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Indices from Asia-Pacific traded mostly higher today – Japanese Nikkei gained 1.25%, S&P/ASX 200 moved 0.7% higher, Kospi is up 1.0%, indices from China traded 0.7% higher

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Thursday News
  • Indices from Asia-Pacific traded mostly higher today – Japanese Nikkei gained 1.25%, S&P/ASX 200 moved 0.7% higher, Kospi is up 1.0%, indices from China traded 0.7% higher
  • Asian stocks saw an upturn due to gains in US equities and a two-year low in the US inflation rate, reducing global market pressure from rising interest rates
  • The Asian indices were fueled by surges in Hong Kong, Japan, and Australia; Sony’s stocks rose by 4.75% in Tokyo after a Goldman Sachs’ recommendation upgrade
  • Chinese technology stocks gained for a fourth consecutive day following a meeting between Chinese Premier Li Qiang and tech enterprise executives, sparking hopes of an end to the government’s crackdown on the sector
  • Yesterday, the S&P 500 reached its highest point since April 20, 2022, outperformed by the Nasdaq 100
  • The dollar index continues to decline; the NZD is the strongest currency in today’s forex market. On the other hand, the JPY is the weakest, following several days of strong performance.
  • China’s actual trade balance of USD 70.62B fell short of the forecasted 74.9B, reflecting the global issues of trade slowness and economic stagnation
  • Goldman Sachs predicts the Bank of Canada will implement one more 25 bps rate hike in October
  • New Zealand’s manufacturing PMI hit its lowest point since November 2022 at 47.5, with eight of the last ten months showing activity below 50.0
  • The Melbourne Institute’s Inflation Expectations survey showed that Australian consumers’ median expectations for price growth over the coming 12 months were at 5.2%, aligning with prior results and slightly exceeding expectations

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