Gold reversed sharply in Asia after touching a record high, with profit-taking blame for the drop. Chinese equities also slid as regulators weighed fresh measures to rein in speculation, while strong Australian consumption data cast doubt on near-term RBA cuts.
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Gold briefly hit a record high above US$3,575 before reversing sharply in Asia, sliding to around US$3,510. There was no major macro catalyst behind the move, with traders pointing instead to profit-taking.
Chinese equities also pulled back, this time on a clear trigger. Reports ahead of the open said regulators are considering fresh measures to cool speculation, including easing some short-selling curbs and introducing options to temper trading. The moves come after the the Shanghai Composite hits at a 10-year high, while the CSI 300 has rallied more than 20% from its 2024 low.
Major currencies traded in subdued ranges, even the yen. Japan’s chief trade negotiator Akazawa confirmed he will visit the US after subordinate-level issues were resolved.
From Australia, household consumption data showed momentum is holding up. Annual spending growth accelerated to 5.1% in July, the fastest pace since late 2023, reinforcing Tuesday’s robust Q2 consumption figures. The data cast further doubt on prospects for an imminent RBA rate cut. The Bank’s next meeting is set for September 29–30.
Asia-Pac
stocks:
Japan
(Nikkei 225) +1.2%Hong
Kong (Hang Seng) -1%Shanghai
Composite -1.7%Australia
(S&P/ASX 200) +0.7%
This article was written by Eamonn Sheridan at investinglive.com.