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Wells Fargo: Raised Microsoft (MSFT.O) target price to $565.June 16, data showed that gold futures gave up gains after hitting a record high during the session, with futures prices falling 0.5% to $3,433.90 per ounce. The previous contract opened close to the historical high of $3,509.90 per ounce. ING analysts pointed out in a report that the escalation of tensions in the Middle East last Friday drove a surge in safe-haven demand, driving up precious metal prices. Analysts said that if the conflict between Israel and Iran further intensifies in the coming days, gold prices are expected to hit a new record high.Oriental Selection (01797.HK): Sales of self-operated sanitary napkins exceeded 300,000 packs within 14 hours of going online.June 16th news, the Federal Reserve is expected to maintain the current interest rate level unchanged in the latest resolution this week. The focus of market attention will be on whether the Federal Reserve will release any signals about the timing of future interest rate cuts. The recently released CPI and PPI data were weaker than expected, prompting market participants to bring forward their expectations for the next rate cut. The money market has fully priced in the possibility of a rate cut in October this year, and there is even a high probability that action will be taken in September. Previously, the market generally expected a rate cut until December. Citi analysts pointed out that the market may currently underestimate the risk of a rate cut. However, the imposition of tariffs by the United States may push up inflation. If tensions between Israel and Iran escalate further, causing oil prices to continue to rise, this may further delay the Feds pace of rate cuts. Allianz analysts said that against the backdrop of high inflation, the Federal Reserve is unlikely to rashly relax monetary policy.Piper Jaffray: Raised AMD (AMD.O) price target from $125 to $140.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Hits Reverse

Cory Russell

Feb 24, 2023 15:22

Industry Snapshot

This morning's class was diverse. The Nikkei 225 and ASX 200 both made advances, and US economic data and a positive US stock market session provided support in the morning. The US Futures, however, were followed into bearish terrain by the Hang Seng Index.


The immediate concerns of a more active Fed interest rate trend were allayed on Thursday by US economic data. The US economy grew less quickly than anticipated, but the job market stayed constrained. In Q4 the economy expanded by 2.7% as opposed to a preliminary 3.2%. However, the Fed was given some fuel for thought when initial unemployment applications dropped from 195k to 192k.


The NASDAQ Composite Index increased by 0.72% in reaction to the statistics and US business profits, while the Dow and the S&P 500 increased by 0.33% and 0.53%, respectively.


The heavyweights were held back from making more significant advances this morning by market anxiety regarding today's US Core PCE Price Index figures. A challenging US session is expected, as evidenced by the Dow Mini's 19-point decline and the NASDAQ Mini's 18-point decline.


Kazuo Ueda, the new governor of the Bank of Japan, brought comfort to the market by promising to keep the country's ultra-loose monetary policy in place despite the most recent inflation figures.


This morning's Asian economic schedule was relatively light as the G20 meeting got started in India, where inflation, the situation in Ukraine, and the connection between China and Russia could be heated subjects.

ASX 200

The overnight advances in the US provided assistance for the ASX 200's rise of 0.27%. Investors were not given any statistics from the Australian economic schedule this morning.


Financial equities provided assistance. National Australia Bank (NAB) and ANZ Group (ANZ) both saw gains of 0.53% and 0.57%, while Westpac Banking Corp (WBC) increased by 0.35%. With an increase of 1.34, the Commonwealth Bank of Australia (CBA) took the lead.


The early session of mining equities was negative. BHP Group Ltd (BHP) and Rio Tinto (RIO) both experienced declines of 3.34% and 1.83%, while Fortescue Metals Group (FMG) experienced a decline of 1.99%. The price of Newcrest Mining (NCM) fell by 2.54%.


Crude oil prices increased, supporting energy asset values. Gains of 0.80% and 1.15% were recorded by Santos Ltd. (STO) and Woodside Oil Company (WDS), respectively. This morning, WTI Oil increased 0.77% to $75.97.

Hang Seng

This morning, the Hang Seng fell 1.33%, defying the general Asian market pattern. This morning's market risk appetite was not influenced by any economic data. On the first anniversary of Russia's attack of Ukraine, the Hang Seng Index was negatively impacted by a downbeat morning session for the CSI 300.


Alibaba Group Holding Ltd (HK:9988) fell by 4.15%, while Tencent Holdings Ltd (HK:0700) fell by 2.02%.


Additionally, the morning was negative for equities in banks. China Construction Bank (HK: 0939) and Industrial and Commercial Bank of China (HK:1398) both experienced declines of 0.61% and 1.00%, respectively, while HSBC Holdings PLC fell by 0.94%.

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