Global Markets Roundup | S&P 500 extends winning streak for 8th straight session
A screen displays trading informations for stocks on the floor of the New York Stock Exchange
Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices. South Korea's Kospi index had experienced a 3.24 per centdrop in the past two sessions, erasing over half of its gains earlier in the week when a short-selling ban was reintroduced. On the other side of the world, U.S. markets showed resilience as the S&P 500 extended its winning streak for an eighth day, marking its longest run in two years. The Nasdaq Composite also continued its upward trend, notching its longest string of gains in two years. However, the Dow Jones Industrial Average saw a marginal decline, ending its best win streak since July. Oil prices ticked upward despite deflationary signals from China. Investors remained on the lookout for further insight into demand from the world's two largest oil consumers. This followed a previous drop of more than 2 per centin both benchmarks to their lowest levels since mid-July, as concerns over supply disruptions in the Middle East eased and worries about U.S. and Chinese demand intensified. In the world of precious metals, gold prices retreated at the opening bell. This came after the precious metal had declined for a third consecutive session as investors sought fresh signals regarding the U.S. central bank's stance on interest rates. At the same time, palladium hit a five-year low. Within the palladium market, analysts are observing a rapid evaporation of demand, primarily due to reduced production of internal combustion engines and a growing shift toward using platinum in auto catalyst components. It's important to note that both metals play a crucial role in emissions-controlling devices in automobiles.
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