{"id":63073,"date":"2023-10-23T17:40:40","date_gmt":"2023-10-23T06:40:40","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=63073"},"modified":"2025-11-10T18:21:20","modified_gmt":"2025-11-10T07:21:20","slug":"monday-23rd-october-2023-asia-pacific-markets-extend-losses-on-inflation-concerns-and-rising-yields","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/monday-23rd-october-2023-asia-pacific-markets-extend-losses-on-inflation-concerns-and-rising-yields\/","title":{"rendered":"Monday 23rd October 2023: Asia-Pacific Markets Extend Losses on Inflation Concerns and Rising Yields"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><br \/>Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.80%, Shanghai Composite down 1.73, Hang Seng down 0.65% ASX down 1.16%<\/li>\n\n\n\n<li>Commodities : Gold at $1987.05 (-0.32%), Silver at $23.467 (-0.29%), Brent Oil at $91.46 (-0.79%), WTI Oil at $87.21 (-1.07%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.969, UK 10-year yield at 4.703, Germany 10-year yield at 2.919<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(GBP) Retail Sales m\/m -0.9% vs -0.3% expected<\/li>\n\n\n\n<li>(CAD) Core Retail Sales m\/m 0.1% vs -0.1% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Markets across the Asia-Pacific region extended their losses on Friday, following a broad sell-off the previous day. This decline was primarily in response to U.S. Federal Reserve Chair Jerome Powell&#8217;s remarks, in which he expressed concerns about persistently high inflation and the potential need for economic growth reduction. Adding to the economic anxiety, the benchmark U.S. 10-year Treasury yield exceeded 5% for the first time in 16 years on Thursday evening.<\/p>\n\n\n\n<p>Powell acknowledged some progress in controlling inflation but emphasized that monetary policy had not yet become overly restrictive. Asian investors also monitored Japan&#8217;s September inflation data, which stood at 3%, marking the 18th consecutive month above the Bank of Japan&#8217;s 2% target. Additionally, China&#8217;s one-year and five-year loan prime rates were under scrutiny.<\/p>\n\n\n\n<p>In the Asia-Pacific markets, Australia&#8217;s S&amp;P\/ASX 200 closed 1.16% lower, Japan&#8217;s Nikkei 225 saw a 0.80% decline, and South Korea&#8217;s Kospi dropped by 1.69%. Hong Kong&#8217;s Hang Seng index shed 0.73%, and China&#8217;s benchmark CSI 300 index slipped by 0.65%, nearing its one-year low.<\/p>\n\n\n\n<p>In the United States, all three major indexes faced losses due to Powell&#8217;s comments and rising bond yields. The 10-year Treasury yield approached the critical 5% level last seen in 2007, with the Dow Jones Industrial Average declining by 0.75%, the S&amp;P 500 dropping by 0.85%, and the Nasdaq Composite leading losses at a 0.96% decrease.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2:00 PM GMT &#8211; EUR Consumer Confidence<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Markets across the Asia-Pacific [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":74214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-63073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/63073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=63073"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/63073\/revisions"}],"predecessor-version":[{"id":63076,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/63073\/revisions\/63076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/74214"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=63073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=63073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=63073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}