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Tuesday 8th October 2024: Asian Markets Lose Steam as Chinese Rally Fades

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Global Markets:
Asian Stock Markets : Nikkei down 1.40%, Shanghai Composite up 3.06%, Hang Seng down 7.35% ASX down 0.38%
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%)
Rates : US 10-year yield at 4.003, UK 10-year yield at 4.210, Germany 10-year yield at 2.2500
News & Data:
(JPY) Current Account 3.02T vs 2.43T expected
Markets Update:
Chinese markets lost momentum on Tuesday after the National Development and Reform Commission’s briefing offered limited details on further stimulus measures. Mainland China’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%.
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%.
South Korea’s 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’s S&P/ASX 200 dropped 0.35%, closing at 8,176.9.
In the U.S., rising oil prices and higher Treasury yields dampened market sentiment. The Dow Jones Industrial Average declined 0.94%, the S&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.
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