{"id":57140,"date":"2023-03-07T17:11:42","date_gmt":"2023-03-07T06:11:42","guid":{"rendered":"https:\/\/icmarkets.eu\/blog\/?p=57140"},"modified":"2025-11-11T19:23:40","modified_gmt":"2025-11-11T08:23:40","slug":"tuesday-7th-march-2023-optimism-in-asian-equities-as-investors-eye-powells-testimony-and-economic-indicators","status":"publish","type":"post","link":"https:\/\/icmarkets.eu\/blog\/fundamental-analysis\/tuesday-7th-march-2023-optimism-in-asian-equities-as-investors-eye-powells-testimony-and-economic-indicators\/","title":{"rendered":"Tuesday 7th March 2023: Optimism in Asian Equities as Investors Eye Powell&#8217;s Testimony and Economic Indicators"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">Global Markets:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asian Stock Markets : Nikkei up 0.29%, Shanghai Composite down 0.22%, Hang Seng up 0.61%, ASX up 0.49%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commodities : Gold at $1853.65 (+0.06%), Silver at $21.16 (+0.10%), Brent Oil at $86.43 (+0.29%), WTI Oil at $80.69 (+0.29%)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rates : US 10-year yield at 3.958, UK 10-year yield at 3.899, Germany 10-year yield at 2.736<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">News &amp; Data:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(AUD) Cash Rate 3.60% vs 3.60% expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(CAD) Ivey PMI 51.6 vs 55.9 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(CHF) CPI m\/m 0.70% vs 0.50% expected<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Markets Update:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Asian equities gained ground on Tuesday, driven by investors&#8217; optimism that Federal Reserve Chair Jerome Powell&#8217;s testimony later in the day would not adopt an overly hawkish tone. However, the recent strength of the US job market and January&#8217;s higher-than-anticipated inflation figures could compel the Fed to maintain its hawkish stance. Market watchers are keenly awaiting the release of nonfarm payrolls data for February, which is scheduled for Friday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In China, the Shanghai Shenzhen CSI 300 and Shanghai Composite indices fluctuated marginally, with Foreign Minister Qin Gang cautioning that if the US does not moderate its rhetoric against China, the two nations could experience increased conflict. China&#8217;s imports contracted more sharply than expected, suggesting that local demand remained tepid despite the lifting of most anti-COVID restrictions this year. Meanwhile, Australian equities were weighed down by BHP Group and Rio Tinto, with analysts attributing the decline to China&#8217;s target of 5% growth in 2023. In contrast, the Japanese stock market extended its gains for the third consecutive session, with the Nikkei 225 index surpassing the 28,300 level. Traders are optimistic that the Bank of Japan will continue its ultra-loose monetary policy to support the economy, which remains fragile.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crude oil futures finished higher on Monday, buoyed by Saudi Arabia&#8217;s announcement that it expects oil demand to increase in Asia and Europe, leading to a hike in prices for crude shipments to the regions.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Upcoming Events:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">03:00 PM GMT &#8211; (USD) Fed Chair Powell Testifies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">06:30 PM GMT &#8211; (CHF) SNB Chairman Jordan Speaks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">09:55 PM GMT &#8211; (AUD) RBA Gov Lowe Speaks<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei up 0.29%, Shanghai Composite [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":62731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-57140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis"],"_links":{"self":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/comments?post=57140"}],"version-history":[{"count":2,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57140\/revisions"}],"predecessor-version":[{"id":57144,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57140\/revisions\/57144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/62731"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}