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Starbucks (SBUX.O) has reached an agreement with Boyu Capital to form a joint venture.British Prime Minister Keir Starmer warned that his government will make "difficult but fair decisions" in the tax-increase budget later this month.Market news: Meta Platforms (META.O) has completed a $30 billion bond issuance.U.S. Treasury yields rose on Monday, November 4, as high corporate bond issuance and a continuation of the pessimistic tone of the previous week in the Treasury market followed Federal Reserve Chairman Jerome Powells remarks dampening the possibility of further monetary easing this year. Meanwhile, the U.S. government shutdown, which began on October 1, is on track to become the longest shutdown in history this week, disrupting the release of key economic data and increasing uncertainty for policymakers and investors as they assess the trajectory of inflation and a weak labor market. "I think the decline in Treasury yields has been too rapid and too sharp," said Kelly Kowalski, head of investment strategy at MassMutual. "The market had been expecting a significant rate cut from the Fed, but Powell dampened those expectations last week… More important than the December meeting, this has raised questions about the markets already priced-in significant rate cuts next year and the Feds view on that," she said, adding, "This is largely related to the lack of data."The Dow Jones Industrial Average closed down 226.19 points, or 0.48%, at 47,336.68 on Monday, November 3; the S&P 500 rose 11.77 points, or 0.17%, to 6,851.97 on Monday, November 3; and the Nasdaq Composite rose 109.77 points, or 0.46%, to 23,834.72 on Monday, November 3.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Jumps on China PMI

Steven Zhao

Mar 01, 2023 15:37


Market Overview

It was a bullish Wednesday morning session for the Asian markets, with the Hang Seng Index leading the way. The Asian markets brushed aside bearish sessions for the Dow and the NASDAQ Composite Index. US economic indicators disappointed on Tuesday, with consumer confidence weakening for a second consecutive month and house price growth slowing.


The CB Consumer Confidence Index fell from 106.0 to 102.9 in February, with the S&P/CS HPI Composite n.s.a rising by 4.6% year-over-year in December. House prices were up 6.8% in November. Elevated US mortgage rates continue to impact buyer demand, with US mortgage rates bouncing back after a brief retreat.


On Tuesday, the NASDAQ Composite Index fell by 0.10%, with the Dow Jones and S&P 500 seeing losses of 0.71% and 0.30%, respectively. This morning, the US Futures reversed early losses. The Dow mini was up 16 points, with the NASDAQ mini flat.


Private sector PMI numbers from China delivered support to riskier assets this morning. After a China data void, today’s stats provided investors with much-needed relief. The all-important Caixin Manufacturing PMI increased from 49.2 to 51.6 in February. Economists forecast a PMI of 50.2. Significantly, the manufacturing sector expanded for the first time since July 2022.

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