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Indexes from the Asia-Pacific region traded mixed during today’s session. Nikkei rose by 1.1%, S&P/ASX 200 gained 0.9% and Kospi fell by 0.5%. Chinese indexes underperformed and dropped by 0.3%.

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Wednesday News
  • Indexes from the Asia-Pacific region traded mixed during today’s session. Nikkei rose by 1.1%, S&P/ASX 200 gained 0.9% and Kospi fell by 0.5%. Chinese indexes underperformed and dropped by 0.3%.
  • Asian stocks were mixed, influenced by a positive Wall Street rally driven by US consumer confidence and home sales.
  • European futures contracts for indexes indicate a flat opening of the cash session on the Old Continent.
  • The Australian dollar declined by 1% due to weaker-than-expected inflation data, potentially pausing rate hikes, while the yen strengthened following verbal intervention in Tokyo.
  • Wall Street responded positively to the latest data highlighting economic resilience, despite the implication of continued tight Federal Reserve policy.
  • Tech megacaps, including Tesla, Snowflake, and Meta Platforms (Facebook’s parent), led the rebound in equities, with Nasdaq 100 up almost 2%, while Alphabet underperformed due to concerns about Google’s fast-paced AI expansion.
  • US stock futures fell after a late-breaking Wall Street Journal report that the Biden administration was considering new restrictions on artificial intelligence chip exports to China
  • Goldman Sachs CEO believes it is unlikely for inflation to reach 2% soon, and the US might experience a period of low growth (0-1%) and higher inflation (4%).
  • Australian CPI for the year came in at 5.8%, lower than the forecast of 6.1% and previous 6.8% figure, indicating weaker inflationary pressure.
  • Russian gasoline exports decreased by 30% in June compared to May, while gasoline production at Russian refineries increased by 3.1% year-on-year.
  • US President Biden expresses confidence in the strong economy, ruling out the possibility of a recession.
  • Hawkish European Central Bank officials are considering options to accelerate the reduction of the institution’s €5 trillion ($5.5 trillion) bond holdings.

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