Asia Ex-Japan Markets Rise, Europe Opens In Green, Gold Hits New High While Dollar Weakens - Global Markets Today While US Slept

Author: Akanksha Bakshi | August 19, 2024 06:54am

On Friday, August 16th, the U.S. stock markets closed higher, with the S&P 500 and Nasdaq notching their seventh consecutive session of gains, rebounding from a recent sell-off driven by weak economic data and recession fears. Investor sentiment was lifted by positive economic indicators and growing optimism that the Federal Reserve could begin cutting interest rates in September.

According to economic data, U.S. housing started dropping 6.8% in July to 1.238 million, with building permits down 4% to 1.396 million. The University of Michigan’s consumer sentiment index rose to 67.8 in August, exceeding expectations.

Most S&P 500 sectors closed higher, led by financials, tech, and utilities, while industrials and energy stocks ended lower.

The Dow Jones Industrial Average was up 0.24% and closed at 40,659.76. The S&P 500 ended the day higher by 0.20% at 5,554.25, and the Nasdaq Composite rose 0.21%, finishing the session at 17,631.72.

Asian Markets Today

• On Monday, Japan’s Nikkei 225 closed lower by 2.01% at 37,362.50, led by losses in the Transportation Equipment, Warehousing, and Fishery sectors.
• Australia’s S&P/ASX 200 gained 0.12%, ending the day at 7,980.40, led by gains in the Gold, Utilities, and Financial sectors.
• India’s Nifty 50 gained 0.16%, closing at 24,579.90, and the Nifty 500 closed higher by 0.40% at 23,150.15.
• China’s Shanghai Composite was up 0.49%, ending the session at 2,893.67, and the Shenzhen CSI gained 0.34%, closing at 3,356.97.
• Hong Kong’s Hang Seng ended the session higher by 0.80% at 17,569.57.

Eurozone at 06:00 AM ET

• The European STOXX 50 index gained 0.35%.
• Germany’s DAX rose 0.06%.
• France’s CAC was up 0.33%.
• U.K.’s FTSE 100 traded lower by 0.08%.

Commodities at 06:00 AM ET

• Crude Oil WTI was trading lower by 0.90% at $74.86/bbl, and Brent was down 0.86% at $79.03 bbl.
• Oil prices fell on Monday due to concerns over weaker demand in China and ongoing ceasefire talks in the Middle East, which could reduce supply risks.
• Natural Gas rose 0.19% to $2.127.
• Gold was trading higher by 0.02% at $2,537.90, Silver gained 0.66% to $29.045, and Copper rose 1.22% to $4.1935.

US Futures at 06:00 AM ET

Dow futures were up 0.04%, S&P 500 futures slid 0.06%, and Nasdaq 100 Futures fell 0.16%.

Forex at 06:00 AM ET

• The U.S. dollar index fell 0.27% to 102.18, the USD/JPY was down 0.83% to 146.36, and the USD/AUD declined 0.33% to 1.4953.
• The yen rose as the dollar weakened, driven by expectations of dovish signals from the Federal Reserve and potential rate cuts. The dollar’s decline is also influenced by anticipated policy divergence between the U.S. and Japan.

Photo by Pavel Bobrovskiy via Shutterstock

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