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February 3rd, Futures News: Economies.com analysts latest view: In recent intraday trading, Brent crude oil futures prices fluctuated, facing downward pressure and exhibiting a steep downward trend as they traded below the 50-day moving average. On the other hand, in the short term, prices are leaning against the support line of a minor upward trend. The Relative Strength Index (RSI) has shown positive signals after reaching oversold levels, indicating that some oversold conditions are reversing, suggesting that upward momentum will weaken rapidly.Reserve Bank of Australia Governor Bullock: The economy is actually in good shape, but supply is constrained.On the morning of February 3, President Xi Jinping held talks with Uruguayan President Orsi, who was on a state visit to China, at the Great Hall of the People in Beijing. Xi Jinping emphasized that China and Uruguay should continue to firmly support each others core interests and major concerns, maintain close and comprehensive friendly exchanges at all levels, strengthen exchanges of experience in governance, and continuously deepen strategic mutual trust. The Fourth Plenary Session of the 20th CPC Central Committee adopted the "15th Five-Year Plan" proposal, outlining a blueprint for Chinas economic and social development over the next five years and providing more opportunities for countries including Uruguay. Both sides should strengthen the alignment of development strategies, deepen cooperation in trade, finance, agriculture, infrastructure construction, and information and communication, explore the potential for cooperation in emerging fields such as green development, the digital economy, artificial intelligence, and clean energy, and promote the transformation and upgrading of economic growth. The Chinese and Uruguayan people share a natural affinity, and both sides should continue to deepen exchanges in culture, education, sports, media, and local areas, facilitate personnel exchanges, and promote mutual understanding.Reserve Bank of Australia Governor Bullock: The stronger Australian dollar has led to a tightening of financial conditions.Reserve Bank of Australia Governor Bullock: We will strive to reduce inflation while maintaining near full employment.

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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