Global Markets:
- Asian Stock Markets : Nikkei up 0.56%, Shanghai Composite up 0.06%, Hang Seng up 0.54% ASX down -0.31%
- Commodities : Gold at $3,948.25 (-1.31%), Silver at $47.385 (-1.10%), Brent Oil at $64.19 (-0.20%), WTI Oil at $60.31 (-0.28%)
- Rates : US 10-year yield at 4.074, UK 10-year yield at 4.3930, Germany 10-year yield at 2.6186
News & Data:
- (CAD) Overnight Rate 2.25% to 2.25% expected
- (USD) Federal Funds Rate 4.00% to 4.00% expected
Markets Update:
Asian markets traded mostly higher on Thursday, buoyed by optimism over a possible U.S.-China trade deal as Presidents Donald Trump and Xi Jinping met, and as traders reacted to the U.S. Federal Reserve’s quarter-point rate cut. However, Fed Chair Jerome Powell’s remarks cast doubt on another rate cut in December, saying it was “far from a foregone conclusion.” Powell noted divisions among Fed members and cited uncertainty due to the government shutdown delaying key data. Following his comments, CME FedWatch showed the probability of unchanged rates in December rising to 34.1 percent from 9.1 percent.
In Australia, the S&P/ASX 200 slipped 0.15 percent to 8,913.10, weighed by tech losses despite gains in miners and banks. Fortescue and Mineral Resources rose sharply, while tech firms like Block and Appen declined.
Japan’s Nikkei 225 edged up 0.17 percent to 51,396.85 in choppy trade, supported by tech and banking stocks. Lasertec soared over 20 percent, while SoftBank and Fast Retailing dropped more than 2 percent.
Elsewhere, South Korea gained 1.2 percent, while China, Hong Kong, and Singapore posted smaller advances.
On Wall Street, the Nasdaq hit a record high, rising 0.6 percent, while the Dow and S&P 500 ended mixed. European markets also closed mixed, and oil prices rose after U.S. crude inventories fell sharply.
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