Global Markets Roundup | S&P 500 rebounds after correction
A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City
In the Asia-Pacific region, the majority of markets saw declines ahead of a significant monetary policy decision by the Bank of Japan. Investors were also evaluating manufacturing data from China. The Bank of Japan is set to conclude its two-day policy meeting later today, and market participants are closely monitoring for any indications of the central bank raising its inflation forecasts. Further adjustments to its bond yield control may also be discussed.
Japan's Nikkei 225 dipped in anticipation of the central bank's inflation forecasts. On the other hand, South Korea's KOSPI continued its upward momentum for a second consecutive session.
Hong Kong's Hang Seng Index started the day in negative territory, mirroring the performance of mainland Chinese stocks.
Meanwhile, in the United States, stocks rallied on Monday, with the S&P 500 moving out of correction territory. This sets the stage for a significant week that includes the Federal Reserve rate decision, employment report, and Apple's earnings.
The Dow Jones Industrial Average gained over 1 per cent, marking its best day since June 2. The S&P 500 also recorded an increase of over 1 per cent, representing its most robust performance since late August.
Turning to the commodities market, oil prices rose during early Asian trading, amid global central bank meetings and ongoing high tensions in the Middle East. Notably, oil had fallen more than 3 per cent in the previous session due to escalated conflicts involving Israel's attacks on Gaza. However, concerns eased regarding disruptions in the region's oil supply caused by the Israel-Hamas war.
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In the realm of precious metals, gold prices remained near the psychologically significant $2,000 level, supported by safe-haven demand driven by the Middle East conflict. Market participants are keenly watching this week's U.S. Federal Reserve policy meeting. It's worth noting that spot gold prices reached $2,009 per ounce on Friday, surpassing the $2,000 level for the first time since mid-May. Gold has been a standout performer this month, surging over 8 per cent since the onset of the war in Gaza on October 7th.
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