European Parliament Strasburg
European Parliament Strasburg (Credit: Diliff, CC BY-SA 3.0, via Wikimedia Commons)

World Markets Daily News In Brief 10/06/2024

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. ASIA/PACIFIC


-Asian-Pacific markets traded mixed in thin holiday trade on Monday. Markets in China, Hong Kong and Australia were closed for public holidays.

-The Bank of Japan meets this Thursday and Friday amid expectations it will respond to the weakness of the yen with a reduction of its bond purchases, reversing a decade-long campaign to stimulate the economy through an expansion of its balance sheet, Nikkei Asia reported.

. EUROPE


-European stocks opened lower Monday as traders reacted to initial results from the EU Parliament elections. Far-right parties made big gains in election results that made French President Emmanuel Macron call snap legislative elections. Over the weekend, Belgium’s Prime Minister Alexander De Croo announced his resignation.

-The euro declined against other major currencies on Monday, pressured by political uncertainty.

. AMERICAS 


North America

-Investors are looking ahead to the next U.S. inflation data on Wednesday, as well as the next meeting of the U.S. Federal Reserve which is due to announce its latest monetary policy decision.

Latin America

– In Q1 2024, Latin America’s exports experienced a growth of 1.3% on an annual basis. Year-on-year rates were positive for coffee (36.9%), sugar (8.5%), iron ore (1.9%), and oil (1.0%). However, soybean and copper prices declined by -20.9% and -5.3%, respectively, according to the Inter-American Development Bank (IDB). Prices remain historically high but are trending downward, expected to continue in the coming quarters.

. AFRICA


-Nigeria’s naira snaps early gains against euro on Monday in the unofficial market.

-An estimated 70 percent of Africa’s urban households buy food from informal sources, such as street vendors, kiosks, and traditional market sellers, recent studies have found.

. MIDDLE EAST


-In Q1 2024, Saudi Arabia’s real gross domestic product grew by 1.4 percent compared to the previous quarter, official data showed. “Crude oil and natural gas activities achieved the highest contribution to GDP by 23.4 percent, according to the report by the General Authority for Statistics.

-Gold prices in UAE were steady on the first trading day of the week. According to Dubai Jewellery Group data, the 24K, 22K and 21K variants of the precious metal were trading at Dh277.75, Dh257.25 and Dh249.0 per gram, respectively.