Financial Markets Update: Global Stocks, Currency Movements, and Key Events

In today’s financial news, Asian markets saw declines, led by significant sell-offs in Chinese shipping companies, with Hong Kong’s Hang Seng index dropping 1.3% and mainland China’s CSI 300 index falling 0.3%. Japan’s Nikkei remained stable. On Wall Street, stocks closed higher on Friday, with the Nasdaq and S&P 500 reaching record highs due to weaker-than-expected US labor market data, which raised hopes for potential interest rate cuts. European markets had a mixed outlook, with FTSE 100 futures indicating a slight increase.
In currency markets, the Japanese yen and British pound strengthened against the dollar. The dollar index held steady after a recent decline. Commodities saw gold trading near month-highs and oil prices rising due to strong fuel demand and hurricane concerns.
In political news, France faces a hung parliament after a leftwing win, and the UK’s new chancellor, Rachel Reeves, is set to announce measures to boost economic growth. The British Chambers of Commerce reported fewer businesses planning price hikes, impacting Bank of England interest rate decisions. The economic calendar is light, with UK GDP updates and the start of the US earnings season featuring reports from major banks. Federal Reserve Chair Jerome Powell will testify before Congress, and the consumer price index release will provide inflation insights. The Reserve Bank of New Zealand is expected to keep its policy rate steady.