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Markets Update: Asian stocks rallied on Tuesday, driven by strong US performance and corporate earnings confidence. The dollar strengthened, supported by expectations of a smaller Fed rate cut. Oil prices fell as concerns about supply disruptions eased.
Global Markets Roundup: 15 October 2024
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
Asian stocks saw a mostly positive day on Tuesday, buoyed by a strong performance on Wall Street and investor confidence in corporate earnings. The dollar remained near a two-month high, supported by expectations of a smaller U.S. interest rate cut next month. Oil prices dipped by approximately 3% following reports that Israeli Prime Minister Benjamin Netanyahu assured the United States that Israel would target Iranian military sites rather than nuclear or oil facilities, alleviating immediate concerns about supply disruptions. The Nikkei NI225 surged by 1% to reach a three-week high, as it had been closed on Monday for a holiday. FESX1! | Z1! | NI225 | NQ1! | ES1!
Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) inched up by 0.2%, with gains in Taiwan and Australia partially offsetting declines in Chinese markets. Chinese blue chips 3399300 declined by 0.4%, while Hong Kong's Hang Seng index HSI slipped by 0.3% due to the absence of new stimulus measures from Beijing, leaving investors wanting more. Reports from local media suggested that Beijing might issue an additional 6 trillion yuan ($850 billion) in Treasury bonds over three years to support its struggling economy. The S&P 500 and Dow Jones surged to new record highs overnight, driven by gains in chip stocks following a 2.4% rise in Nvidia NVDA and positive third-quarter earnings reports from JP Morgan JPM and Wells Fargo WFC. Other major banks like Citi C, Bank of America BAC, and Goldman Sachs GS are set to announce their quarterly results on Tuesday. FESX1! | Z1! | NI225 | NQ1! | ES1!
In the currency markets, the US dollar against the Japanese yen USDJPYÂ dipped by 0.2% to 149.50 yen, retracting from its 2-1/2-month peak of 149.98 reached the previous night. Meanwhile, the euro EURUSDÂ remained steady at $1.0906, rebounding from its 10-week low from the night before, in anticipation of the European Central Bank's rate decision on Thursday. Confidence in a more modest 25 basis point interest rate cut by the Federal Reserve next month, rather than a 50 bp reduction, has been supporting the dollar, as the economy is seen to be growing steadily without overheating. EURUSDÂ | USDJPY | AUDUSD | DXY | NZDUSD
In the commodities market, oil prices fell for the third day in a row as concerns about demand persisted and worries over Israel's attack on Iran subsided. Brent futures BRN1! dropped by 2.9% to $75.22 per barrel, following a 2% decrease the day before, while U.S. West Texas Intermediate futures CL1! declined by $2.26, or 3.1%, to $71.57 per barrel. Gold prices decreased by 0.1% to $2,648.57 per ounce. November robusta coffee RC1! saw an increase of $141, or 2.9%, closing at $4,969 per metric ton, driven by forecasts of a reduced harvest in leading robusta producer Vietnam. December arabica coffee KC1! also climbed 4% to $2.6205 per pound. Meanwhile, March London cocoa C2! ended the session down by 6 pounds, or 0.1%, at 5,078 pounds per ton. The primary corn contract on the Chicago Board of Trade (CBOT) ZC1! experienced a 0.6% decrease, trading at $4.06 per bushel. Meanwhile, CBOT soybeans ZS1! dropped by 1% to $9.86 per bushel, and wheat ZW1! declined by 1.1% to $5.78-3/4 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