Morning Wrap (11.07.2024)

12:39 11 กรกฎาคม 2024
  • Asian and Pacific indices are mostly experiencing a bullish session driven by a record cash session close on Wall Street. Chinese indices are up between 1.50-1.65%, and Japan's Nikkei 225 index is up 1.10% above 42,300 points.

  • The Nasdaq and S&P 500 reached record-high closes on Wednesday, driven by gains in Nvidia and other AI and tech sector companies. Nvidia gained 2.70% to $134.90 per share at the session's close. Today, investors' focus will be on the US CPI inflation report for June.

  • Futures on European indices indicate a mixed opening for the cash session on the Old Continent. The UK100 is up 0.10%, while the DAX is flat.

  • In the forex market, the New Zealand dollar and the Australian dollar are the biggest gainers in the first part of the day, with increases between 0.1-0.3%. The Japanese yen is again one of the weaker currencies. USDJPY is up 0.10% to 161.7000 JPY per USD.

  • AMD (AMD.US) announced on Wednesday the acquisition of the European AI lab Silo AI in a cash transaction worth $665 million. AMD aims to enhance the competitiveness of its products and further compete with Nvidia (NVDA.US) in the field of artificial intelligence.

  • Japan's monthly machinery orders report came in lower than expected at 3.2% m/m (-2.9% m/m previously). However, the data was better on an annual basis, at 10.8% y/y (previously 0.8% y/y). This report is used as a leading indicator of capital expenditures in the upcoming 6-9 months.

  • Inflation in the United States should continue to decline without a significant further increase in the unemployment rate, said Federal Reserve Governor Lisa Cook on Wednesday during an economic conference in Australia. Lisa Cook's baseline scenario is still a soft landing, although this has been rare in previous decades.

  • South Korea's central bank left interest rates unchanged at 3.50%. The board unanimously decided on Thursday to maintain the seven-day repurchase rate, as forecast by all 22 economists surveyed by Bloomberg. In a statement, however, the bank opened the way for cuts in the coming months, indicating that it would be necessary to analyze the convenient timing of such a move.

  • Bank of Korea Governor Rhee Chang-yong has sought to rein in speculative market moves based on assumptions of short-term policy returns. Market expectations for a cut are somewhat exaggerated, Rhee said during a news briefing.

  • There are no significant changes in the cryptocurrency market, with Bitcoin trading at $57,800, around the levels seen in the second half of yesterday. Slight declines can be observed in the Altcoin and Ethereum markets.

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