MARKET UPDATE

Market Review Thursday, September 14, 2023

Nikkei

Tokyo stocks closed higher on Thursday, led by tech shares on the back of gains on the Nasdaq after mixed US inflation data.

The benchmark Nikkei 225 index added 1.41 percent, or 461.58 points, to 33,168.10, while the broader Topix index advanced 1.13 percent, or 26.93 points, to 2,405.57.

Hang Seng

Hong Kong stocks enjoyed a much-needed rally Thursday as traders cheered a mixed US inflation report that tempered worries about another possible Federal Reserve interest rate hike.

The Hang Seng Index gained 0.21 percent, or 38.70 points, to 18,047.92.

The Shanghai Composite Index edged up 0.11 percent, or 3.48 points, to 3,126.55, while the Shenzhen Composite Index on China's second exchange lost 0.64 percent, or 12.43 points, to 1,917.02.

Gold

Gold futures finished slightly higher on Thursday, a day after settling at their lowest in about three weeks.

"It is difficult to be too bullish on gold right now as the renewed surge in inflation may force the Fed to hike interest rates perhaps one more time before the end of the year," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

December gold inched up by 30 cents, or less than 0.1%, to settle at $1,932.80 an ounce on Comex.

Oil

The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for tight global supplies.

West Texas Intermediate crude for October delivery rose $1.64, or nearly 1.9%, to settle at $90.16 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since Nov. 7, according to Dow Jones Market Data.

November Brent crude, the global benchmark, climbed $1.82, or 2%, at $93.70 a barrel on ICE Futures Europe, the highest finish since Nov. 15.

October gasoline settled at $2.74 a gallon, up 0.2%, while October heating oil added 1.3% to $3.48 a gallon. October natural gas ended at $2.71 per million British thermal units, up 1%.

Crude oil "appears to be responding more to supply issues once again amid signs that demand could hold up or even potentially increase in future," Colin Cieszynski, chief market strategist at SIA Wealth management, told MarketWatch. "Undersupply is only an issue during times of healthy or strong demand, just as oversupply becomes a problem when demand is soft."

 

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