Asia Morning August 31
On Friday, U.S. stocks extend their rally, with the three major indices closing higher...
Share this:
On Friday, U.S. stocks closed higher. The Dow Jones Industrial Average rose 161 points (+0.6%) to 28653, S&P 500 added 23 points (+0.7%) to 3508 and Nasdaq 100 gained 69 points (+0.6%) to 11995.
S&P 500 daily chart:
Source: Gain Capital, TradingView
The Semiconductors & Semiconductor Equipment (+2.37%), Consumer Services (+2.3%) and Energy (+1.85%) sectors led the advance. Approximately 61.8% of stocks in the S&P 500 Index were trading above their 200-day moving average and 67.9% were trading above their 20-day moving average.
Regarding U.S. economic data, personal spending increased 1.9% on month in July (+1.6% expected) and personal income grew 0.4% (-0.2% expected). The Market News International's Chicago PMI slipped to 51.2 in August (52.6 expected).
European stocks were broadly lower. The Stoxx Europe 600 Index lost 0.5%, Germany's DAX 30 dropped 0.5%, France's CAC 40 fell 0.3% and the U.K.'s FTSE 100 was down 0.6%.
The benchmark U.S. 10-year Treasury yield retreated to 0.7211% from 0.7522% Thursday.
WTI crude oil futures (October) edged down 0.2% to $42.97 a barrel. The total number of rotary rigs in the U.S. was unchanged at 254 as of August 28 as compared with the prior week, according to Baker Hughes.
Spot gold advanced 1.8% to $1,964 an ounce.
On the forex front, the U.S. dollar weakened against its major peers, with the ICE Dollar Index dropping 0.7% to 92.37.
EUR/USD bounced 0.7% to 1.1903. Official data showed that the eurozone's Economic Confidence Index climbed to 87.7 in August (85.0 expected) from 82.4 in July.
GBP/USD jumped 1.1% to 1.3349, the highest level since December.
USD/JPY sank 1.1% to 105.34. Japan's Prime Minister Shinzo Abe announced that he will resign from his position due to a chronic illness. Meanwhile, this morning, official data showed that Japan's industrial production grew 8.0% on month in July (+5.0% expected), while retail sales slid 3.3% (-2.5% expected),
USD/CAD fell 0.2% to 1.3097, down for a fourth straight session. Government data showed that Canada's second quarter annualized GDP shrank 38.7% on quarter (-39.4% expected).
Commodity-linked currencies were broadly higher against the greenback. AUD/USD rallied 1.5% to a 20-month high of 0.7366 and NZD/USD surged 1.6% to an 8-month high of 0.6742.
On Friday, U.S. stocks closed higher. The Dow Jones Industrial Average rose 161 points (+0.6%) to 28653, S&P 500 added 23 points (+0.7%) to 3508 and Nasdaq 100 gained 69 points (+0.6%) to 11995.
S&P 500 daily chart:
Source: Gain Capital, TradingView
The Semiconductors & Semiconductor Equipment (+2.37%), Consumer Services (+2.3%) and Energy (+1.85%) sectors led the advance. Approximately 61.8% of stocks in the S&P 500 Index were trading above their 200-day moving average and 67.9% were trading above their 20-day moving average.
Regarding U.S. economic data, personal spending increased 1.9% on month in July (+1.6% expected) and personal income grew 0.4% (-0.2% expected). The Market News International's Chicago PMI slipped to 51.2 in August (52.6 expected).
European stocks were broadly lower. The Stoxx Europe 600 Index lost 0.5%, Germany's DAX 30 dropped 0.5%, France's CAC 40 fell 0.3% and the U.K.'s FTSE 100 was down 0.6%.
The benchmark U.S. 10-year Treasury yield retreated to 0.7211% from 0.7522% Thursday.
WTI crude oil futures (October) edged down 0.2% to $42.97 a barrel. The total number of rotary rigs in the U.S. was unchanged at 254 as of August 28 as compared with the prior week, according to Baker Hughes.
Spot gold advanced 1.8% to $1,964 an ounce.
On the forex front, the U.S. dollar weakened against its major peers, with the ICE Dollar Index dropping 0.7% to 92.37.
EUR/USD bounced 0.7% to 1.1903. Official data showed that the eurozone's Economic Confidence Index climbed to 87.7 in August (85.0 expected) from 82.4 in July.
GBP/USD jumped 1.1% to 1.3349, the highest level since December.
USD/JPY sank 1.1% to 105.34. Japan's Prime Minister Shinzo Abe announced that he will resign from his position due to a chronic illness. Meanwhile, this morning, official data showed that Japan's industrial production grew 8.0% on month in July (+5.0% expected), while retail sales slid 3.3% (-2.5% expected),
USD/CAD fell 0.2% to 1.3097, down for a fourth straight session. Government data showed that Canada's second quarter annualized GDP shrank 38.7% on quarter (-39.4% expected).
Commodity-linked currencies were broadly higher against the greenback. AUD/USD rallied 1.5% to a 20-month high of 0.7366 and NZD/USD surged 1.6% to an 8-month high of 0.6742.
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
AUD/USD Q4 Outlook: RBA and Fed Hikes Set the Tone
AUD/USD enters Q4 with RBA and Fed hikes in focus as sticky inflation, rising unemployment and US dollar strength shape the Australian dollar.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.