Morning wrap (06.09.2023)

6:37 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.

Share:
Back

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

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits