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Friday's session on Wall Street saw relative declines in US indexes. The Nasdaq lost 0.56% and the S&P500 fell 0.11%.
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Asia-Pacific (APAC) markets are trading under pressure today due to ongoing uncertainty around economic activity in China and concerns about the insolvency of parts of the real estate development sector. Japan's Nikkei 225 is currently losing nearly 1%, the Hang Seng index is subtracting more than 2.5%, and Korea's KOSPI is losing 1.1%.
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Country Garden, China's largest private real estate developer, said in a statement to the Shenzen Stock Exchange that it plans to suspend trading in some of its bonds starting Monday. The reaction from Chinese stock markets was swift, with property development companies extending the downward momentum from last week.
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European futures indicate that indexes on the Old Continent will start today's session lower. The Euro Stoxx 50 is losing nearly 0.4% before the opening.
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In the FX market, the Japanese yen and the US dollar are leading today. Antipodean currencies are the worst performers at the moment. The USDJPY pair momentarily broke through the 145.00 barrier, nevertheless the upward impulse on the pair stopped and the pair returned below this limit.
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According to analysts, the number of flights between the U.S. and China is expected to double by the end of October, and the mere lifting of restrictions on Chinese travel could strengthen economic momentum in travel-related/dependent industries.
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Goldman Sachs expects the Fed to begin cutting interest rates by the end of June 2024 at a moderate pace, most likely once a quarter.
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Tesla is lowering the price of its cars in China, especially Model Y.
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A Russian warship fired warning shots at a cargo ship in the Black Sea. However, wheat prices are not reacting significantly to the event.
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Oil quotations are losing dynamically at the beginning of the week. The deterioration in overall market sentiment lifts WTI crude oil quotes by nearly 1.1% below Friday's closing prices. In addition, Pakistan has suspended oil imports from Russia, citing the poor quality of the crude.
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