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A majority of members of the U.S. House of Representatives voted in favor of a bipartisan bill aimed at alleviating a severe housing shortage and promoting the construction of affordable housing; voting is still ongoing.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.09% to 51,666.84 points, the S&P 500 fell 1.44% to 7,365.46 points, and the Nasdaq Composite fell 2.21% to 25,587.04 points. Nvidia fell more than 4%, and Caterpillar fell more than 3%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 1.42%, Tesla fell more than 5%, and Google fell more than 1%. SpaceX rose nearly 1%, ending a three-day losing streak. 2. All three major European stock indexes closed lower. The German DAX fell 0.98% to 24,893.58 points; the French CAC40 fell 0.71% to 8,340.71 points; and the UK FTSE 100 fell 0.09% to 10,428.85 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 4.01 basis points to 4.194%, the 3-year Treasury yield fell 3.39 basis points to 4.218%, the 5-year Treasury yield fell 2.49 basis points to 4.268%, the 10-year Treasury yield fell 1.98 basis points to 4.497%, and the 30-year Treasury yield fell 1.21 basis points to 4.946%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 1.75% to $4129.00 per ounce, and COMEX silver futures fell 6.03% to $61.63 per ounce. 5. The most active US crude oil contract closed down 1.1% at $73.05 per barrel; the most active Brent crude oil contract fell 1.02% to $76.73 per barrel. 6. London base metals fell across the board. LME lead fell 0.99% to $1,944.5/ton, LME copper fell 2.02% to $13,373.5/ton, LME nickel fell 2.95% to $17,230.0/ton, LME zinc fell 2.97% to $3,501.5/ton, LME aluminum fell 3.11% to $3,259.5/ton, and LME tin fell 5.78% to $51,055.0/ton.DownDetector, a network monitoring website, reports that over 18,000 users have reported issues with Instagram and over 20,000 users have reported issues with Facebook in the United States.DownDetector, a website monitoring internet conditions, reports user complaints that Instagram and Facebook are experiencing issues in the UK.① Iran 1. Iranian state media: Irans western airspace is now open. 2. Iranian Deputy Foreign Minister discloses the technical consultation mechanism for the follow-up negotiations between Iran and the US. 3. Iranian Foreign Ministry Spokesperson Baghae: Irans missile program was never part of the negotiations. ② United States 1. White House Spokesperson: Iran will never possess nuclear weapons. 2. Both houses of the US Congress pass a war powers resolution, symbolically condemning Trump. 3. US Central Command: Two aircraft carriers remain on mission in the Middle East. 4. Trump says he will take necessary action if Iran does not comply with the agreement. 5. Trump: Iran has fully agreed to accept long-term nuclear inspections, which is a prerequisite for further negotiations. ③ Israel 1. Israeli National Security Minister threatens to turn Beirut into Gaza. 2. Israeli assets plummet, and years of war gains vanish with the expectation of peace talks. ④ Ceasefire Negotiations 1. Iranian President: The Iran-US memorandum of understanding does not involve missile issues. 2. Pakistani Prime Minister: The memorandum of understanding does not mention Irans ballistic missile capabilities. 3. Trump says IAEA inspectors will visit Iran in due course. An Iranian Foreign Ministry spokesperson stated earlier that there were no plans for inspectors to visit. ⑤ Strait of Hormuz 1. Iran and Oman established the Strait of Hormuz Commission. 2. Trump: 19 million barrels of oil were transported through the Strait of Hormuz on June 22. 3. Oman and Iran issued a joint statement: emphasizing territorial sovereignty and agreeing to jointly develop a navigation management agreement. 4. Iranian Ambassador to Geneva: The Strait of Hormuz is fully open to merchant ships, and a large amount of oil has been transported through the waterway recently. 5. Oman reiterated its commitment to ensuring free and safe passage through the Strait of Hormuz; stated it has coordinated with the International Maritime Organization to open a temporary channel in the Strait of Hormuz. 6. Iranian military sources stated that only a limited number of ships are allowed to pass through the Strait of Hormuz each day, with the specific number adjusted based on the daily situation. ⑥ Other Situations 1. Jordanian Foreign Minister: All illegal actions by Israel should be stopped immediately. 2. Hezbollah: Israels attacks in southern Lebanon violate the ceasefire agreement. 3. Lebanese President: No compromise will be accepted unless the "Israeli occupation of southern Lebanon" ends.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Jumps on China PMI

Steven Zhao

Mar 01, 2023 15:37


Market Overview

It was a bullish Wednesday morning session for the Asian markets, with the Hang Seng Index leading the way. The Asian markets brushed aside bearish sessions for the Dow and the NASDAQ Composite Index. US economic indicators disappointed on Tuesday, with consumer confidence weakening for a second consecutive month and house price growth slowing.


The CB Consumer Confidence Index fell from 106.0 to 102.9 in February, with the S&P/CS HPI Composite n.s.a rising by 4.6% year-over-year in December. House prices were up 6.8% in November. Elevated US mortgage rates continue to impact buyer demand, with US mortgage rates bouncing back after a brief retreat.


On Tuesday, the NASDAQ Composite Index fell by 0.10%, with the Dow Jones and S&P 500 seeing losses of 0.71% and 0.30%, respectively. This morning, the US Futures reversed early losses. The Dow mini was up 16 points, with the NASDAQ mini flat.


Private sector PMI numbers from China delivered support to riskier assets this morning. After a China data void, today’s stats provided investors with much-needed relief. The all-important Caixin Manufacturing PMI increased from 49.2 to 51.6 in February. Economists forecast a PMI of 50.2. Significantly, the manufacturing sector expanded for the first time since July 2022.