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Markets Update: The Bank of Japan kept rates unchanged as anticipated, with the yen showing a slight increase in strength. The Nikkei experienced a small decrease, while futures for the US and Europe saw a slight decline. Investors are eagerly awaiting updates on earnings from Apple and Amazon.
Global Markets Roundup: 31 October 2024
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
On Thursday, Asian stocks declined following the drop in chip-sector stocks seen in Wall Street's performance. Meta Platforms, the owner of Facebook, and Microsoft both cautioned about rising costs related to artificial intelligence. This raised concerns about similar announcements expected from Amazon and Apple later in the day. The yen strengthened against the dollar after the Bank of Japan's decision to keep rates unchanged, with some analysts noting a potential interest rate hike in December due to the slightly hawkish tone in the accompanying statement.
In a broader sense, the dollar was pausing its advance after retreating from a nearly three-month high against major currencies on Wednesday. Investors were proceeding cautiously ahead of the release of U.S. non-farm payrolls data on Friday, the upcoming presidential election next Tuesday, and a Federal Reserve policy announcement on Thursday. Japan's Nikkei stock index NI225 closed the day with a 0.5% decrease, while South Korea's Kospi index KOSPI fell by 1.5%. North Korea heightened regional tensions by reportedly test-firing an intercontinental ballistic missile on Thursday, according to a U.S. official. On the other hand, Hong Kong's Hang Seng index HSI rose by 0.3%, and mainland Chinese blue-chip stocks 3399300 increased by 0.2%, reversing an earlier decline, following reports indicating an improvement in manufacturing and services activity in China.
Investors are anticipating more details on stimulus measures from Beijing next week during a week-long congress. Taiwanese markets remained closed due to a typhoon.
S&P 500 futures ES1! declined by 0.5%, while Nasdaq futures NQ1! dropped by 0.8%. The Philadelphia SE semiconductor index SOX plunged by 3.35% overnight, with Advanced Micro Devices AMD tumbling over 10% following gloomy forecasts. EUROSTOXX 50 futures FESX1! and DAX futures DAX1! both decreased by about 0.4%, while FTSE futures Z1! fell by 0.3%. Nvidia, the AI popular company NVDA, is set to be the last of the 7 megacap tech companies to release its earnings, in about three weeks from now. Tesla already revealed its earnings last week, with Alphabet scheduled to announce theirs on Tuesday.
In the foreign exchange markets, The U.S. dollar index DXY, remained unchanged at 104.10 after retracting from its peak since Aug. 2 at 104.63, which was achieved on Tuesday. Further, the dollar weakened by 0.4% against the yen, reaching 152.80 USDJPY, although it was still close to this week's peak of 153.885. EURUSDÂ | USDJPY | AUDUSD | DXY | NZDUSD
In commodities, Gold hit a new record high of $2,790.15 per ounce. Oil prices continued to rise after Wednesday's surge, driven by positive expectations for U.S. fuel demand following an unexpected decline in crude and gasoline inventories. Brent crude futures BRN1! increased by 0.6% to $72.99 per barrel, while U.S. West Texas Intermediate crude futures CL1! rose by 0.7% to $69.05 per barrel. Both contracts had gained over 2% in the previous trading session. BRN1! | CL1! | GOLD | HG1! | KC1! | RC1! | CC1!
Looking forward refer to the economic calendar below to see the upcoming events scheduled for today and the rest of the week.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team