Global market update: APAC stocks slip, Wall St extends declines

December 07, 2023 11:17 AM AEDT | By Investing
Follow us on Google News: - Shares in the Asia Pacific region opened lower on Thursday, mirroring a slight downturn in US equities overnight.

Australia's S&P/ASX 200, South Korea's KOSPI 200 and Japan's Nikkei 225 saw declines of 0.2%, 0.4%, and 0.9% respectively by 11:20 am AEDT (12:20 am GMT). This follows a broad dip in US stocks after an afternoon sell-off, with significant losses seen in the energy sector and IT shares.

The Dow Jones Industrial Average dipped by 70 points, or 0.2%, settling at 36054, while the S&P 500 slipped 0.4% to 4549 and the Nasdaq Composite fell 0.6% to 14146.

Declining oil and natural gas prices negatively impacted fossil fuel producers and equipment companies. However, airlines and cruise operators saw an uptick, buoyed by expectations of lower operating costs. Treasury yields continued their recent descent as data revealed a drop in private hiring in November, ahead of the release of Friday's nonfarm payrolls report.

Utilities and homebuilders were bolstered by the drop in borrowing rates. Brent crude oil saw a decline of 3.8% to US$74.26 per barrel, while gold prices rose 0.4% to US$2,026.44.

In bond markets, the yield on Australian 2-year government bonds was down at 3.97% while the 10-year yield also fell to 4.28%. US Treasury notes recorded a decrease, with the 2-year yield at 4.60% and the 10-year yield at 4.12%.

The Australian dollar stood at 65.52 US cents, slightly up from the previous close of 65.49, while the US dollar index was at 104.2.

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Chinese shares witnessed a mixed performance with lenders on a decline, while agricultural commodity and food sectors saw an uptick. EV maker BYD saw a 2.5% increase after its chairman announced plans to purchase up to CNY200 million shares. However, bank stocks led the losses with Agricultural Bank of China, Industrial & Commercial Bank of China, and Bank of China recording declines.

Hong Kong shares ended on a high note as several companies announced share buyback plans. Swire Pacific saw a 17% rise after announcing plans to repurchase up to HK$6 billion of shares. Tech hardware stocks and pharmaceutical companies also witnessed significant movements.

In Japan, the Nikkei Stock Average closed 2.0% higher at 33445.90, marking its biggest one-day advance since mid-November. Indian shares also closed higher, registering a third straight record close, as fresh U.S. economic data reinforced the prospect of the Fed ending its interest rate increases.

European stocks saw a rise as downbeat economic news fueled hopes of interest-rate cuts next year. The Stoxx Europe 600 gained 0.5%, the FTSE 100 advanced 0.3%, and the CAC 40 and DAX climbed 0.7%.

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