Market Commentary - Foreign Markets
China's Shanghai composite index advance 0.68% As on : 30-Aug-24  16:19

Asian stocks advanced on Friday as strong GDP and labor data hinted at a soft landing for the world's largest economy.

The dollar held near a one-week high versus major peers and was on track to snap a five-week losing streak ahead of the release of Federal Reserve's preferred inflation metric due later in the day, expected to show a slight tick-up in price pressures in July.

The Federal Reserve is all but certain to cut interest rates by 25 basis points next month amid signs that inflation is heading down to the central bank's goal.

Gold was marginally lower in Asian trading while oil extended overnight gains following positive U.S. economic data and escalating supply disruptions in Libya.

China's Shanghai Composite index rose 0.68 percent to 2,842.21 and Hong Kong's Hang Seng index rallied 1.14 percent to 17,989.07 as investors scooped up electric vehicle makers like Li Auto and BYD after a recent sell-off.

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