Friday 16th February 2024: Asian Markets Reach New Highs Despite Economic Challenges – IC Markets

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Global Markets:

  •  Asian Stock Markets : Nikkei up 0.99%, Shanghai Composite up 1.28%, Hang Seng up 2.48% ASX up 0.69%
  • Commodities : Gold at $2015.5 (0.02%), Silver at $22.97 (0.24%), Brent Oil at $82.65 (-0.06%), WTI Oil at $78.27 (0.10%)
  • Rates : US 10-year yield at 4.265, UK 10-year yield at 4.1081, Germany 10-year yield at 2.361

News & Data:

  • (USD) Natural Gas Storage -49B vs  -67B expected

Markets Update:

On Friday, Japan’s Nikkei 225 surged to a fresh 34-year high, approaching all-time record levels at an intraday peak of 38,863.69, less than 100 points away from its historical pinnacle. Despite recent economic challenges and entering a technical recession, the index rose by 1.0%, sparking speculation that Japan might extend its ultra-loose monetary policy.

The economic slowdown in Japan, which recently dropped to the fourth-largest global economy, raised hopes of prolonged monetary support. The finance minister’s concerns about the yen’s weakness have not deterred the upward trend. In the broader Asia-Pacific region, markets mirrored positive Wall Street momentum. Hong Kong’s Hang Seng index led gains with a 2.4% surge, while Australia’s S&P/ASX 200 rose by 0.69%, and South Korea’s Kospi climbed by 1.24%. Mainland Chinese markets remained closed for the Lunar New Year holidays.

Investor attention also turned to Singapore’s 2024 budget release later in the day. In the United States, all three major indexes closed positively, rebounding from earlier losses in the week. The S&P 500 set a new record high, rising by 0.58% to 5,029.73, the Nasdaq Composite added 0.30% to close at 15,906.17, and the Dow Jones Industrial Average traded 348.85 points higher, or 0.91%, ending at 38,773.12.

Upcoming Events: 

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  • 1:30 PM GMT – USD Building Permits
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  • 1:30 PM GMT – USD Core PPI m/m
  • 1:30 PM GMT – USD PPI m/m

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