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Markets Update: Asia-Pacific stocks rose on Tuesday, tracking Wall Street's record highs, as investors awaited dovish comments from Fed Chair Powell about potential rate cuts, with the dollar steady near a four-week low.
Economic Calendar
Global Markets Roundup: 9 July 2024
Asia-Pacific (APAC) shares mirrored Wall Street's upward trend on Tuesday, with market participants anticipating a dovish stance from U.S. Federal Reserve Chair Jerome Powell regarding easing prospects. The dollar remained steady near its four-week low.
The MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) increased by 0.3%, just below a two-year high reached on Monday. Japan's Nikkei index NI225 surged by 1% to a new record high. In the U.S., S&P 500 futures ES1! rose by 0.2%, and Nasdaq futures NQ1! increased by 0.3%, following Wall Street's record-high close overnight. Chinese blue chips (3399300) edged up by 0.1%, while Hong Kong's Hang Seng index HSI remained flat.
Fed Chair Powell is scheduled to testify before Congress on Tuesday and Wednesday. Investors are betting that recent soft labor market data has significantly raised the likelihood of a rate cut in September, with current odds around 80% (FEDWATCH). The key economic event this week is the U.S. consumer price report on Thursday, where June's headline inflation is expected to slow to 3.1% from May's 3.3%, with the core inflation rate remaining steady at 3.4%.
In the foreign exchange market, the U.S. dollar index DXY steadied near its four-week low at 104.98 against a basket of currencies, providing some relief to the beleaguered yen and yuan. The Japanese yen USDJPY remained at 160.84 per dollar, having hit a 38-year low of 161.96 per dollar last week. Meanwhile, the offshore Chinese yuan USDCNH hovered at 7.2874 per dollar after gaining for four consecutive sessions, moving away from a 7-1/2 month low. The euro EURUSD regained some of its recent losses, while French shares experienced volatility. The risk premium of French bonds over German bonds narrowed as investors processed the unexpected election results that left France with a hung parliament. U.S. Treasuries remained steady after ending Monday mixed. The ten-year government bond yield (US10Y) held at 4.2764%, having declined for four straight sessions, while the two-year yield (US2YT=RR) was flat at 4.6243%, nearing a three-month low.
In commodity and agricultural commodity markets, oil prices were largely unchanged following a hurricane that hit a key U.S. oil-producing region in Texas, causing less damage than anticipated Brent BRN1! lost 4 cents to $85.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CL1! traded 5 cents lower to $82.28. GOLD rose by 0.2% to $2,363.31 an ounce. Three-month copper on the LME HG1! edged 0.1% higher to $9,922.50 per metric ton. The most traded wheat contract on the CBOT ZW1! was 0.6% higher at $5.73-3/4 a bushel, while CBOT corn ZC1! jumped 0.1% to $4.08 a bushel. September arabica coffee KC2! edged 2.4% higher at $2.344 per lb.
Looking ahead today, markets anticipate, Australia NAB Business Confidence, US Redbook, Fed Chair Powell Testimony, US 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
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