Global Markets:
- Asian Stock Markets : Nikkei up 1.54%, Shanghai Composite down -1.32%, Hang Seng down -1.11% ASX up 0.98%
- Commodities : Gold at $3,587.75 (-1.31%), Silver at $41.388 (-1.60%), Brent Oil at $67.14 (-0.68%), WTI Oil at $63.50 (-0.73%)
- Rates : US 10-year yield at 4.215, UK 10-year yield at 4.7470, Germany 10-year yield at 2.7406
News & Data:
- (USD) JOLTS Job Openings 7.18M to 7.38M expected
Markets Update:
Asian markets traded mostly higher on Thursday, buoyed by expectations that the US Federal Reserve will cut interest rates at its September meeting. The optimism followed data showing US job openings fell to a ten-month low in July, signaling softening labor market conditions. CME Group’s FedWatch Tool now indicates a 95.4 percent probability of a quarter-point rate cut, up from 88.7 percent a week earlier.
In Australia, stocks rebounded sharply after four sessions of losses. The S&P/ASX 200 gained 0.90 percent to 8,817.70, supported by miners, banks, and technology shares. Rio Tinto and Fortescue advanced over 2 percent each, while Xero climbed more than 4 percent. The big four banks all posted gains, with NAB and Westpac rising more than 2 percent. Energy stocks underperformed, with Woodside Energy down nearly 2 percent.
Japan’s Nikkei 225 rose 1.23 percent to 42,456.16, reversing Wednesday’s decline. Tech and exporter stocks led the rally, with SoftBank gaining over 4 percent and Sony up nearly 3 percent. However, Nidec slumped almost 17 percent.
Elsewhere, China and Taiwan gained over 1 percent, while Hong Kong slipped 0.7 percent.
On Wall Street overnight, the Nasdaq jumped 1 percent and the S&P 500 added 0.5 percent, though the Dow dipped slightly. In Europe, major markets also finished higher. Meanwhile, crude oil fell 2.5 percent to $63.94 amid oversupply concerns ahead of the OPEC meeting.
Upcoming Events:
- 12:15 PM GMT – USD ADP Non-Farm Employment Change
- 12:30 PM GMT – USD Unemployment Claims
- 02:00 PM GMT – USD ISM Services PMI
