{"id":68420,"date":"2024-10-08T17:12:33","date_gmt":"2024-10-08T06:12:33","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=68420"},"modified":"2025-11-10T16:50:38","modified_gmt":"2025-11-10T05:50:38","slug":"tuesday-8th-october-2024-asian-markets-lose-steam-as-chinese-rally-fades","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/tuesday-8th-october-2024-asian-markets-lose-steam-as-chinese-rally-fades\/","title":{"rendered":"Tuesday 8th October 2024: Asian Markets Lose Steam as Chinese Rally Fades"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Asian Markets Lose Steam as Chinese Rally Fades<br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 1.40%, Shanghai Composite up 3.06%, Hang Seng down 7.35% ASX down 0.38%<\/li>\n\n\n\n<li>Commodities : Gold at $2664.35 (-0.04%), Silver at $31.70 (-0.74%), Brent Oil at $79.91 (-1.56%), WTI Oil at $75.96 (-1.32%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.003, UK 10-year yield at 4.210, Germany 10-year yield at 2.2500<\/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>(JPY) Current Account&nbsp; 3.02T vs 2.43T expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Chinese markets lost momentum on Tuesday after the National Development and Reform Commission&#8217;s briefing offered limited details on further stimulus measures. Mainland China&#8217;s CSI 300 surged over 10% at the market open, following the Golden Week holiday, but later trimmed gains to a 5% rise. In Hong Kong, the Hang Seng index initially plunged by over 10%, before recovering some losses to end down 7.3%.<\/p>\n\n\n\n<p>Other Asia-Pacific markets also faced declines. In Japan, household spending dropped 1.9% year-on-year in August, slightly better than the 2.6% decline expected by economists. Despite this, real wages in Japan rose by 2%, averaging 574,334 yen ($3,877.44). The Nikkei 225 slipped 1.39%, and the Topix fell 1.59%.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi was down 0.48%, driven by losses in Samsung Electronics after disappointing third-quarter guidance. The smaller Kosdaq index also fell 0.25%. Australia\u2019s S&amp;P\/ASX 200 dropped 0.35%, closing at 8,176.9.<\/p>\n\n\n\n<p>In the U.S., rising oil prices and higher Treasury yields dampened market sentiment. The Dow Jones Industrial Average declined 0.94%, the S&amp;P 500 dropped 0.96%, and the Nasdaq Composite posted the largest loss, falling 1.18%. The 10-year Treasury yield rose to 4.02%, the first time since August it topped 4%. Oil prices surged, with U.S. crude climbing over 3% to settle above $77 per barrel amid heightened tensions in the Middle East.<\/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>12:30 PM GMT &#8211; USD Trade Balance<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Trade Balance<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Asian Markets Lose Steam as Chinese Rally Fades Global Markets: News [&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-68420","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\/68420","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=68420"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/68420\/revisions"}],"predecessor-version":[{"id":68425,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/68420\/revisions\/68425"}],"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=68420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=68420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=68420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}