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02/08/2023

Today’s Announcements & News

Asia

Asia-Pacific markets saw gains on Monday, despite China’s factory activity remaining in contraction territory for the fourth consecutive month in July.

China’s official manufacturing Purchasing Managers’ Index (PMI) came in at 49.3, slightly higher than June’s figure of 49.0, as reported by the national bureau of statistics. However, the PMI for non-manufacturing activity showed a slower rate of expansion at 51.5, compared to 53.2 in June.

In Hong Kong, the Hang Seng index rose 0.83% in its final hour of trade, while the Hang Seng Tech index saw a larger climb of 1.87%. If the current levels hold, this would be the first time the HSI breached the 20,000 mark in over a month.

Mainland Chinese markets also experienced gains, although they pared some of their earlier gains. The Shanghai Composite rose 0.46% to finish at 3,291.04, and the Shenzhen Component ended 0.75% higher at 11,183.91.

US

On the first trading day of August, the S&P 500 experienced a decline as investors assessed a wave of corporate earnings reports and economic data. The broad-based index fell 0.27%, closing at 4,576.73, while the Nasdaq Composite dropped 0.43% to end at 14,283.91. However, the Dow Jones Industrial Average managed to add 71.15 points, or 0.2%, reaching a settlement of 35,630.68. During the session, the Dow even touched its highest level since February 2022.

Pharmaceutical giant Merck saw a 1.3% pullback in its stock price, despite reporting a smaller-than-expected loss and exceeding revenue expectations, thanks to strong sales of its drug Keytruda. On the other hand, Caterpillar’s strong financial results boosted its shares, which rose by 8.9%.

Commodity

Oil prices experienced a slight decline due to a stronger dollar and signs of profit-taking following a rally in July. During that rally, investors had bet on tighter global supplies and anticipated demand growth in the second half of 2023.

As of 4:15 p.m. ET on Tuesday, Brent crude futures for October were trading at $85.22 a barrel, down 21 cents or 0.25%. In the previous session, front-month Brent had settled at its highest level since April 13.

Meanwhile, gold prices fell over 1% on Tuesday, influenced by a stronger dollar and an increase in bond yields. Investors were closely monitoring more U.S. economic data expected later in the week, which could impact the Federal Reserve’s policy stance.

At 4:17 p.m. ET, spot gold was down 1% at $1,944.0217 per ounce, and U.S. gold futures dropped 1.3% to $1,981.6.


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.

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