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US Session Update: Asia-Pacific Markets Witness Mixed Performance Amid Alibaba Woes and Global Talks

Global Markets:

  •  Asian Stock Markets : Nikkei up 0.46%, Shanghai Composite up 0.11, Hang Seng down 2.07% ASX down  0.13%
  • Commodities : Gold at $1988.05 (0.07%), Silver at $23.89 (-0.24%), Brent Oil at $77.48 (0.07%), WTI Oil at $73.03 (0.15%)
  • Rates : US 10-year yield at 4.445, UK 10-year yield at 4.155, Germany 10-year yield at 2.561

News & Data:

  • (CAD) Housing starts 277K vs 255k expected
  • (USD) Unemployment claims  231K vs 221K expected

Markets Update:

Stock markets in the Asia-Pacific region experienced mixed performance, led by Hong Kong’s decline on Friday. The Hang Seng index fell by 2.13%, mainly due to a significant drop in Alibaba’s shares, dragging the Hang Seng Tech index down by 1.83%. Despite this, the HSI was poised to end the week with a 1.47% gain.

Alibaba’s decision not to proceed with its cloud group’s full spinoff, citing U.S. chip export restrictions, impacted investor sentiment. Investors also focused on high-level talks between the U.S. and China, while economic data from the region was under scrutiny.

Meanwhile, after a month-long rally, Wall Street stocks paused. Japan’s Nikkei 225 closed 0.48% higher, with the Topix up by 0.95%, marking a 2.33% weekly increase.

In South Korea, the Kospi closed 0.74% lower but posted a 2.5% weekly gain. The Kosdaq fell by 1.50% but maintained a 1.29% weekly increase.

Australia’s S&P/ASX 200 ended 0.13% lower, showing a 1% rise for the week. Mainland China’s CSI 300 index dropped 0.23% for the day, remaining the only major Asian market considering weekly losses. In the U.S., the Dow Jones closed lower with a 0.13% slip, while the S&P 500 edged higher by 0.12% and the Nasdaq Composite inched up by 0.07%.

Upcoming Events:

  • 1:30 PM GMT – CAD IPPI m/m
  • 1:30 PM GMT – CAD RMPI m/m
  • 1:30 PM GMT – USD Building Permits
  • 1:30 PM GMT – USD Housing Starts