Market Highlights π‘- 10 June 2024
* Wall Street retreats after strong jobs report; slowing Chinese imports point to fragile domestic demand
πΊπΈ S&P 500: -0.11% π
πΊπΈ Nasdaq: -0.23% π
πͺπΊ Stoxx 600 Index: -0.22% π
π―π΅ Nikkei 225 Index: -0.05% π
ππ° Hang Seng Index: -0.59% π
π¨π³ CSI 300 Index: -0.50% π
* U.S. stocks ended lower on Friday, with the S&P 500 down -0.1% and the Nasdaq Composite down -0.2% as a strong jobs report bolstered the Fed's hawkish outlook.
* The U.S. economy added 272,000 jobs in May 2024, the most in 5 months and well above the forecast of 185,000, with health care and government adding the most jobs, while the unemployment rate edged up slightly in the month to 4%, the highest level since January 2022.
* Asia-Pacific stock markets generally fell, with Hong Kong's Hang Seng Index and China's CSI 300 Index falling -0.6% and -0.5% respectively, as previously released Chinese import data was lower than expected and U.S. policymakers imposed more export bans on Chinese battery companies worries.
* In May 2024, China's exports increased by 7.6% year-on-year (forecast: 6.0%), and imports increased by 1.8% year-on-year (forecast: 4.2%), a sharp slowdown from 8.4% in April, indicating the fragility of domestic demand.
π‘ Future events: π‘
* We will see the release of Japan's final quarterly GDP rate on Monday.
π‘ Things you need to know today: π‘
1. The Wall Street Journal reported that U.S. Republican policymakers said that Chinese battery companies CATL $Contemporary Amperex Technology Co.,Ltd.(300750)$ and Gotion High Tech $Gotion High-Tech Co.,Ltd.(002074)$ should be immediately included in the U.S. import ban list due to suspected human rights violations.
CATL
2. Narendra Modi was sworn in on Sunday for a rare third consecutive term as India's prime minister, relying on his alliance party to win a second term after his party unexpectedly failed to win a parliamentary majority. .
Narendra Modi
3. French President Emmanuel Macron announced the dissolution of the country's parliament and called early elections after his crushing defeat in the EU elections.
Emmanuel Macron
4. U.S. Federal Reserve data show that U.S. household wealth increased to a record of more than $160 trillion in the first three months of 2024 due to appreciation of stock holdings and rising real estate values.
5. Household spending in Japan actually rose 0.5% year-on-year in April 2024 (forecast: 0.6%), rebounding from -1.2% the previous month and marking the first increase since February 2023.
β KEY TAKEAWAYS:
Investors will be closely watching the upcoming U.S. inflation data and a Federal Reserve meeting to see whether hopes of a steady economic slowdown that have driven stocks to record highs remain realistic.
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Based on the market highlights for June 10, 2024:
Wall Street retreated after a strong jobs report, with the S&P 500 down 0.11% and the Nasdaq down 0.23%. The strong jobs report bolstered the Fed's hawkish outlook.
The U.S. economy added 272,000 jobs in May 2024, the most in 5 months and well above the forecast of 185,000. However, the unemployment rate edged up slightly to 4%.
Asia-Pacific stock markets generally fell, with Hong Kong's Hang Seng Index and China's CSI 300 Index falling 0.59% and 0.50% respectively. This was due to lower-than-expected Chinese import data and U.S. export bans on Chinese battery companies.
China's exports in May 2024 increased by 7.6% year-on-year, higher than the forecast of 6.0%. However, imports only increased by 1.8% year-on-year, lower than the forecast of 4.2%. This indicates a slowdown in domestic demand.
Narendra Modi was sworn in for a rare third consecutive term as India's prime minister, relying on his alliance party to win a second term after his party failed to win a parliamentary majority.
French President Emmanuel Macron announced the dissolution of the country's parliament and called for early elections following his defeat in the EU elections.
U.S. household wealth reached a record of over $160 trillion in the first quarter of 2024, driven by the appreciation of stock holdings and rising real estate values.
Household spending in Japan increased by 0.5% year-on-year in April 2024, rebounding from a decrease of 1.2% the previous month.
Investors will be closely watching upcoming U.S. inflation data and the Federal Reserve meeting to assess the outlook for the economy and its impact on stock markets.
Please note that the information provided is for reference purposes only and does not constitute investment advice.