Global Markets:
- Asian Stock Markets : Nikkei up 0.89%, Shanghai Composite down -0.02%, Hang Seng up 0.36% ASX down -0.26%
- Commodities : Gold at $3,681.20 (-0.12%), Silver at $42.715 (-0.26%), Brent Oil at $67.37 (-0.57%), WTI Oil at $63.09 (0.64%)
- Rates : US 10-year yield at 4.078, UK 10-year yield at 4.6710, Germany 10-year yield at 2.7133
News & Data:
- (USD) Prelim UoM Consumer Sentiment 55.4 to 58.2 expected
- (USD) Prelim UoM Inflation Expectations 4.8% to 4.8% expected
Markets Update:
Asian stock markets traded mostly higher on Monday, tracking mixed Wall Street cues from Friday, as investors remained cautious ahead of the U.S. Federal Reserve’s policy decision this week. Softer labor data and subdued inflation have reinforced expectations of a rate cut, while rising geopolitical tensions in the Middle East are also weighing on sentiment. Most Asian markets closed higher on Friday.
The Fed is widely expected to trim rates by a quarter point during its two-day meeting beginning Tuesday. Traders will closely monitor the central bank’s statement and Fed Chair Jerome Powell’s comments for hints on further easing later this year. The CME FedWatch Tool indicates a 96.4 percent chance of a 25-basis-point cut and only a slim probability of a larger move.
In Australia, the S&P/ASX 200 slipped 30.30 points, or 0.34 percent, to 8,834.60, with weakness in miners and mixed performance across sectors. Rio Tinto and Mineral Resources edged higher, but BHP and Fortescue declined. Energy stocks were mixed, while tech stocks showed volatility as WiseTech gained strongly and Block fell over 1 percent. Gold miners were notably weak, with Evolution Mining plunging more than 5 percent.
Elsewhere, China, Hong Kong, South Korea, and Indonesia posted modest gains, while Taiwan and New Zealand declined. Japanese markets were closed for a holiday.
On Wall Street Friday, the Nasdaq hit a record, while the Dow fell sharply and the S&P 500 ended flat. Crude oil rose as supply concerns persisted amid intensifying global conflicts.
Upcoming Events:
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