Global Markets:
- Asian Stock Markets : Nikkei up 2.00%, Shanghai Composite up 0.37%, Hang Seng down -0.33% ASX down -0.99%
- Commodities : Gold at $3,981.19 (-0.05%), Silver at $47.480 (0.33%), Brent Oil at $63.73 (-0.16%), WTI Oil at $60.05 (-0.17%)
- Rates : US 10-year yield at 3.982, UK 10-year yield at 4.4030, Germany 10-year yield at 2.6212
News & Data:
- (USD) Richmond Manufacturing Index -4 to -11 expected
Markets Update:
Asian stock markets traded mixed on Wednesday, following positive overnight cues from Wall Street, as investors remained cautious ahead of the U.S. Federal Reserve’s interest rate decision later in the day. Optimism about a potential U.S.-China trade deal also supported sentiment. The Fed is widely expected to cut rates by another quarter point, with attention focused on Chair Jerome Powell’s comments for hints of future policy moves. According to CME Group’s FedWatch Tool, there is a 90.8% chance of another rate cut in December, though expectations for early 2026 remain divided.
In Australia, the S&P/ASX 200 Index slipped 0.73% to 8,946.50, weighed down by losses in banking and technology stocks, despite gains in gold miners. The CPI rose 3.5% year-on-year in September, exceeding expectations and marking the highest reading since July 2024. The Australian dollar traded at $0.659.
Japan’s Nikkei 225 surged 2.05% to 51,249.82, led by strong gains in technology and exporter stocks. Advantest jumped over 20%, while Tokyo Electron and Screen Holdings gained around 3%.
Elsewhere in Asia, South Korea gained 1.4%, while Singapore, Malaysia, and Indonesia slipped marginally. On Wall Street, major U.S. indices closed higher, extending Monday’s rally, with the Nasdaq up 0.8% and the Dow up 0.3%. Crude oil prices fell 2.2% to $59.99 per barrel on reports of potential OPEC production hikes.
Upcoming Events:
- 01:45 PM GMT – CAD Overnight Rate
- 06:00 PM GMT – USD Federal Funds Rate
- 06:00 PM GMT – USD FOMC Statement
