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Japans overtime pay rose 1.2% year-on-year in November, up from 1.5% in the previous month.Japans November labor cash income rose 0.5% year-on-year, below the expected 2.30% and the previous figure revised from 2.60% to 2.50%.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.94% to 48,996.08 points, the S&P 500 fell 0.34% to 6,920.93 points, and the Nasdaq Composite rose 0.16% to 23,584.27 points. Caterpillar fell more than 4%, and Nike fell more than 3%, leading the decline in the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.56%, with Google rising more than 2%, Microsoft rising more than 1%, and Intel rising more than 6%. Most Chinese concept stocks fell, with Melco Resorts & Entertainment falling more than 7% and Full Truck Alliance falling more than 7%. 2. European stock indices closed mixed. The German DAX rose 0.92% to 25,122.26 points, the French CAC40 fell 0.04% to 8,233.92 points, and the UK FTSE 100 fell 0.74% to 10,048.21 points. German stocks rose, benefiting from strong infrastructure investment and the industrial sector. French stocks were dragged down by declines in luxury goods stocks such as Kering and LVMH. UK stocks fell due to a pullback in energy and metal stocks, coupled with expectations that the Bank of England would maintain high interest rates. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 1.45 basis points to 3.470%, the 3-year yield rose 0.28 basis points to 3.525%, the 5-year yield fell 0.52 basis points to 3.703%, the 10-year yield fell 2.16 basis points to 4.147%, and the 30-year yield fell 3.17 basis points to 4.829%. 4. The WTI crude oil futures contract closed down 1.28% at $56.4 per barrel; the Brent crude oil futures contract fell 0.51% to $60.39 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.65% to $4467.1 per ounce, and COMEX silver futures fell 3.77% to $77.98 per ounce. 6. Most London base metals fell. LME tin rose 0.34% to $44650.0 per tonne, LME lead fell 0.60% to $2058.5 per tonne, LME aluminum fell 1.60% to $3083.5 per tonne, LME zinc fell 2.63% to $3160.0 per tonne, LME copper fell 2.93% to $12866.0 per tonne, and LME nickel fell 4.21% to $17655.0 per tonne.According to US financial media Semafor: US Treasury Secretary Bessant, US Commerce Secretary Lutnick, and US Energy Secretary Wright will attend the Davos World Economic Forum together with US President Trump.U.S. Republican Senator Lindsey Graham: Following my meeting with President Trump on Wednesday, I have approved the bipartisan Russia sanctions bill.

Hang Seng Index, ASX200, Nikkei 225: Bulls Deliver Friday Support

Jimmy Khan

Mar 03, 2023 14:49


Industry Snapshot

Asian stock markets had a positive start, with the Hang Seng Index, ASX 200, and Nikkei 225 all rising.

Despite a tightening labor market and a sharp rise in labor costs, US economic data failed to push risky assets into the red. Initial applications for unemployment decreased from 192k to 190k, and unit labor expenses increased by 3.2% in Q4 compared to Q3's 2.0%. The more aggressive Fed interest rate track to achieve goal inflation was backed by the most recent labor market data.


Bostic, a member of the FOMC, softened the impact by emphasizing the need for gradual increases in interest rates. Bostic wants to raise rates by 25 basis points later this month, allaying concerns about a 50-basis point increase.


The Dow Jones and S&P 500 both saw increases of 1.05% and 0.76% on Thursday, while the NASDAQ Composite Index increased by 0.73%. The US Futures, however, predicted a more tense Friday session. This morning, the NASDAQ mini fell by 34 points while the Dow mini lost 36 points.


Later today, the US ISM Non-Manufacturing PMI data and several FOMC members' remarks may revive Fed Fear. Support for risky assets would be put to the test by a further uptick in service sector activity and a steep rise in the ISM Non-Manufacturing Prices Index combined with aggressive Fed comments. Logan, Bowman, and Bostic, members of the FOMC, will speak today.

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