Artemis Investment Limited - Asian Markets are outperforming global markets

Asian stock markets are mostly higher on Tuesday, following broadly positive cues from global markets overnight.
ADMIRALTY, Hong Kong - July 17, 2023 - PRLog -- As traders appear cautious and hesitant to make significant moves ahead of the release of closely watched data on US consumer and producer price inflation later this week, which could have a significant impact on interest rate expectations. On Monday, Asian markets finished mixed.

CME Group's FedWatch Tool predicts a 94.9 percent likelihood of another quarter-point rate rise at the next Fed meeting later this month, ahead of the inflation report.

The Australian stock market is significantly higher on Tuesday, recouping some of the previous four sessions' losses, with the benchmark S&P/ASX 200 remaining above 7,000, following broadly positive cues from Wall Street overnight, with gains across most sectors, led by gold miners and technology stocks, after data showed domestic consumer confidence improved marginally in July.

The benchmark S&P/ASX 200 Index is up 80.10 points, or 1.14 percent, to 7,084.10 after earlier reaching a high of 7,086.10. The All Ordinaries Index has risen 82.60 points, or 1.15 percent, to 7,289.50. On Monday, Australian equities finished significantly down.

Among the main miners, Rio Tinto, BHP Group, and Fortescue Metals are all up about 1%, while Mineral Resources is up 1.5 %. Oil stockpiles are rising. Woodside Energy is up more than 1%, while Beach Energy is up more than 2%, Santos is up 0.5 percent, and Origin Energy is unchanged. Among tech equities, Afterpay parent company Block is up more than 4%, Xero is up 0.5 percent, and Appen, Zip, and WiseTech Global are all up more than 1%. The majority of gold miners are up. Gold Road Resources is up more than 2%, Resolute Mining is up 0.5 percent, Northern Star Resources is up nearly 2 percent, Evolution Mining is up nearly 3 percent, and Newcrest Mining is up more than 1%.

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Cherry Hwuang
Marketing Director

Artemis Investment Limited
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