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Global market update: APAC shares slip, bond yields continue downward trend

EditorOliver Gray
Published 30/11/2023, 11:14 am
© Reuters.
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Investing.com - Shares in the Asia-Pacific region opened slightly lower on Thursday, following a day of mixed results for US major indices as bond yields continued their downward trajectory.

As of 11:30 am AEDT, the S&P/ASX 200, KOSPI 200, and Nikkei 225 were each down by 0.1%, 0.3% and 0.4% respectively.

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The major US stock averages closed with little change, despite economic data suggesting a soft landing for the economy and increasing investor expectations of rate cuts in the coming year. The Dow Jones Industrial Average saw a small gain of 13 points to 35430, while the S&P 500 and NASDAQ Composite experienced minor losses.

US GDP recorded a 5.2% annual rate for Q3, marking the fastest quarterly growth rate since late 2021. The Fed's recent Beige Book suggests a cooling economy and a slight weakening in the labor market.

Some of the year's top performers, such as Meta Platforms and Tesla (NASDAQ:TSLA), saw slight decreases, while oil prices increased ahead of the OPEC+ meeting. However, this failed to bolster energy stocks.

In commodity markets, Brent crude oil rose 1.7% to US$83.05 a barrel, and gold increased by 0.2% to US$2,044.43. In local bond markets, the yield on Australian 2 Year government bonds dropped to 4.09%, and the 10 Year yield also fell to 4.36%. US Treasury notes were down, with the 2 Year yield at 4.64% and the 10 Year yield at 4.26%.

Chinese shares closed lower as concerns over the property sector impacted real estate stocks. Meanwhile, Hong Kong shares also decreased as investors absorbed the latest major earnings and comments from US Fed officials. The Nikkei Stock Average closed 0.3% lower at 33321.22 due to the strength of the yen, which negatively affects the earnings of Japanese exporters when repatriated.

Indian shares ended higher, buoyed by dovish comments from US Fed officials which reinforced investor belief that the Fed has concluded its interest rate hikes. IT and financial services stocks led the gains.

European stocks primarily rose due to slower German inflation. The DAX rallied 1.1% following the inflation figures, while the Stoxx Europe 600 advanced 0.5% and the CAC 40 gained 0.2%. However, the FTSE 100 fell by 0.4%.

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