{"id":64911,"date":"2024-03-07T17:29:21","date_gmt":"2024-03-07T06:29:21","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=64911"},"modified":"2025-11-10T17:59:16","modified_gmt":"2025-11-10T06:59:16","slug":"thursday-7th-march-2024-asian-markets-retreat-from-highs","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/thursday-7th-march-2024-asian-markets-retreat-from-highs\/","title":{"rendered":"Thursday 7th March 2024: Asian Markets Retreat from Highs"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 1.31%, Shanghai Composite down 0.27%, Hang Seng down 1.08% ASX up 0.39%<\/li>\n\n\n\n<li>Commodities : Gold at $2161.5 (0.14%), Silver at $24.27 (-0.9%), Brent Oil at $83.05 (0.06%), WTI Oil at $79.17 (0.96%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.115, UK 10-year yield at 4.033, Germany 10-year yield at 2.326<\/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>(USD) ADP Non farm employment change&nbsp; 140K vs 149K expected<\/li>\n\n\n\n<li>(CAD) Overnight rate 5.00% vs 5.00% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Japanese stock indexes retreated from record highs on Thursday, with the Nikkei 225 hitting a peak before sliding 1.2%, and the Topix losing 0.24%. Meanwhile, the Taiwan weighted index surged over 1%, and Australia\u2019s S&amp;P\/ASX 200 rose by 0.39%, both reaching new highs. The pullback followed better-than-expected trade data from China, which saw the CSI 300 index decline by 0.5%, while the Hang Seng index dipped 0.46%. China\u2019s dollar-denominated exports for the first two months of the year rose by 7.1% year on year, exceeding expectations.<\/p>\n\n\n\n<p>In response to comments from U.S. Federal Reserve Chair Jerome Powell, Asian stocks rose, as he reiterated a willingness to consider rate cuts without immediate action. Hong Kong-listed JD.com saw a remarkable 8% surge after reporting strong fourth-quarter earnings and unveiling a $3 billion share buyback plan. South Korea\u2019s Kospi extended gains by 0.29%, while the Kosdaq dropped 0.8%.<\/p>\n\n\n\n<p>In the U.S., all three major indexes rebounded after two days of decline, though Apple, Alphabet, and Disney did not join the rally. The S&amp;P 500 added 0.51%, the Nasdaq Composite gained 0.58%, and the Dow Jones Industrial Average traded higher by 0.2%, weighed down by a more than 2% drop in Disney&#8217;s shares.<\/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>1:15 PM GMT &#8211; EUR Main Refinancing Rate<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n\n\n\n<li>1:45 PM GMT &#8211; EUR ECB Press Conference<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; USD Fed Chair Powell Testifies<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Japanese stock indexes retreated [&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-64911","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\/64911","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=64911"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/64911\/revisions"}],"predecessor-version":[{"id":64913,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/64911\/revisions\/64913"}],"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=64911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=64911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=64911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}