HomeMarket NewsAsia-Pacific Stocks Fall as Investors Monitor Mideast Conflict and Await Corporate Results

Asia-Pacific Stocks Fall as Investors Monitor Mideast Conflict and Await Corporate Results

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Today, Asia-Pacific stocks experienced a decline as market participants closely monitor the ongoing conflict in the Middle East and eagerly anticipate the release of corporate results. In Japan, the industrial production for the month of August 2023 dropped by 0.7% compared to the previous month. This follows a 1.8% fall in production during the previous month. Meanwhile, Chinaโ€™s central bank, the Peopleโ€™s Bank of China, maintained the MLF rate at 2.5%. Hong Kong, India, and Australia also saw declines, while New Zealand reported a Services PMI of 50.7 for September, an improvement from the previous monthโ€™s reading of 47.1.

The Israel-Hamas conflict remains a focal point among investors as tensions escalate in the region. Israeli Prime Minister Benjamin Netanyahu has vowed to โ€œdemolish Hamas,โ€ while Iranian President Ebrahim Raisi warned of potential expansion of the war if Israelโ€™s siege of Gaza continues.

In the United States on Friday, the major indexes closed with mixed results. Positive corporate earnings from large banks were overshadowed by declines in mega-cap stocks, fueled by ongoing concerns over inflation.

Looking ahead, investors await fresh commentary from Federal Reserve officials to gain further insights into the central bankโ€™s rate outlook. Internationally, attention will be focused on inflation rates in the United Kingdom, Canada, Japan, and New Zealand. Additionally, China will be closely observed for its Q3 GDP growth rate, retail sales, industrial production, fixed asset investment, unemployment rate, and house price index.

In currency markets, fluctuations in the (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), and (NZD:USD) pairs are likely to occur.

U.S. stock futures indicate a positive start to the week as investors anticipate corporate earnings reports from major firms. The Dow, S&P 500, and Nasdaq futures all point to gains.

More on the markets

To delve further into the markets, letโ€™s explore the key factors impacting different asset classes and ETFs. Specifically, keep an eye on (JEQ), (EWJ), (DXJ), (FXY), (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE), (CHIX), and (CYB).

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