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Markets Update: APAC stocks had mixed performances due to various data releases and market closures, with Japan’s Nikkei index surging nearly 2% following Shigeru Ishiba’s confirmation as prime minister, while the dollar index rose slightly and commodities saw minor fluctuations.
Global Markets Roundup: 1 October 2024
On Tuesday, stocks in the APAC region started the new quarter with a mix of performances due to various data releases and the closure of key markets such as Mainland China, Hong Kong, and South Korea. Japan's Nikkei stock index surged by almost 2%, driven by defense stocks following the confirmation of former defense minister Shigeru Ishiba as the next prime minister by parliament. The Nikkei NI225 increased by 1.93% to end the day at 38,651.97, rebounding from a nearly 5% decline in the previous session. Additionally, the broader Topix TOPIX soared by 1.69% to reach 2,690.78. FESX1! | Z1! | NI225 | NQ1! | ES1!
In the foreign exchange markets, the dollar index known as DXY increased by 0.1% to 100.87 at 0403 GMT, following a 0.3% rise on Monday, marking its third consecutive monthly decline with nearly a 1% drop in September. The dollar strengthened by 0.3% against the yen, reaching 144.01 USDJPY, after fluctuating between 146.495 yen on Friday and 141.65 yen on Monday. Shigeru Ishiba, expected to be officially appointed as Japan's new prime minister later today, is perceived by the markets as a proponent of strict monetary policies, despite recent softening of his stance on the necessity for policy normalization. He emerged victorious in his party's leadership election last Friday in a closely contested race and is now focused on uniting the party following the announcement of a snap general election on October 27. The minutes from the Bank of Japan's (BOJ) September meeting released today revealed that policymakers deliberated cautiously on the prospect of immediate interest rate hikes, which had minimal impact on the market. The euro traded close to its one-week low from Monday after a decline in German inflation to its lowest level since early 2021, fueling speculation about a potential rate cut this month. The euro EURUSD was slightly lower at $1.1124 after reaching as low as $1.1113 in the previous session. The Australian dollar AUDUSD remained steady at $0.6914, staying near its 1-1/2 year high of $0.6943 achieved on Monday following a stronger-than-expected rebound in Australian retail sales for August. The New Zealand dollar traded at $0.6321 NZDUSD, experiencing a 0.5% decrease.
In commodities, Brent crude futures BRN1! for December delivery edged up 13 cents, or 0.18%, to $71.83 a barrel. U.S. West Texas Intermediate crude futures CL1! for November delivery gained 14 cents, or 0.21%, to $68.31. GOLD rose toward $2,640 per ounce on Tuesday after sliding for two consecutive sessions, as rising geopolitical risks in the Middle East continued to boost demand for safe-haven assets. Copper futures dipped to approximately $4.5 per pound on Tuesday, declining by 1% from the previous session. This decrease occurred as traders decided to secure some profits after three consecutive weeks of increases. December arabica coffee KC1! increased by 0.4% to $2.7025 per lb, reaching its highest level in 13 years last week. November robusta coffee RC1! also rose by 0.3% to $5,498 a ton. December New York cocoa CC1! closed at $7,722 a ton, down $559 or 6.8% from the previous week, despite having gained 8% during that time. 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. Tuesday Morning Coffee - Markets Update - 1 October 2024 - APAC Markets Mixed as Japan's Nikkei Soars on Ishiba's PM Confirmation; Dollar and Commodities See Minor Fluctuations
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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