{"id":67489,"date":"2024-08-07T17:03:01","date_gmt":"2024-08-07T07:03:01","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=67489"},"modified":"2025-11-10T17:05:16","modified_gmt":"2025-11-10T06:05:16","slug":"wednesday-7th-august-2024-asia-pacific-markets-rally-following-wall-street-recovery","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/wednesday-7th-august-2024-asia-pacific-markets-rally-following-wall-street-recovery\/","title":{"rendered":"Wednesday 7th August 2024: Asia-Pacific Markets Rally Following Wall Street Recovery"},"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 up 2.51%, Shanghai Composite up 0.27%, Hang Seng up 1.21% ASX up 0.25%<\/li>\n\n\n\n<li>Commodities : Gold at $2435.35 (0.17%), Silver at $27.28 (-0.04%), Brent Oil at $76.53 (0.07%), WTI Oil at $73.39 (0.15%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.903, UK 10-year yield at 3.922, Germany 10-year yield at 2.219<\/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) Trade Balance&nbsp; -73.1B vs -72.5B expected<\/li>\n\n\n\n<li>(CAD) Trade Balance&nbsp; 0.6B vs -2.0B expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets saw gains on Wednesday, following Wall Street&#8217;s recovery from a three-day losing streak. The Dow Jones Industrial Average increased by 0.76%, the S&amp;P 500 by 1.04%, and the Nasdaq Composite by 1.03%, closing at 16,366.85. Investor sentiment improved significantly after Japanese stocks rebounded. The Nikkei 225 had its best day since October 2008 on Tuesday, surging 10.2%, after experiencing its worst session since 1987 on Monday, where it fell 12.4%.<\/p>\n\n\n\n<p>On Wednesday, the Nikkei rose over 2.8%, and the Topix increased by more than 4%. Major Japanese trading houses continued to climb, with Marubeni up 11% and Softbank Group Corp rising 8%. Canon Inc led Japanese tech stocks, gaining over 12%. In his speech, Bank of Japan Deputy Governor Uchida Shinichi emphasized the need for ongoing monetary easing, citing volatile financial and capital markets. Additionally, Japan\u2019s Ministry of Finance reported a record single-day yen-buying intervention on April 29, selling $40.32 billion worth of dollars to support the yen, and a subsequent sale of $26.35 billion worth of dollars on May 1.<\/p>\n\n\n\n<p>Hong Kong\u2019s Hang Seng index rose by more than 1%, while mainland China\u2019s CSI 300 edged up 0.2%. Chinese customs data revealed that July imports grew faster than expected, while export growth fell short of forecasts. Exports in dollar terms rose 7% year-on-year, below the expected 9.7%, and slower than June\u2019s 8.6% increase. Imports, however, rose by 7.2%, surpassing the forecast of 3.5%.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi increased by over 2.5%, with the Kosdaq up more than 2.6%. Samsung Electronics surged about 4.5% after its HBM3E chips were reported to have passed tests by Nvidia for use in AI processors. Australia\u2019s S&amp;P\/ASX 200 climbed by 0.6% during trading.<\/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>02:00 PM GMT &#8211; CAD Ivey PMI<\/li>\n\n\n\n<li>02:30 PM GMT &#8211; USD Crude Oil Inventories<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets saw gains [&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-67489","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\/67489","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=67489"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67489\/revisions"}],"predecessor-version":[{"id":67496,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67489\/revisions\/67496"}],"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=67489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=67489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=67489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}