EQUITIES
Shares in Asia-Pacific were mixed in Wednesday trade. Hong Kong’s Hang Seng index led losses regionally, falling 1.55%, followed by the mainland Shanghai composite that shedding 0.95%. In Japan, the Nikkei 225 dipped 0.55%, and South Korea’s KOSPI slipped 0.77%.
Elsewhere, the Straits Times index in Singapore traded 0.54% higher, the S&P BSE Sensex in India added 0.17%, and the Australia’s S&P/ASX 200 traded above the flatline.
Overnight on Wall Street, the Dow Jones Industrial Average gained 15.73 points to a new record closing high of 35,756.88. The S&P 500 climbed 0.18% to 4,574.79, and the Nasdaq Composite rose fractionally to 15,235.72.
OIL
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the U.S.
Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, more than 1.9-million-barrel expectation, market sources citing API figures said late on Tuesday. Gasoline inventories rose by 500,000 barrels and distillate stocks increased by 1 million barrels, compared with a forecast for both to drop.
The Brent now traded at $86.03 per barrel, and U.S. crude futures traded at $84.07 per barrel.
Overnight, the Brent ends at the highest in seven years at $86.40 a barrel, and the WTI settled at $84.65 per barrel, gaining 1.1%.
CURRENCIES
The benchmark U.S. 10-year yield was little changed at 1.615%. The U.S. dollar also traded in a narrow range as markets awaited news from central bankers in coming days that might spark volatility. The U.S. dollar index was unchanged at 93.902.
In cryptocurrencies, bitcoin fell more than 3% to $60,722 while ether slipped to $4,215.
GOLD
Gold prices eased on Wednesday, retreating from the key $1,800 mark. The spot gold was down 0.24% at $1,788.90 per ounce, and U.S. gold futures dropped 0.22% to $1,789.40.
Spot silver at $24.10 per ounce, platinum eased 0.7% to $1,025.70 and palladium edged 0.05% lower to $2,004.00.
ECONOMIC OUTLOOK
Equity markets were mixed on Wednesday, as concerns around inflation, supply chain problems, key central bank meetings, Fed's tapering, and property group China Evergrande's crisis rattled markets.
Tech shares mostly slipped regionally as investors expect inflation to prompt interest rate hikes. Chinese tech stocks listed in Hong Kong saw losses, with shares of Tencent dropping 2.55%, Alibaba fell 2.65% and Meituan plunged 3.32%. Other tech stocks also saw sizable losses, with Baidu, Xiaomi, and JD.com all down between 2% to 5%. The Hang Seng Tech index slipped 2.5%.
U.S. consumer confidence unexpectedly rebounded in October. New home sales also surging more than expected.
China industrial profit growth accelerates 16.3% year-on-year in September despite the sector’s hit by the surging price of coal, supply shortages and power rationing.
Due for earnings releases today including from Boeing, Coca-Cola, McDonald's, eBay, Ford, and General Motors.
Among economic events today include the U.S. durable goods orders, retail and wholesale inventories, goods trade balance, as well as crude oil data from the EIA.
