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Markets Update: APAC stocks were mixed due to holiday closures and geopolitical tensions, while central banks hinted at potential rate cuts, Israel planned a harsh response to Iran, and European equity futures pointed to a negative open.
Global Markets Roundup: 3 October 2024
APAC stocks had a mixed trading session due to holiday closures and geopolitical tensions. The Nikkei 225 performed well, benefiting from a weaker currency following dovish comments by Japanese PM Ishiba, who indicated that there would be no further rate hikes. BoJ Governor Ueda stated that the central bank would adjust its monetary easing if necessary but would proceed cautiously. The ASX 200 showed no clear direction, influenced by various data releases, including revised PMI numbers and trade figures. US equity futures were unimpressive, reflecting the previous day's volatility and anticipation of key data releases. European equity futures suggested a negative start, with the Euro Stoxx 50 future down 0.5% after a 0.2% gain in the cash market on Wednesday. FESX1! | Z1! | NI225 | NQ1! | ES1!
In the foreign exchange markets, EUR/USD hovered near this week's low as the dollar strengthened, showing little reaction to various statements from the ECB. GBP/USD showed little movement until late in the session when it weakened following comments from BoE Governor Bailey suggesting the possibility of more aggressive rate cuts if inflation remains stable. In an interview with The Guardian, Bailey indicated that the central bank could consider such actions. DXY maintained its previous day's gains following strong ADP jobs data that exceeded expectations. Trading was subdued overnight as market participants anticipated upcoming speeches from Federal Reserve officials and the release of more job-related data before Friday's NFP report. USD/JPY continued to climb, briefly surpassing the 147.00 level, driven by recent dovish remarks from Japanese PM Ishiba, who indicated that Japan was not prepared for another rate hike after meeting with BoJ Governor Ueda. EURUSDÂ | USDJPY | AUDUSD | DXY | NZDUSD
In commodities, Crude oil prices rose as WTI bounced back from the support at $70 per barrel, following recent volatile trading due to increased geopolitical tensions in the Middle East and bearish crude inventory figures. Gold struggled to find direction after a turbulent performance the previous day, with gains limited by a stronger dollar. Copper remained subdued and retraced some of its recent gains amid mixed risk sentiment. December arabica coffee KC1! closed 7.65 cents lower, representing a 2.9% decrease, at $2.565 per lb​​. Meanwhile, November robusta coffee RC1! dropped by 6.1% to $5,111 per metric ton, marking its lowest point in over a month. March cocoa C2! dropped by 1.5% to 4,355 pounds per ton. This decline followed losses of 1.9% in the previous session and 4.1% on Monday. The wheat contract with the most activity on the Chicago Board of Trade ZW1! declined by 0.3% to $6.13-1/2 per bushel after reaching $6.17, the highest level since June 14, on Wednesday. Prices have increased by approximately 6% this week. Meanwhile, the CBOT corn ZC1! remained steady at $4.32-1/2 per bushel, reaching $4.34-1/4, its highest point since June 28, in the previous trading session. Soybeans ZS1! also saw a decrease of 0.4% to $10.51-1/2 per bushel. 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