{"id":15599,"date":"2024-11-01T03:40:11","date_gmt":"2024-11-01T03:40:11","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15599"},"modified":"2024-11-01T03:40:11","modified_gmt":"2024-11-01T03:40:11","slug":"asian-markets-brace-for-u-s-data","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/asian-markets-brace-for-u-s-data\/","title":{"rendered":"Asian Markets Brace for U.S. Data"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/15599.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Asian shares mostly lower with MSCI&#8217;s Asia-Pacific index down 1.9% for the week.<\/li>\n\n\n\n<li>Oil prices rise as Brent crude nears $74.13 amid geopolitical tensions.<\/li>\n\n\n\n<li>U.S. payrolls report expected to set the tone ahead of Fed meeting and election.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Asian markets kicked off November on a tentative note as investors tread cautiously, with shares mostly lower and Treasury yields near three-month highs.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Investors are turning to Asian sovereign bonds to ride out the US election, giving a boost to markets that have already benefited from billions of dollars of foreign inflows this year <a href=\"https:\/\/t.co\/zd4oHLiIwY\">https:\/\/t.co\/zd4oHLiIwY<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1851411137977283069?ref_src=twsrc%5Etfw\">October 29, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants await Friday\u2019s U.S. nonfarm payrolls report, a pivotal indicator ahead of the U.S. presidential election on Tuesday and the Federal Reserve\u2019s anticipated rate cut on Wednesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In commodity markets, oil extended its rally, with Brent crude prices jumping nearly 2% to $74.13 a barrel. Reports of potential retaliatory action by Iran against Israel from Iraqi territory are adding to global energy concerns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, gold prices steadied at $2,745.69 per ounce after a sharp 1.5% drop overnight.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Asian Markets and U.S. Futures Respond to Earnings and Middle Eastern Tension<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Asia, MSCI\u2019s Asia-Pacific shares index slipped 0.3%, down 1.9% for the week, with Japan\u2019s Nikkei losing 2.1% as a <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-31\/japan-s-stocks-set-to-drop-on-yen-gains-selloff-in-us-tech\">stronger yen weighed<\/a><\/strong> on Japanese exporters.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-3-1024x445.jpeg\" alt=\"\" class=\"wp-image-15600\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Picture: HK50 recovers modestly, testing resistance near 20,600 as bullish momentum builds, seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The HK50, or Hong Kong Hang Seng Index, is showing a modest recovery after a recent low near 20,192, with the current price stabilizing around 20,513.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The index has been trending upward in the short term, supported by the 5-, 10-, and 30-period moving averages. The shorter-term moving averages have crossed above the longer 30-period MA, indicating a potential shift in momentum.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This movement reflects some buying interest following previous declines, with recent sessions witnessing a build-up in upward pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China\u2019s blue-chip stocks rose 0.1% and Hong Kong\u2019s Hang Seng gained 0.4% after data indicated growth in Chinese factory activity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nasdaq futures managed a modest 0.3% rise after Amazon\u2019s better-than-expected quarterly earnings boosted the company\u2019s market cap by $104 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, tech giants Meta and Microsoft saw declines of 4% and 6%, respectively, as concerns about rising costs in the artificial intelligence space dampened enthusiasm despite earnings beats.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>U.S. Jobs Report and Fed\u2019s Rate Cut Decision in Focus<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Expectations for a Fed rate cut are high, with a 94% chance of a quarter-point reduction priced in, based on the CME FedWatch tool.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The upcoming U.S. nonfarm payrolls report, expected to show an addition of 113,000 jobs in October, could impact this outlook.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-31\/stock-market-today-dow-s-p-live-updates\">Analysts remain cautious<\/a><\/strong>, with some predicting job growth as low as 70,000 due to factors like recent hurricanes and the Boeing strike.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Treasury yields remained elevated, with two-year yields up 7 basis points to 4.1702% this week and 10-year yields holding around 4.2840%, highlighting market anticipation for the Fed\u2019s decision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Currency Movements and Bond Market Implications<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In foreign exchange, the pound hovered near a 2.5-month low at $1.2891, pressured by expectations that the UK government\u2019s budget could fuel inflation, prompting the Bank of England to hold back on rate cuts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. dollar strength remains a key factor across markets as traders await U.S. economic data to guide rate expectations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also: <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/analysis\/dollar-steady-eyes-on-jobs-and-elections\/\">Dollar Steady, Eyes on Jobs and Elections<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\">here<\/a><\/strong><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asian stocks remain cautious amid high Treasury yields with upcoming U.S. payrolls data, Fed rate decisions, and presidential election. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[33],"class_list":["post-15599","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-stocks"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15599"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15599\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}