_edited_edited.png)
Markets Update: Despite cautiousness due to upcoming U.S. data, elections and a slump in Chinese e-commerce sales, Asian-Pacific shares rose slightly while the yen weakened against most currencies, hitting a record low versus the euro but finding some support against the dollar on potential intervention by Japanese authorities.
Economic Calendar
Global Markets Roundup: 25 June 2024
On Tuesday, Asia-Pacific shares remained subdued, while the yen reached a record low against the euro. However, the risk of intervention prevented further depreciation against the U.S. dollar.
U.S. Treasury yields showed little change as caution prevailed ahead of crucial U.S. price data expected on Friday. With the first U.S. presidential debate set for Thursday and the initial round of the French election over the weekend, investors remained wary of potential political impacts on their positions. Overnight on Wall Street, the Nasdaq IXIC fell by over 1%, dragged down by a 7% drop in AI leader Nvidia NVDA as investors rotated out of technology stocks. Conversely, the Dow Jones DJI surged by 0.7%, reaching a one-month high. S&P 500 futures ES1! and Nasdaq futures NQ1! remained flat.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) increased by 0.3%, recovering from a 1.4% decline over the past three sessions. Japan's Nikkei NI225 rose by 0.5%. The MSCI Asia-Pacific ex-Japan IT index (.MIAPJIT00NUS) fell by 0.5%, while Taiwanese shares <.TWII> decreased by 0.4%. Chinese stocks saw slight gains, with blue chips <.CSI300> edging up by 0.1%, and Hong Kong's Hang Seng index HSI rising by 0.9%. In a concerning sign for the health of Chinese consumers, reports indicated that e-commerce sales declined for the first time during the recently concluded 618 shopping festival.
In currency markets, the dollar eased slightly overnight after recent gains, with the dollar index DXY flat at 105.46, having decreased by 0.3% overnight against a basket of major currencies. The yen USDJPY rose by 0.1% to 159.45 per dollar, though it remains near levels last seen in late April when Japanese authorities intervened to curb the currency's rapid decline. Japanese Chief Cabinet Secretary Yoshimasa Hayashi stated that the authorities are closely monitoring currency movements and will respond appropriately to excessive volatility. Despite this, the yen continued to weaken against other major currencies, with the euro EURJPY breaking major resistance to hit a record high of 171.49 yen overnight. It was last down by 0.1% at 171.08 yen. The Australian dollar AUDJPY climbed for the sixth consecutive session to 106.38 yen, a 17-year high, driven by persistent demand for carry trades. The GBPUSDÂ edged 0.09% higher to $1.2696, while the AUDUSDÂ climbed 0.1% to $0.6663. The NZDUSDÂ was trading flat at $0.6124. The EURUSD, traded 0.06% higher to $1.0741.
In commodities and agricultural commodities, Oil prices were flat for the day, with Brent BRN1! futures holding at $85.95 a barrel and U.S. crude CL1! remaining steady at $81.60 a barrel. Gold prices GOLD slipped by 0.3% to $2,325.52 per ounce. August white sugar SF1! edged 2.1% higher at $570.10 a ton. Three-month copper on the LME HG1! was 0.4% higher at $9,698 per metric ton. The most-active wheat contract on the CBOT ZW1! climbed 0.2% at $5.72 a bushel. September New York cocoa CC2! was trading and closed 11.1% lower, to $7,920 a metric ton. September arabica coffee KC2! climbed 5% at $2.3625 per lb.
Looking ahead, BCB Copom Meeting Minutes, Fed Bowman Speech, Chicago Fed National Activity Index, Canada Inflation Rate, API Crude Oil Stock Change.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team