09/03/2023
Today’s Announcements & News
Asia
Stocks in Hong Kong fell more than 2% after Federal Reserve Chairman Jerome Powell warned that rates may need to be higher than expected, raising concerns that a bigger rate hike could be at the next policy meeting.
In Hong Kong, the Hang Seng fell 2.35% in the last hour of trading, led by decliners in consumer discretionary, healthcare and materials stocks, leading losses in the region. In mainland China, the Shanghai Composite Index fell slightly to close at 3,283.25 points, and the Shenzhen Component Index fell nearly 0.1% to close at 11,598.29 points.
In Australia, the S&P/ASX 200 fell 0.77% to 7,307.8, as investors digested comments from Reserve Bank of Australia governor Philip Lowe following Tuesday’s 25 basis point rate hike.
South Korea’s Kospi fell 1.28% to 2,431.91. Japan’s Nikkei 225 rose 0.48 percent to close at 28,444.19, while the Topix added 0.3 percent to 2,051.21.
United States
The Dow Jones Industrial Average ended slightly lower on Wednesday as markets struggled to recover from Tuesday’s sell-off and comments from Federal Reserve Chairman Jerome Powell signaled an extension to interest rates.
The S&P 500 fell 58.06 points, or 0.18%, to 32,798.40
It rose 0.14 percent to 3,992.01. Nasdaq Composite Index
It rose 0.4 percent to 11,576.00.
The new jobs data added to investor concerns that larger rate hikes may be on the horizon. Data showed job vacancies fell less than expected in January, while a stronger-than-expected jobs report for February confirmed the economy remained strong despite the central bank’s rate hikes. The result preceded Friday’s employment data, following January’s blockbuster data.
Commodities
Oil prices fell on Wednesday as concerns that more aggressive U.S. interest rate hikes would weigh on economic growth and oil demand overshadowed a stronger-than-expected draw in U.S. crude inventories.
Brent crude futures fell $74, or 0.9%, to $82.55 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 99 cents, or 1.3%, to $76.59 a barrel.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.
