Global Markets:
● Asian Stock Markets : Nikkei up 1.39%, Shanghai Composite up 0.59% Hang Seng down 0.75% ASX up 0.27%
● Commodities : Gold at $4,063.02 (-0.80%) Silver at $52.960 (3.35%), Brent Oil at 92.56 (1.18%), WTI Oil at 86.69 (0.77%)
● Rates : US 10-year yield at 5.015, UK 10-year yield at 5.2284, Germany 10-year yield at 3.3069
News & Data:
● (CAD) Average Hourly Earnings m/m 0.4% to 0.3% expected
● (USD) Prelim UoM Consumer Sentiment 51.0 to 48.1 expected
Markets Update:
U.S. stock futures edged higher Tuesday night following a losing session, as investors assessed hotter-than-expected inflation data and continued weakness in Nvidia shares.
Dow Jones Industrial Average futures gained 88 points, or 0.2%. S&P 500 futures advanced 0.2%, while Nasdaq-100 futures climbed 0.4%.
Asian markets traded mixed Wednesday. Japan’s Nikkei 225 rose 0.85%, South Korea’s Kospi gained 1.22%, and Australia’s S&P/ASX 200 added 0.23%. Meanwhile, Hong Kong’s Hang Seng Index fell 0.66%, while China’s CSI 300 declined 0.39%.
On Tuesday, the Dow dropped more than 150 points. The S&P 500 and Nasdaq Composite lost 0.4% and 0.7%, respectively. Nvidia led the decline, falling 5.5% for a second consecutive session amid concerns surrounding CEO Jensen Huang’s reported China-related controversy. The sell-off reduced Nvidia’s market capitalisation to approximately $4.07 trillion, its lowest level since late March.
Investor sentiment was further pressured by U.S. inflation data. October’s Consumer Price Index increased 0.4% month over month, exceeding forecasts and strengthening expectations of a December Federal Reserve rate hike. Markets now assign roughly a 90% probability to a quarter-point increase.
Traders will monitor developments in artificial intelligence stocks following CoreWeave’s stronger-than-expected third-quarter revenue. U.S. bond markets will remain closed Wednesday for Veterans Day.
Upcoming Events:
● 11:50 PM GMT – JPY PPI y/y
