In Asian Equity Markets Japan’s Nikkei index rose on Thursday, tracking the Nasdaq overnight, with gains led by chip equipment maker Tokyo Electron and other heavyweight technology stocks. The Nikkei index advanced 0.97 percent to 28,413.61, and the broader Topix edged up 0.3 percent at 1,979.81. On Thursday, a sub-index tracking shares of Chinese property developers fell nearly 3 percent by midday while the broad CSI300 blue-chip index fell 0.31 percent. Property shares have fallen nearly 19 percent this year, compared to a 5.5 percent fall for the CSI300.
In Currency Markets the U.S. dollar touched its lowest point this week against major peers on Thursday, taking a breather from a rally that had lifted it to a one-year high powered by expectations for quicker Federal Reserve interest rate hikes. The dollar index was about flat at 94.048, after falling 0.53 percent on Wednesday. The dollar rose 0.26 percent to 113.55 yen. The euro was mostly flat from Wednesday at $1.15935, while sterling edged up to $1.3666. The Australian dollar was 0.09 percent higher at $0.7387 and New Zealand’s kiwi dollar added 0.16 percent to $0.6977.
In US Equity Markets stocks were mostly higher on Wednesday in afternoon trading, led by gains in the Nasdaq and shares of big growth names including Amazon.com and Microsoft. The Dow fell 0.16 percent, to 34,323.6, the S&P 500 gained 0.10 percent, to 4,355.21 and the Nasdaq Composite added 0.48 percent, to 14,535.90. BlackRock Inc rose 3.7 percent after the world’s largest money manager beat quarterly profit estimates as an improving economy helped boost its assets under management, driving up fee income.
In Commodities Markets gold prices rose 2 percent to a near one-month peak on Wednesday, as a pullback in the dollar and U.S. Treasury yields lifted demand for the safe-haven metal. Spot gold was up 1.8 percent at $1,791.41 per ounce. U.S. gold futures settled 2 percent higher at $1,794.70. Other precious metals also rose, with spot silver rising 2.5 percent to $23.09 per ounce, platinum gaining 1.2 percent to $1,019.54 and palladium adding 3.5 percent to $2,116.68. U.S. crude fell 0.15 percent to $80.52 per barrel and Brent was at $83.27, down 0.18 percent on the day.
In European Equity Markets stocks rose on Wednesday as upbeat earnings forecast from German software group SAP and robust quarterly sales for French luxury goods maker LVMH helped soothe worries about inflation. The pan-European STOXX 600 index hit two-week highs, and closed up 0.7 percent, as did the German DAX. France’s CAC 40 rose 0.8 percent. French luxury goods maker LVMH added 3.2 percent as sales at its fashion and leather goods division rose strongly in the third quarter but overall revenue growth in Asia and the United States eased after a stellar first-half performance.
In Bond Markets yields on shorter-term U.S. Treasuries rose on Wednesday, while longer-dated yields fell following data on consumer prices that further fanned concerns inflation will continue to climb and force the Federal Reserve to take action. The yield on the two-year Treasury note, which typically moves in step with interest rate expectations, was up 1.6 basis points to 0.364 percent after reaching a high of 0.394 percent, its highest since March 24, 2020. The yield on 10-year Treasury notes was down 3.1 basis points to 1.549 percent.