Asia Morning August 4
Asia Morning: U.S. Tech Stocks at Record Highs
Nasdaq 100 Index: Daily Chart
Source: GAIN Capital, TradingView
Market sentiment was boosted by upbeat U.S. manufacturing data and merger & acquisition deals.
Software & Services (+2.9%), Automobiles & Components (+2.17%), Technology Hardware & Equipment (+2.03%) sectors led the market higher. Microsoft (MSFT +5.62% to $216.54) and Apple (AAPL +2.52% to $435.75) closed at all-time highs.
Regarding U.S. economic data, the Markit U.S. Manufacturing Purchasing Managers' Index (final reading) posted at 50.9 (still in expansion mode, slightly below 51.3 expected). The ISM Manufacturing Index jumped to 54.2 in July (53.6 expected). Construction Spending declined 0.7% on month in June (+1.0% expected).
European stocks rebounded. The Stoxx Europe 600 Index jumped 2.05%, Germany's DAX 30 surged 2.71%, France's CAC 40 rose 1.93%, and the U.K.'s FTSE 100 climbed 2.29%.
The benchmark U.S. 10-year Treasury yield stepped up to 0.558% from 0.536% Friday.
Spot gold price added $2.00 to $1,976 an ounce, and spot silver price edged lower to $24.32 an ounce.
U.S. WTI crude oil futures (September) rose 1.8% to $41.01 a barrel.
On the forex front, the U.S. dollar managed to keep its strength, with the ICE U.S. Dollar Index edging higher to 93.51.
EUR/USD remained under pressure closing at 1.1762. GBP/USD failed to regain the 1.3100 level.
The Markit Eurozone Manufacturing Purchasing Managers' Index posted at 51.8 for July final reading (51.1 expected). Germany's (51.0 vs 50.0 expected), France's (52.4 vs 52.0 expected) and the U.K.'s (53.3 vs 53.6 expected) Markit Manufacturing PMIs also pointed to expansion (above 50.0).
Following a 1.1% rebound Friday, USD/JPY climbed higher to 105.95 (day-high at 106.47). Japan's 1Q GDP shrank at an annualized rate of 2.2% (vs -2.8% expected), while the Jibun Bank Japan Manufacturing PMI posted 45.2 in July (up from 42.6 in June). This morning, Tokyo's July Core CPI growth was reported at +0.4% on year (+0.1% expected).
AUD/USD was down for a second day as it slipped 0.3% to 0.7124. Australia's central bank is expected to keep its key interest rate unchanged at 0.25% today.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.
ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.
City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.
The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.
The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.
The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
© City Index 2024