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Today Fundamental Analysis: South Korea‘s Kospi falls below 6,000 on tech stocks sell-off
Asian markets came under heavy pressure today. South Korea’s stock exchange activated a sell-side sidecar as the market sell-off intensified, temporarily suspending program trading as the index fell by 5%.
However in the US, stock futures were mixed on Tuesday as investors awaited quarterly results from major banks. S&P 500 futures fell 0.2%, Nasdaq-100 futures dropped 0.7%, while Dow futures rose 0.2%.
Investors are entering earnings season with expectations of nearly 30% year-on-year growth in S&P 500 profits. Markets will also monitor US existing home sales, comments from Federal Reserve officials, and September inflation data later this week. The inflation report could significantly influence Treasury yields and expectations for the Fed’s interest-rate path.
Oil prices fell noticeably in the past few hours, with Brent crude down 1.5% to $105.00 per barrel and WTI declining 1.5% to $92.23, as markets assessed the impact of temporarily easing restrictions on Russian diesel supplies. However, escalating Middle East tensions continued to limit oil’s downside.
Gold traded in a narrow range below $4,200 on Tuesday, consolidating its recovery from recent two-month lows.
Investors are now focused on Wednesday’s US CPI report for clues about the Fed’s policy outlook. Inflation in line with or above expectations could reinforce the prospect of a December rate hike and potentially pressure gold, while softer data could ease rate expectations and support further recovery. Geopolitical developments will remain another key driver of prices.
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