looking ahead, highlights for the day include the US International Monetary Conference (IJC) and a speech from Swiss National Bank (SNB) President Thomas Jordan.
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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