PT Solid Gold Berjangka | Market Review Wednesday, September 6, 2023

01:41 07 September in Market, SOLID GOLD BERJANGKA | SOLID GROUP


Tokyo stocks ended higher on Wednesday, shrugging off falls on Wall Street as a cheaper yen supported the market.

The benchmark Nikkei 225 index climbed 0.62 percent, or 204.26 points, to close at 33,241.02, while the broader Topix index was also up 0.62 percent, or 14.68 points, at 2,392.53.

Hang Seng

Hong Kong ended marginally lower Wednesday following losses on Wall Street fuelled by worries that a pick-up in oil prices could lift inflation and pressure the Federal Reserve to hike interest rates again.

The Hang Seng Index inched down 6.93 points to 18,449.98.

The Shanghai Composite Index edged up 0.12 percent, or 3.71 points, to 3,158.08, while the Shenzhen Composite Index on China’s second exchange ticked 0.08 percent, or 1.51 points, higher to 1,971.59.


Gold futures settled lower for a second straight session Wednesday, with prices for the most-active contract settling at their lowest since Aug. 25, FactSet data show.

Gold found itself under renewed selling pressure Wednesday after stronger than expected U.S. economic data “boosted expectations around U.S. rates staying higher for longer,” Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch. “The precious metal remains under the mercy of an appreciating dollar and rising Treasury yields.”

December gold declined by $8.40, or 0.4%, to settle at $1,944.20 an ounce on Comex.


US crude futures post their ninth straight session of price increases, ending up 1% at $87.54 a barrel, which is the highest closing price since Nov. 11, 2022.

Analysts attribute the gains to announced production cuts by Saudi Arabia and Russia, and say a late-summer rebound in US air travel volumes has also motivated buyers. Attention now turns to weekly US inventory data, with trade group API reporting its numbers at 4:30 pm ET, followed by official EIA data tomorrow morning. A WSJ survey forecasts a 2.1-million-barrel decline in US crude stockpiles.

The nine straight sessions of price increases marks WTI’s longest winning streak since Jan. 10, 2019. Brent crude also ends at a 10-month-high above $90.


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