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23/05/2023

Today’s Announcements & News

Asia

On Monday, talks about the U.S. debt ceiling were scheduled to resume, and stocks in Tokyo extended their rally, which led to the majority of Asia-Pacific markets rising.

The Hang Seng Tech index jumped 2.17 percent, but gains in the region were led by Hong Kong’s Hang Seng index, which rose 1.23 percent. In central area China, the Shanghai Composite shut 0.39% down at 3,296.47 and the Shenzhen Part was 0.32% higher and finished at 11,127.04 as Individuals’ Bank of China left its 1-year and 5-year advance prime rates unaltered.

Chip stocks like SK Hynix and Samsung Electronics pushed the South Korean Kospi up 0.76 percent to 2,557.08 at the end of the day. This follows Beijing’s announcement that it would prevent key infrastructure operators from purchasing Micron products.

As stocks in Japan remained at their highest levels since 1990, the Nikkei 225 gained 0.9 percent to close at 31,086.92 and the Topix gained 0.66% to close at 2,175.9. This was the Topix’s seventh winning streak. At this level, the Nikkei is up more than 20% year to date.

The S&P/ASX 200, which ended Monday at 7,266.6, bucked the trend in Australian stocks and fell 0.18 percent.

United States

The S&P 500 completed minimal changed on Monday as Money Road anticipated a crucial obligation roof meeting and government authorities mixed to deflect a default.

The benchmark list crept 0.02% higher to complete at 4,192.63, while the Dow Jones Modern Normal

lost 140.05 focuses, or 0.42%, to end at 33,286.58. At 12,720.78, the Nasdaq Composite gained 0.5 percent.

Monday’s moves brought the tech-weighty file to its most elevated close and most elevated intraday level since August.

With just 10 days remaining before the earliest date that Treasury Secretary Janet Yellen stated the United States could realistically default, President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Monday at 5:30 p.m. Eastern Time to continue discussions regarding the debt ceiling.

Veteran moderators on the two sides continued talks Monday morning in the State house, yet compulsory government spending cuts stay a significant hindrance. Biden stated that any general cuts without additional tax increases are impossible, despite Republicans’ insistence that spending be reduced to baseline levels by 2022.

Commodity

Oil costs edged up 1% on Monday with an ascent in U.S. fuel prospects and figures for oil interest to ascend in the last part of the year, while provisions from Canada and OPEC+ declined as of late.

However, as the market waited for news on the debt ceiling talks in the United States, a stronger dollar kept oil prices under control.

Brent rough prospects for July conveyance rose 41 pennies, or 0.5%, to settle at $75.99 a barrel.

U.S. West Texas Moderate (WTI) unrefined for June conveyance rose 44 pennies, or 0.6%, to settle at $71.99 per barrel, while the more dynamic July contract, which is presently the new front-month, rose 0.5% to settle at $72.05.

The biggest price change came from U.S. gasoline futures, which increased by 2.8% to a one-month high of $2.6489 per gallon.

On Monday, hawkish remarks made by a few members of the U.S. Federal Reserve weighed on non-yielding bullion, causing gold prices to fall slightly. Markets also sought clarification regarding the debt ceiling negotiations in the United States.

By 1:05 p.m. ET, spot gold was down 0.1% to $1,974.10 per ounce. To $1,976.40, U.S. gold futures lost 0.3 percent.

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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