_edited_edited.png)
Markets Update: APAC Markets Rise Following U.S. Gains, China Industrial Profits Impress.
Economic Calendar
Global Markets Roundup: 27 Dec 2023
Asian equities rallied on Wednesday, led by Hong Kong's tech sector and the Nikkei 225, mirroring positive overnight trading in New York. Chinese industrial profits surged 29.5% year-on-year in November, exceeding expectations despite a low base due to lockdowns earlier in the year. Crude futures climbed over 2% as Houthi attacks in the Red Sea continued to disrupt shipping. Iron ore prices hit their highest level since June 2022, boosting Australian miners and the ASX 200.
Market movers:
Hong Kong: Online gaming stocks rebounded after Beijing approved 105 domestic games, easing concerns about industry crackdowns. Netease surged 10%, Tencent gained 5%.
Japan: Nikkei 225 advanced 1.2%, with the TOPIX Marine Index rising 4% on continued shipping disruptions in the Red Sea.
China: Hang Seng ended 1.9% higher, Shanghai Composite closed flat. Industrial profits data provided a temporary boost despite ongoing concerns about the economic outlook.
Australia: ASX 200 opened 0.4% higher, fueled by iron ore's rally and BHP's gains.
Additional notes:
BoJ Governor Ueda's communication style faced criticism from former board member Masai, but USD/JPY later retraced most of its initial gains.
Tensions remain high in the Middle East with Houthi attacks in the Red Sea disrupting shipping and pushing crude prices higher.
China's economic and regulatory landscape continues to evolve, with PBOC influence reportedly diminishing and a new focus on facilitating M&A activity in high-tech sectors.
Levels as of 06:20 GMT
Nikkei 225 +1.2%; ASX 200 +0.8%; Hang Seng +1.9%; Shanghai Composite +0.5%; Kospi +0.3%
Equity S&P500 Futures flat; Nasdaq100 flat; Dax +0.4%; FTSE100 +0.4%
EUR 1.1029-1.1044; JPY 142.32-142.85; AUD 0.6818-0.6841; NZD 0.6308-0.6337
Gold +0.4% at $2,077/oz; Crude Oil -0.2% at $74.44/brl; Copper +0.5% at $3.9210/lb
Looking ahead:
China's National PMI data is due for release on Friday.
New Zealand and South Korea observe holidays on December 29th.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team