Wednesday, May 22, 2024
HomeBusinessAsian markets down despite US market rebound.

Asian markets down despite US market rebound.

The global bond yields are rising as major central banks are expected to maintain higher interest rates to combat persistent inflation. In Australia, the 10-year government bond yield has reached its highest level since December 2013, surpassing 4.4%. Meanwhile, Singapore’s manufacturing production has declined by 12.1% year-on-year in August 2023, exceeding market expectations. Finland’s unemployment rate has remained unchanged at 6.7% compared to the same month last year. Additionally, the Hong Kong 10-year government bond yield has surged to a near 16-year high of 4.335%. In Malaysia, producer prices have experienced a 1.8% year-on-year decrease in August 2023. Thailand’s trade balance unexpectedly shifted to a small surplus of $0.36 billion in August 2023, contrasting with a gap of $4.22 billion in the same month the previous year.

In the United States, the stock market showed positive signs as all three major indexes, the Nasdaq Composite, S&P 500, and Dow Jones, closed higher after a four-day losing streak. However, US stock futures remained steady on Tuesday as the Dow dropped by 0.28%, S&P 500 decreased by 0.33%, and Nasdaq declined by 0.41%.

Crude oil prices remained weak due to concerns about reduced fuel demand resulting from central banks maintaining higher interest rates. Moreover, gold experienced a slight decrease, reaching $1,914.15, extending its decline from above $1,947 over the past week. In terms of currency exchange rates, the Japanese Yen/US Dollar, Chinese Yuan/US Dollar, Australian Dollar/US Dollar, Indian Rupee/US Dollar, Hong Kong Dollar/US Dollar, and New Zealand Dollar/US Dollar rates were all mentioned.

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