Asia-Pacific markets mostly lower after a positive start to the week

Japan +0.23%. Japan trade data (Aug): Exports +22.1% y/y (expected +23.6%) Imports +49.9% y/y (+46.7%). Japan posts record trade deficit as energy imports surge.

Japanese business sentiment dropped (services especially) in September (Reuters Tankan). The September Manufacturing index dropped to +10 from +13 in August (August was a 7 month high); the non-manufacturing index plunged to +10 (a five month low) from +19; the manufacturing index is seen at +10 in December, non-manufacturing seen at +14.

China -1.12%. The People’s Bank of China kept the rate for one-year medium-term lending facility loans unchanged at 2.75%, while partially rolling over some maturing loans.

Hong Kong +0.42%.

Australia +0.27%. Australian Jobs added +33.5K (expected +35K) & Unemployment rate 3.5% (expected 3.4%).

Australian inflation expectations are falling. September 5.4% vs. July 5.9%.

India -0.29%.

Overnight in the U.S., major US stock indices recovered into the close and ended the day higher but was a up and down trading session. The gains come after sharp declines yesterday that saw the Dow, S&P, and NASDAQ at its worst trading day since June 2020. Dow industrial average rose 30.12 points or 0.10% at 31135.08. The S&P 500 rose 13.34 points or 0.34% at 3946.02 and the NASDAQ index rose 86.11 points or 0.74% at 11719.69.

New Zealand Q2 GDP +1.7% q/q (expected +1.0%).

NZ’s ASB expect the Reserve Bank of New Zealand to raise the cash rate to a terminal 4.25%.

The Bank of England policy meeting today has been rescheduled to next week.

Oil prices edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the United States, the world’s biggest crude consumer.

Brent crude futures was up by 2 cents to $94.12 a barrel by 0324 GMT, while U.S. West Texas Intermediate crude rose 18 cents, or 0.2%, to $88.66.

Gold prices slipped to a two-week low on Thursday, as a stronger U.S. dollar and expectations of big interest rate hikes from the Federal Reserve diminished the metal’s appeal.

Spot gold was down 0.3% at $1,691.63 per ounce, as of 0312 GMT, after touching its lowest since Sept. 1 at $1,689.78 earlier in the session. U.S. gold futures fell 0.4% to $1,702.40.

Among other precious metals, spot silver shed 1.1% to $19.48 per ounce, platinum fell 0.5% to $900.99 and palladium slipped 0.4% to $2,154.42.

U.S. futures higher. Dow Jones +0.01%; S&P 500 +0.03%; Nasdaq +0.02%.

Image and article originally from Read the original article here.

By admin