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16 Feb 2024

The Trade Academy Team

08:00 CET - 3 min read

Friday Morning Coffee - Markets Update - 16 Feb 2024 - APAC Markets Trade Cautious as Commodities Hold Firm

Markets Update: APAC markets lacked direction, while commodities held firm on geopolitical tensions and supply concerns. Investors' eyes remain focused on upcoming economic data and central bank decisions next week.


by TradingView

Global Markets Roundup: 16 Feb 2024

Stocks: Asian equities closed mixed on Friday, with some early optimism fading despite a lack of major newsflow. The ASX 200 (AU:ASX) edged up 0.07% to 7,595.00, supported by gold miners and financials before being countered by losses in tech. Nikkei 225 (JP:NIKK) outperformed, briefly topping 33,500 on a weak JPY, but closed at 33,504.78. South Korea's KOSPI (KR:KOSPI) dipped 0.13% to 2,583.68 after an evacuation near the North Korean border. Hang Seng (HK:HSI) and Shanghai Composite (CN:SHCOMP) moved between gains and losses, ultimately closing down 0.54% and 0.1% respectively. European equity markets look set for a strong open, with Euro Stoxx 50 futures trading 0.5% higher, building on Thursday's 0.7% gains.

FX: The DXY held narrow range, briefly breaching 102.50 before settling at 102.53, awaiting US data. EUR/USD stayed subdued below 1.0950, awaiting Flash EZ CPI. GBP/USD met resistance near 1.2700, finding potential support at 1.2674. USD/JPY held an upward bias, inching closer to 145.00 before trimming gains.

Commodities: Crude oil futures (CLc1) remained firm, supported by rising Middle Eastern tensions and supply disruptions in Libya. Brent (COc1) closed at $86.93/bbl, up 0.8%, while WTI (CLc1) finished at $80.42/bbl, up 0.7%. Spot gold (XAUUSD) initially drifted higher before finding resistance near $2,050/oz, closing at $2,046.81. Copper (HGc1) succumbed to broader market weakness, dipping back under $8,500/t. Arabica coffee (KCc1) rose marginally to $2.2925/lb, while cocoa (CCc1) edged lower to $2,457/tonne. Wheat (ZWc1) gained 0.3% to $8.12/bu, and corn (Cc1) closed flat at $7.04/bu.

Looking Ahead: Economic data releases scheduled for next week include German Retail Sales, UK Halifax House Prices, EZ Flash CPI, Producer Prices, Canadian Leading Index, US NFP, Durable Goods, ISM Services Employment Index, Canadian Ivey PMI, and a speech from Fed's Barkin. Central banks like Bank of Japan and FOMC also meet next week, potentially impacting markets.

You can view all markets data and charts here.

General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

Rating: Mixed Outlook

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