{"id":67039,"date":"2024-08-01T18:43:17","date_gmt":"2024-08-01T08:43:17","guid":{"rendered":"https:\/\/www.icmarkets-vnf.com\/blog\/?p=67039"},"modified":"2024-08-01T18:43:19","modified_gmt":"2024-08-01T08:43:19","slug":"thursday-1st-august-2024-asia-pacific-markets-mixed-amid-fed-and-regional-data","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/thursday-1st-august-2024-asia-pacific-markets-mixed-amid-fed-and-regional-data\/","title":{"rendered":"Thursday 1st August 2024: Asia-Pacific Markets Mixed Amid Fed and Regional Data"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 2.62%, Shanghai Composite down 0.22%, Hang Seng down 0.23% ASX up 0.28%<\/li>\n\n\n\n<li>Commodities : Gold at $2480.35 (0.37%), Silver at $28.98 (-0.15%), Brent Oil at $81.53 (0.87%), WTI Oil at $78.29 (0.82%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.055, UK 10-year yield at 3.974, Germany 10-year yield at 2.288<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(CAD) GDP m\/m&nbsp; 0.2% vs 0.1% expected<\/li>\n\n\n\n<li>(USD) ADP Non-Farm Employment Change&nbsp; 122K vs 147K expected<\/li>\n\n\n\n<li>(USD) Employment Cost Index q\/q&nbsp; 0.9% vs 1.0% expected<\/li>\n\n\n\n<li>(USD) Federal Funds Rate&nbsp; 5.5% vs 5.5% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets were mixed Thursday following comments from U.S. Federal Reserve Chair Jerome Powell, suggesting a possible rate cut in September if inflation trends remain favorable. Japan\u2019s Nikkei 225 fell 2.49% to 38,126.33, and the Topix dropped 3.24% to 2,703.69, primarily due to losses in real estate stocks and major exporters as the yen strengthened. A stronger yen decreases the competitiveness of Japanese exports, and higher borrowing costs negatively impact real estate companies.<\/p>\n\n\n\n<p>On Wednesday, the Bank of Japan raised its benchmark interest rate to \u201caround 0.25%,\u201d its highest since 2008. The yen strengthened 0.9% to 148.61 against the dollar after dropping below 150. Japan\u2019s finance ministry reported spending 5.53 trillion yen ($36.8 billion) on foreign exchange intervention from June 27 to July 29. Toyota saw a 12.2% revenue increase to 11.84 trillion yen ($79.05 billion) and a 16.7% rise in operating income to 1.31 trillion yen for its first quarter, with net income up 2.8% year-on-year to 1.33 trillion yen. However, its shares fell 8.29%.<\/p>\n\n\n\n<p>The Federal Reserve\u2019s meeting concluded with the federal funds rate unchanged at 5.5%. Powell indicated that a rate cut is not guaranteed and dismissed the possibility of a 50-basis-point reduction. Australia\u2019s S&amp;P\/ASX 200 reached new highs, gaining 0.28% to 8,114.7. South Korea\u2019s Kospi rose 0.25% to 2,777.68, while the Kosdaq increased 1.29% to 813.53. Preliminary data showed South Korean exports grew 13.9% year-on-year to $57.49 billion in July.<\/p>\n\n\n\n<p>Hong Kong\u2019s Hang Seng index was down 0.23%, and the CSI 300 in mainland China fell 0.66% to 3,419.27. Hong Kong\u2019s GDP rose 3.3% year-on-year in Q2, surpassing expectations. China\u2019s factory activity contracted in July, with the manufacturing PMI at 49.8, below the expected 51.5.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n\n\n\n<li>2:30 PM GMT &#8211; USD ISM Manufacturing PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets were mixed [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":65024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[215,339],"tags":[],"class_list":["post-67039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/67039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=67039"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/67039\/revisions"}],"predecessor-version":[{"id":67046,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/67039\/revisions\/67046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/65024"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=67039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=67039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=67039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}