Tuesday 12th March 2024: Asian markets rise on Hong Kong gains and positive Japanese inflation – IC Markets

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Global Markets:

  •  Asian Stock Markets : Nikkei down 0.05%, Shanghai Composite down 0.55%, Hang Seng up 2.68% ASX up 0.11%
  • Commodities : Gold at $2182.5 (-0.26%), Silver at $24.67 (-0.31%), Brent Oil at $82.53 (0.36%), WTI Oil at $78.67 (0.36%)
  • Rates : US 10-year yield at 4.099, UK 10-year yield at 4.004, Germany 10-year yield at 2.299

News & Data:

  • (JPY) PPI y/y  0.6% vs 0.6% expected

Markets Update:

Most Asia-Pacific markets experienced gains, particularly driven by a surge in Hong Kong’s Hang Seng index, which rose over 2% and was poised to extend its winning streak to three days. The mainland Chinese CSI 300 also saw an increase of 0.37%.

Meanwhile, Japan reported a corporate inflation rate for February at 0.6%, surpassing economists’ expectations of 0.5%. This marked an ascent from January’s figure of 0.2%. A robust inflation reading may pave the way for the Bank of Japan to consider raising rates sooner, potentially impacting Japan’s equity markets.

However, Japan’s Nikkei 225 slipped for a second consecutive day, declining by 0.05%, and the broader Topix was down 0.67%. In Australia, the S&P/ASX 200 rebounded, closing at 7,712.5 with a gain of 0.11%. South Korea’s Kospi also showed positive movement, trading up 0.52%, while the small-cap Kosdaq climbed 1.25%.

Investors are closely monitoring inflation figures from India and the U.S., scheduled for release later on Tuesday. These figures could provide insights into the potential timing of interest rate cuts by the Federal Reserve.

In the U.S. overnight, the three major indexes displayed mixed results. The ongoing cooling of the tech rally contributed to both the S&P 500 and Nasdaq Composite experiencing a second consecutive negative session, falling by 0.11% and 0.41%, respectively. In contrast, the Dow Jones Industrial Average defied the trend, adding 0.12%.

Upcoming Events: 

  • 12:30 PM GMT – USD Core CPI m/m
  • 12:30 PM GMT – USD CPI m/m
  • 12:30 PM GMT – USD CPI y/y

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