Monday 19th February 2024: Asian Markets Rally on Post-Holiday Surge – IC Markets


Global Markets:

  •  Asian Stock Markets : Nikkei down 0.08%, Shanghai Composite up 0.99%, Hang Seng down 0.94% ASX up 0.09%
  • Commodities : Gold at $2032.5 (0.42%), Silver at $23.17 (-1.24%), Brent Oil at $82.85 (-0.76%), WTI Oil at $77.87 (-0.78%)
  • Rates : US 10-year yield at 4.290, UK 10-year yield at 4.144, Germany 10-year yield at 2.394

News & Data:

  • (USD) Core PPI m/m 0.5% vs  0.1% expected
  • (USD) PPI m/m 0.3% vs  0.1% expected

Markets Update:

Chinese stock markets saw a boost as traders returned from the Lunar New Year holidays, with the CSI 300 rising by 0.5%. Consumer spending surpassed pre-Covid levels during the holiday, particularly benefiting tourism stocks, which gained 1.2%. The People’s Bank of China held a key policy rate steady at 2.5%, while diplomatic talks between China’s Foreign Minister Wang Yi and U.S. Secretary of State Antony Blinken emphasized the need for the U.S. to lift restrictions on Chinese entities and individuals.

In contrast, Hong Kong’s Hang Seng index fell by 1%, and the Hang Seng Tech index dropped by 2.7%. Japan’s Nikkei 225 edged 0.08% lower, while the broader Topix increased by 0.5%. South Korea’s Kospi recorded a 1.3% gain, and Australia’s S&P/ASX 200 closed 0.1% higher at 7,665.10. U.S. markets were closed for the Presidents’ Day holiday.

On Wall Street, major indexes experienced a decline on Friday after a concerning inflation report, raising fears of delayed interest rate cuts from the Federal Reserve. The S&P 500 fell by 0.48%, the Dow Jones Industrial Average slid 0.37%, and the Nasdaq Composite lost 0.82%.

Upcoming Events: 

  • 1:30 PM GMT – CAD IPPI m/m
  • 1:30 PM GMT – CAD RMPI m/m


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