Morning wrap (06.09.2023)

8:37 am 6 September 2023

  • Indices from Asia-Pacific were traded mostly lower. Only the Japanese Nikkei225 traded higher by 0.70%. AustralianS&P/ASX 200 declined by 0.45%, Kospi traded 0.7% lower and indices from China traded 0.65% lower.

  • Yesterday the Wall Street session was closed in red. US500 traded 0.05% lower and below 4500 points, US100 was down by 0.1% at the level of 15500 points.

  • European index futures point to a slightly lower opening of the cash session on the Old Continent today.

  • Australia's economy surpassed expectations with a YoY real GDP growth rate of 2.1%, outperforming the forecast of 1.8% despite the previous rate of 2.3%.

  • The QoQ real GDP growth also met expectations at 0.4%, matching the forecast, and improving from the previous 0.2%.

  • This performance can be attributed to robust export demand for both products and services, serving as a driving force for the Australian economy. Despite 12 interest rate hikes, the economy continues to display resilience and momentum.

  • BoJ's Takata highlighted that achieving the 2% inflation target still remains a challenge and pointed out the influence of the stronger-than-expected US economy on currency dynamics.

  • Takata also noted that several key economic indicators indicate a downward deviation in the Chinese economy, warranting attention.

  • Energy commodities traded mixed, oil continues to tick higher above $90 per barrel. US natural gas price dropped 0.40%.

  • Precious metals gain - gold, palladium and silver trades around 0.05-0.15% higher while platinum dropped 0.40%

  • Cryptocurrency market remains to tick slightly lower without any sudden ups and downs. Bitcoin is losing 0.20% and is traded around $25700 while Ethereum is traded 0.40% lower to $1630.

USDJPY is trading slightly lower today after a significant weakening of the Japanese Yen yesterday. The Yen has now entered a territory that historically raises concerns among Japanese politicians and bankers.

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.