- Asian Stock Markets : Nikkei down 0.43%, Shanghai Composite up 0.14, Hang Seng down 0.28% ASX up 0.86%
- Commodities : Gold at $1971.05 (0.43%), Silver at $23.39 (1.27%), Brent Oil at $82.73 (0.27%), WTI Oil at $77.80 (-0.4%)
- Rates : US 10-year yield at 4.633, UK 10-year yield at 4.371, Germany 10-year yield at 2.708
News & Data:
- (USD) Federal Budget Balance -66.6B vs -70.5B expected
Asia-Pacific markets surged on Tuesday as investors eagerly anticipated talks between U.S. President Joe Biden and China’s President Xi Jinping, set to meet in person in San Francisco after nearly a year. South Korea’s Kospi soared by 1.26%, while the Kosdaq rebounded by 2.10% following a five-day decline. Australia’s S&P/ASX 200 rallied, closing 0.86% higher at 7,006.70, reversing a two-day downtrend.
In contrast, Hong Kong’s Hang Seng index initially climbed but later dropped by 0.28%, while mainland China’s CSI 300 index rose by 0.25%. On Wall Street, the S&P 500 concluded Monday’s session almost unchanged as traders prepared for key U.S. inflation data. It closed down marginally by 0.08%, mirrored by a 0.22% decrease in the Nasdaq Composite. Conversely, the Dow Jones Industrial Average advanced by 0.16%.
The market’s focus shifted towards the impending release of headline inflation figures on Tuesday, with economists predicting a 3.3% increase year-on-year, along with a projected 0.1% uptick from the previous month’s metrics. The anticipated discussions between the U.S. and China, coupled with awaited economic data, fueled market optimism and spurred activity across the Asia-Pacific region, with fluctuations observed in different indices amid these high-stakes developments.
Investors remained attentive to the potential impacts of these talks and economic indicators on global market dynamics, particularly in relation to inflationary trends and geopolitical implications between the two economic powerhouses.
- 7.00 PM – USD PPI y/y
- – USD Retail Sales
- 9.00PM – USD EIA Crude Oil Stock Change