13/12/2023
Today’s Announcements & News
Asia
Hong Kong stocks led gains in Asia-Pacific markets on Tuesday ahead of the final U.S. Federal Reserve meeting of the year. The Fed’s two-day meeting is expected to keep the Federal Funds rate steady in the 5.25%-5.5% range. Meanwhile, Japan saw faster-than-expected producer price increases, with a 0.3% gain year-on-year, and the yen showed some strength against the dollar. Investors are closely watching the impact of the Fed’s decision on the currency pair. Hong Kong’s Hang Seng index rebounded 1.1%, while Australia’s S&P/ASX 200 rose 0.5%, hitting its highest level since September 15. Japan’s Nikkei 225 closed 0.2% higher, and South Korea’s Kospi climbed 0.4%.
US
Stocks were higher on Tuesday as Wall Street assessed another round of inflation data to gain insights into the Federal Reserve’s potential moves regarding monetary policy. The S&P 500 ticked up 0.3%, the Dow Jones Industrial Average climbed 158 points (0.4%), and the Nasdaq Composite gained 0.6%. All three indexes reached new intraday 52-week highs, with the S&P 500 hitting its highest level since January 2022. The consumer price index rose 3.1% in November year over year, in line with expectations, as investors aim to close the year on a positive note amid a strong market performance.
Commodity
Gold prices on Tuesday trimmed earlier gains as U.S. consumer prices unexpectedly rose in November. Spot gold steadied around $1,981.19 per ounce, after initially being up about 0.5% before the data release. U.S. gold futures rose 0.1% to $1,996.10. The consumer price index (CPI) for November showed a 3.1% year-on-year increase, meeting economists’ expectations. As traders processed this inflation data, attention turned to upcoming central bank policy meetings for further insights into the monetary policy trajectory.
U.S. crude oil prices on Tuesday saw a nearly 4% drop, driven by concerns among traders that the Federal Reserve might not be ready to ease up on interest rates. The West Texas Intermediate contract for January lost $2.71, or 3.80%, settling at $68.61 a barrel, while the Brent contract for February shed $2.79, or 3.67%, to settle at $73.24 a barrel. This decline came amid anxiety sparked by inflation data, impacting expectations related to the Fed’s stance on interest rates.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.