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Global market update: APAC shares slip, US indices break 3-month losing streak

Published Dec 01, 2023 11:14
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Investing.com - Indices across the Asia-Pacific region opened in negative territory on Friday, after major US indices concluded a strong November performance, breaking a three-month losing streak.

By 11:20 am AEDT (12:20 am GMT) The S&P/ASX 200 and KOSPI 200 both experienced a decrease of 0.6% and 0.9% respectively, while the Nikkei 225 slipped 0.2%.

In the US, the Dow Jones Industrial Average saw a significant gain of 1.5% to reach a 2023 high of 35950, while the S&P 500 rose by 0.4% to 4567. The NASDAQ Composite, however, slipped by 0.2% to 14226, despite notable gains in Salesforce and UnitedHealth Group (NYSE:UNH), which helped the major averages close out a successful month.

In commodity markets, Brent crude oil fell by 0.3% to US$82.83 a barrel, while gold dropped by 0.4% to US$2,036.46.

Chinese shares ended the day mixed as investors analyzed China's November manufacturing activity data, which showed a contraction for the second consecutive month. This indicates continued weakness in the world's second-largest economy. Hong Kong shares rose, possibly due to a technical correction after a four-day fall.

The Nikkei Stock Average closed higher at 33486.89, supported by gains in US stock index futures and potential position adjustments ahead of the release of the US October core PCE price index.

Indian shares also saw a slight increase, with healthcare and auto stocks leading the gains. All eyes are on the US personal consumption expenditures price index and the outcome of the OPEC+ meeting, both due later in the day.

European stocks rose as data indicated slowing inflation in Europe and the US, further boosting hopes that interest rates have peaked. The Stoxx Europe 600 and CAC 40 rallied 0.6%, the DAX gained 0.3%, and the FTSE 100 advanced 0.4%. The FTSE 100 ended Thursday up 0.41%, rising alongside European peers after positive inflation news bolstered markets.

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Global market update: APAC shares slip, US indices break 3-month losing streak
 

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