HomeMarket NewsAsia-Pacific Markets Surge as Dollar Weakens and Investors Await US Jobs Report

Asia-Pacific Markets Surge as Dollar Weakens and Investors Await US Jobs Report

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Japan saw a rebound of 1.53% after a five-day decline, taking cues from a positive performance on Wall Street. China’s market was closed. Hong Kong, on the other hand, experienced a 0.61% increase following a rebound on Wall Street. The rebound came after US Treasury yields eased from 16-year highs due to weaker-than-expected jobs data. Additionally, investors were optimistic after Citigroup Inc. raised its 2023 growth forecast for China to 5%, indicating that the economy may be reaching its bottom.

India also showed positive growth of 0.73% as the S&P Global India Services PMI increased to 61.0 in September 2023 from 60.1 in August, surpassing market forecasts of 59.5. The S&P Global India Composite PMI also inched up to 61.0 in September from 60.9 in the prior month.

Australia witnessed a 0.51% increase, with August exports rising by 4% month-on-month (compared to a previous decline of 2%) and imports remaining steady at 0% month-on-month (compared to an increase of 3% previously). South Korea’s September CPI came in higher than expected at 0.6% month-on-month, while New Zealand’s commodity price index rose by 1.3% month-on-month, marking the first increase in three months.

Meanwhile, Thailand’s annual inflation rate for September 2023 slowed down to 0.3% from 0.88% in the previous month, falling below market expectations of 0.8%. The Central Bank of Sri Lanka made the expected move of lowering its benchmark interest rates by 100bps to 10% during the October meeting. Retail sales in Singapore also surged by 4% on a year-on-year basis in August 2023, following a revised 1.3% gain in the previous month.

Israel and mainland China had closed markets due to respective holidays.

US Market Update

In the US, all three major indexes ended higher on Wednesday. The Nasdaq Composite rose 1.35% to close at 13,236.01 points, driven by technology stocks. The S&P 500 experienced significant gains in the final hour of trading, finishing 0.81% higher at 4,263.61 points. The Dow also ended in the green, advancing 0.38% to close at 33,129.16 points.

Investors are now eagerly awaiting the release of the weekly jobless claims data on Thursday and the nonfarm payrolls report for September on Friday. These reports will provide further guidance on market trends and economic recovery.

OPEC+ Keeps Output Policy Unchanged

WTI crude futures stabilized above $84 per barrel on Thursday as OPEC+ decided to maintain its existing output policy and the previously announced production cuts.

Currencies Exchanges

Currency exchange rates to the US dollar: JPY, CNY, AUD, INR, HKD, NZD.

US Stock Futures

US stock futures edged lower on Thursday after the major averages posted gains in the previous session: Dow (-0.09%), S&P 500 (-0.08%), Nasdaq (-0.07%).

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