Global Markets:
- Asian Stock Markets : Nikkei up 0.25%, Shanghai Composite down -0.04%, Hang Seng down -0.54% ASX down -0.18%
- Commodities : Gold at $4,073.86 (0.17%), Silver at $50.758 (0.53%), Brent Oil at $64.69 (-0.31%), WTI Oil at $60.49 (-0.30%)
- Rates : US 10-year yield at 4.121, UK 10-year yield at 4.5590, Germany 10-year yield at 2.7095
News & Data:
- (CAD) Housing Starts 233K to 265K expected
Markets Update:
Asian stock markets are trading mostly higher on Wednesday, despite the weak cues from Wall Street, as investors look for bargain opportunities following a three-day sell-off. Caution persists ahead of delayed U.S. economic data, including the September jobs report, which may influence expectations for the Federal Reserve’s December meeting. Earlier private employment indicators had supported hopes of a rate cut, but recent comments from Fed officials have reduced such expectations. CME Group’s FedWatch Tool now reflects a 48.9 percent probability of a 25-basis-point cut.
In Australia, the S&P/ASX 200 is slightly higher, supported by gains in gold miners though financial stocks remain weak. Major miners are mixed, while technology shares show varied performance. Gold miners such as Evolution Mining and Northern Star Resources are posting notable gains. Corporate developments include sharp movements in DroneShield, Webjet, and Nufarm shares. Wage data for the third quarter showed steady quarterly and annual growth, aligning with expectations. The Australian dollar is trading near $0.650.
In Japan, the Nikkei 225 is advancing, supported by strength in automakers and key index heavyweights, despite continued weakness in technology stocks. Machinery orders for September exceeded forecasts, reinforcing optimism for future quarters. The yen is trading in the lower 155-per-dollar range.
Elsewhere in Asia, major markets are modestly higher, while Hong Kong is flat. Wall Street closed sharply lower on Tuesday, and European markets also saw significant declines. Crude oil prices strengthened on expectations of increasing demand following the end of the U.S. government shutdown.
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