Markets Update: Quiet Year-End - APAC Markets Brace for Tumultuous 2024
Economic Calendar
Global Markets Roundup: 29 Dec 2023
Global Outlook:
The year closes with a subdued trading session, masking the potential for a turbulent 2024 fueled by over 50 global elections, including high-stakes contests in Taiwan, the UK, and the US. Former President Trump's disqualification from another US state's ballot adds fresh fuel to the American political firestorm.
Regional Highlights:
South Korea: Inflation eases for the second consecutive month, while the country signs a free trade agreement with the Gulf Cooperation Council.
Vietnam: Delivers strong Q4 GDP and trade balance figures, exceeding expectations.
Japan: JFE Steel struggles with coking coal market liquidity and plans increased spot market purchases. China's MOFCOM expresses concerns about US chip-related actions.
Currencies: US Dollar Index retreats from 2023 highs amid anticipation of Fed rate cuts next year. Pound Sterling and Swiss Franc enjoy banner years, while offshore Yuan hits a seven-month high against the dollar.
Equities: Japanese stocks post their best annual gain since 2013, fueled by Warren Buffett's visit and investments. Shanghai outperforms, while Hong Kong, Japan, and Australia see slight dips. US equity futures edge higher.
China Watch:
Official PMI data released Sunday will offer insights into the health of the manufacturing sector.
Concerns persist about US tariff reviews and their impact on Chinese exports.
Huawei reports better-than-expected device unit performance for 2023.
Yuan internationalization remains slow despite efforts.
Mixed Performances as Yen Strengthens and Equities Display Varied Moves
Market Snapshot (as of 06:20 GMT):
Equity Markets:
Nikkei 225: -0.3%
ASX 200: -0.4%
Hang Seng: -0.5%
Shanghai Composite: +0.3%
Kospi: Closed
Equity Futures:
S&P500 Futures: +0.1%
Nasdaq100 Futures: Flat
Dax Futures: +0.1%
FTSE100 Futures: +0.1%
Currency Markets:
EUR/USD: 1.1062-1.1084
USD/JPY: 141.25-141.66
AUD/USD: 0.6823-0.6846
NZD/USD: 0.6330-0.6356
Commodity Markets:
Looking Ahead:
New Zealand and South Korea markets remain closed on Friday.
Geopolitical tensions and global elections remain key themes to watch in 2024.
Key Takeaways:
Quiet year-end trading contrasts with the potential for a volatile 2024.
Regional economic data shows mixed results, with China's PMI on tap.
Geopolitical developments, particularly US-China relations, remain a major source of uncertainty.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team