Stock Market
The three major US stock indexes closed higher collectively on the 17th. As of the close of the day, the Dow Jones Industrial Average rose 353.45 points compared to the previous trading day, closing at 41,841.63 points, with a gain of 0.85%; the S&P 500 Index rose 36.19 points, closing at 5,675.12 points, with a gain of 0.65%; the Nasdaq Composite Index rose 54.58 points, closing at 17,808.67 points, with a gain of 0.31%.
In the Indian stock market, the SENSEX index closed at 74,169.95 points, up 0.46%, and the NIFTY 50 index closed at 22,508.75 points, up 0.50%.
In other Asian markets, the Nikkei 225 index closed at 37,396.52 points, up 1.75%; the Hong Kong Hang Seng Index closed at 24,145.57 points, up 0.77%; the Malaysia KLCI closed at 1,527.81 points, up 1.04%; the Singapore Straits Times Index closed at 3,859.36 points, up 0.61%; while the Indonesia IDX Composite Index closed at 6,471.95 points, down 0.67%.
Key Events
- Trump once again pressured Iran over the Houthi militia attacks, and international oil prices spiked briefly:On Monday, local time (March 17), US President Trump stated that any further attacks or retaliations by the Houthi militia would be met with a strong counterattack, and the United States would also hold Iran accountable for any future attacks by the Houthi militia.
- The antitrust trial against Meta will kick off next month, and the FTC chair says there are ample resources to take on the tech giants:Andrew Ferguson, chair of the US Federal Trade Commission (FTC), said that the agency is gearing up for a trial next month to break up Meta Platforms Inc. Although the government is making every effort to cut costs, the FTC still has sufficient resources to regulate the deep-pocketed tech industry.
- South Korean steel giant enters emergency management mode:South Korean media reported that Hyundai Steel Company, the second-largest steel manufacturer in South Korea, recently announced that it has entered an "emergency management" mode. South Korean media analysis pointed out that Hyundai Steel has been hit hard by multiple factors, including the sluggish South Korean construction market, competition from foreign steel products, and labor union strikes. Moreover, the United States has imposed an additional 25% tariff on all imported steel and aluminum products since March 12, which has further worsened the situation.
Forex & Commodities
The settlement prices of international crude oil futures edged up slightly. The April WTI crude oil futures rose by $0.4, with a gain of 0.59%, closing at $67.58 per barrel. The May Brent crude oil futures rose by $0.49, with a gain of 0.69%, closing at $71.07 per barrel.
COMEX gold futures rose by 0.3%, closing at $3,010 per ounce. COMEX silver futures fell by 0.02%, closing at $34.425 per ounce.
At the close in New York, the US dollar index dropped 0.33% to 103.40. Most non-US currencies gained ground. The euro against the US dollar rose by 0.38% to 1.0921, the British pound against the US dollar rose by 0.43% to 1.2990, and the Australian dollar against the US dollar rose by 0.92% to 0.6384.
Key Events
- Trump's tariff threat looms large, and UBS hikes the target price of gold to $3,200:UBS Group (UBS) has become the latest bank to raise the target price of gold, citing the increased likelihood of the continued escalation of the global trade war. Analysts expect that trade tensions will keep driving investors to flock to gold, the ultimate safe-haven asset.
Cryptocurrency
At the close in New York, Bitcoin, the largest cryptocurrency by market cap, dropped 0.62%, closing at $84,310.00.
Ethereum, the second-largest cryptocurrency, rose 0.21% at the close, closing at $1,943.00.
Key Events
- South Korea shows no interest in including Bitcoin (BTC) or any cryptocurrency in its foreign exchange reserves: The Bank of Korea stated in its response on March 16 that it has never considered adding BTC to its foreign exchange reserves. The bank also mentioned the need to exercise caution regarding the idea of holding BTC in reserve for several reasons.
Market Events and Most Anticipated Earnings Releases
