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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: Markets Find Brief Relief

Jimmy Khan

Feb 28, 2023 15:37


Industry Snapshot

Tuesday's early trading period for the Hang Seng Index and the larger Asian markets was positive. This morning, the Asian markets followed the Dow and the NASDAQ Composite Index into the green.


Riskier assets received support from US economic data on Monday, as the crucial Goods Orders Non-Defense Ex Aviation increased by 0.8% in January, correcting a 0.3% decline from December.


The recent decline in crude oil prices has given rise to expectations that US inflation will experience a brief hiccup in January. However, with the US jobless rate at 3.4% and high US inflation, the Fed's conservatives will have a strong influence in the upcoming sessions. Anxiety of making a mistake would prefer an over-tightening and a gentle landing over abandoning the fight against inflation, which would support a more aggressive direction for interest rates.


Growing global conflict between the US and China has dampened expectations for a strong first quarter for the Hang Seng Index based on the China reopening narrative. Russia-China relations over Ukraine continue to be of worry.


Mixed regional economic data this morning limited the gains due to persistent challenges in the global stock markets. Consumer purchasing pleased, continuing a pattern seen in Europe and the US, while industrial sector statistics showed warning.


The NASDAQ Composite Index increased by 0.63% on Monday, while the Dow Jones and S&P 500 both saw increases of 0.22% and 0.31%, respectively. The US Futures provided assistance this morning. The NASDAQ mini increased by 41 points while the DJI mini gained 50 points.