Gold prices rise in Asia as traders anticipate fed signals; Copper and Crude Oil show mixed trends – APM Capital Market Report
Wallstreet market
U.S. stocks gave up gains towards the close on Tuesday, however the S&P 500 and Nasdaq Composite were still able to edge up to new record closing highs. The Dow Jones finished down.
The Federal Reserve remains squarely focused on the dual mandate to promote maximum employment and stable prices for the benefit of the American people.
The S&P 500 saw a slight increase Tuesday, closing at 5,576.98, up by 4.13 points or 0.07 %. The trading volume for the day was approximately 2.35 billion shares. The closing quote was a new record high for the S&P 500.
The Dow Jones Industrial Average experienced a minor decline, ending the session at 39,291.97, down by 52.82 points or 0.13 %. The trading volume was around 354.098 million shares.
The NASDAQ Composite performed positively, closing at a new all-time high of 18,429.29, up by 25.55 points or 0.14 %. The trading volume was robust, with approximately 4.26 billion shares traded.
European market
The FTSE 100 ended the day at 8,139.81, down by 53.68 points or 0.66 %. European equities were broadly in the red as markets closed on Tuesday in London.
DAX dropped significantly by 235.86 points, closing at 18,236.19, marking a decline of 1.28 %.
The CAC 40 fell by 118.79 points, closing at 7,508.66, a decrease of 1.56 %. There seems to be high volatility in the French stocks due to political uncertainty in France following elections.
BEL 20 showed a minor increase, closing at 3,950.57, up by 5.53 points or 0.14 %.
Asian market
Nikkei 225 showed an impressive rise of 1.96 %. A surge for technology stocks including SoftBank today helped the Nikkei 225 jump by almost 2% to set a record at 41,769. The Hang Seng remained almost unchanged, closing at 17,523.23.
The STI in Singapore saw a rise of 21.62 points, closing at 3,426.09, up by 0.64 %.
India’s S&P BSE SENSEX saw an uptick of 391.26 points, closing at 80,351.64, a 0.49 % increase.
Commodities
Gold prices rose in Asian trade on Tuesday, recouping some overnight losses as traders held out for dovish signals from an upcoming testimony from Federal Reserve Chair Jerome Powell.
Spot gold rose 0.4% to $2,367.97 an ounce, while gold futures August jumped 0.5% to $2,374.40 an ounce.
Gold benefited from increased speculation over an interest rate cut in September, especially as the dollar retreated.
Among industrial metals, copper prices rose further on Tuesday as they recovered from steep losses in June.
U.S crude oil futures slipped in post-settlement trading Tuesday even as the American Petroleum Institute reported a larger-than-expected decline in domestic weekly crude stocks in a further sign that summer demand is on the rise.
Crude Oil WTI Futures, the U.S. benchmark, traded at $80.94 a barrel following the report after settling 1.1% lower at $81.41 a barrel.
Forex
The global foreign exchange market exhibited a mix of unremarkable gains and losses on Tuesday, reflecting varied economic indicators and market sentiments across different regions.
The euro weakened slightly against the U.S. dollar, with the exchange rate closing at 1.0813, a decline of 0.09 %.
The Japanese yen weakened, falling to161.28, a decrease of 0.31 %. The British pound fell against the greenback, slipping to 1.2787, a decline of 0.14 %. The Swiss franc eased to 0.8978, down by 0.02 %.
EVENTS for Today
| TIME GMT + 4 | REGION | EVENTS | FORECAST | PREVIOUS |
| 18:00 | U.S. | Fed Chair Powell Testifies | – | – |
| 18:30 | U.S. | Crude Oil Inventories | 0.700M | -12.157M |
| 21:00 | U.S. | 10-Year Note Auction | – | 4.438% |
Last Updated on 5 months by News Desk 2
