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Markets Update: Asian stock markets are experiencing a notable downturn as concerns regarding China's economic stability continue to weigh heavily on investor sentiment. The uncertainty surrounding China's economic growth prospects, exacerbated by factors such as trade tensions and regulatory crackdowns, has led to increased volatility in the region's stock markets.
Global Markets Roundup: 30 October 2024
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
Asia's stock markets experienced a drop on Wednesday primarily due to China's underperformance, as investors geared up for a closely contested U.S. election that could have a significant impact on the world's second-largest economy. At the same time, Beijing is ramping up efforts to stimulate economic growth. Bitcoin BTCUSD also neared a new all-time high as markets weigh the possibility of a win by Republican candidate Donald Trump. MSCI's broadest index of Asia-Pacific shares excluding Japan (.MIAPJ0000PUS) declined to a one-month low and was last down by 1%, mirroring the fall in Chinese assets. The CSI300 blue-chip index 3399300Â dropped by 1.3%, while the Shanghai Composite Index 000001Â shed 1%. Hong Kong's Hang Seng Index HSIÂ slipped by 1.82%. These movements occurred despite a report by Reuters on Tuesday suggesting that China is contemplating authorizing the issuance of over 10 trillion yuan ($1.4 trillion) in additional debt in the coming years to revive its fragile economy.
China's index for new energy vehicles, with the code 3399976, experienced a 1.9% decline, partially due to the European Union's decision to raise tariffs on Chinese-made electric vehicles to 45.3%. In other markets, EUROSTOXX 50 futures FESX1! dropped by 0.42%, and FTSE futures Z1! decreased by 0.45% in anticipation of the UK budget announcement by finance minister Rachel Reeves, which could include significant tax increases, possibly the largest in thirty years. U.S. stock futures saw an increase, supported by strong performance from Google-parent Alphabet GOOG, which surpassed revenue expectations in its quarterly report. Nasdaq futures NQ1! inched up by 0.06%, while S&P 500 futures ES1! gained 0.07%. Meta Platforms META and Microsoft MSFT are set to release their earnings later in the day, followed by Apple AAPL and Amazon.com AMZN on Thursday. In Asia, Japan's Nikkei NI225 increased by 0.9%, benefiting from a weaker yen. Bitcoin, symbolized as BTCUSD, was very close to reaching its highest point of $73,803.25, currently priced at $72,479.00, with a potential 13% increase for the month.
In the foreign exchange markets, The dollar remained close to a three-month high compared to a group of currencies represented by DXY on Wednesday, with sterling GBPUSD finding some relief above the $1.30 mark due to a pause in the dollar's recent upward trend. The yen USDJPY stayed near a three-month low, facing pressure from the ruling coalition in Japan losing its parliamentary majority in the weekend elections. The Australian dollar AUDUSD showed minimal movement following domestic inflation data and ultimately decreased by 0.26% to $0.6543. EURUSDÂ | USDJPY | AUDUSD | DXY | NZDUSD
In commodities, Gold hit a record high of $2,784.82 per ounce due to worries about the close U.S. presidential election, leading to increased interest in the precious metal. Brent crude futures BRN1! rose by 0.62% to $71.56 per barrel, and U.S. West Texas Intermediate crude futures CL1! increased by 0.76% to $67.72 per barrel. In soft commodities, the soybean contract with the highest trading volume on the Chicago Board of Trade (CBOT) ZS1! increased by 0.31% to reach $9.82 per bushel. Wheat ZW1! also saw a rise of 0.53% to $5.73-1/2 per bushel, whereas corn ZC1! remained steady at $4.13-3/4 per bushel. March, London cocoa (C2!) prices increased by 340 pounds, or 6.8%, reaching 5,332 pounds per metric ton. Meanwhile, December New York cocoa (CC1!) saw a 5.1% rise to $7,267 per ton, continuing the market's recovery from the recent low of $6,426 on Friday. January robusta coffee (RC2!) settled at $4,398 per ton, marking a decrease of $104, or 2.3%. December arabica coffee (KC1!) dropped by 1.7% to $2.481 per pound. 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