Today's News Update - 5th Aug 2024 Asia Japan’s benchmark indexes plummeted on Friday, with most Asia-Pacific markets declining following a sell-off on Wall Street driven by recession concerns. The Nikkei 225 dropped 5.81% to finish at 35,909.7, its worst day since March 2020 according to Factset data, and fell below the 36,000 mark for the first time since January. Australia’s S&P/ASX 200 fell 2.11% to end at 7,943.2, marking its worst performance since March 2023 and retreating from its all-time high set the previous day. In its final hour, Hong Kong’s Hang Seng Index was down by 2.32%, while mainland China’s CSI 300 recorded the smallest loss in Asia, falling 1.02% to end at 3,384.39. US In the U.S., new data heightened concerns about a potential recession and worries that the Federal Reserve might be slow in reducing interest rates. Initial jobless claims increased by the largest amount since August 2023. The ISM manufacturing index, a gauge of U.S. factory activity, registered at 46.8%, falling short of expectations and indicating economic contraction. Following these reports, the 10-year Treasury yield fell below 4% for the first time since February. Commodity U.S. crude oil prices dropped nearly 3% on Friday after a weak jobs report fueled renewed concerns about a potential recession. The September West Texas Intermediate (WTI) contract fell $2.79, or 3.66%, to settle at $76.81 per barrel. The October Brent contract decreased by $2.71, or 3.41%, to close at $76.81 per barrel. WTI declined 4.7% for the week, while the global benchmark fell 5.3% despite rising tensions in the Middle East. Gold prices also retreated on Friday as profit-taking set in after bullion had surged over 1% earlier in the session, buoyed by weaker-than-expected U.S. jobs data and expectations of potential rate cuts. Spot gold was down 0.5% to $2,432.19 per ounce by 2:34 p.m. ET (1834 GMT), while U.S. gold futures settled 0.4% lower at $2,476.80. The above analysis is only for the views of market researchers and is for reference only and is not Regarded as a specific investment suggestion. #Forex #trading #tradingforex