Market Highlights π‘ - 3 September 2024
Hong Kong's stock market faced a bottleneck in monthly gains due to weak Chinese manufacturing data and corporate earnings reports.
πΊπΈ S&P 500 Index: Market closed
πΊπΈ Nasdaq: Market closed
πͺπΊ Stoxx 600 Index: -0.02% π
π―π΅ Nikkei 225: +0.14% π
ππ° Hang Seng Index: -1.65% π
π¨π³ CSI 300 Index: -1.70% π
- HCOB Eurozone August Manufacturing PMI final value remained unchanged at 45.8 (versus an estimate of 45.6), highlighting that the recovery in the industrial sector will neither be immediate nor strong.
- Japan's Jibun Bank Manufacturing PMI final value increased from 49.1 in July to 49.8 in August, as car production rebounded after a temporary halt due to safety scandals.
- Asia-Pacific markets declined, with the Hang Seng Index and Shanghai CSI 300 Index both falling by 1.7%, as the official National Bureau of Statistics PMI report showed that China's manufacturing sector contracted for the fourth consecutive month, while banks and real estate developers reported disappointing earnings.
- China's Caixin/S&P Global Manufacturing PMI Index rose from 49.8 in July to 50.4 in August, exceeding analyst expectations and being more optimistic than the official National Bureau of Statistics PMI survey released on Saturday, which indicated continued decline in manufacturing activity.
π‘ Upcoming Events: π‘
- On Tuesday, the U.S. ISM and S&P Global Manufacturing PMI will be released.
- On Wednesday, the U.S. JOLTs job openings, year-over-year exports, EU HCOB Services PMI, Japan Jibun Bank Services PMI, and China Caixin Services PMI will be announced.
- On Thursday, the U.S. ISM and S&P Global Services PMI final values, jobless claims, EU retail sales monthly rate will be published.
- At the end of the week, on Friday and Saturday, we will see the release of U.S. unemployment rate, nonfarm payrolls, EU Germany industrial production monthly rate, GDP quarterly revision, and China export year-over-year figures.
π‘ Things to Know Today: π‘
1. Amid increasing competition among Asian automakers, Volkswagen $Volkswagen AG(VLKAF)$ is considering closing its factories in Germany to achieve β¬1 billion in savings by 2026. This has sparked opposition from the company's powerful union, which has vowed to resist the plans.
Volkswagen
2. Due to asset impairment, investment losses, and rising interest rates, Hong Kong's major property developer, New World Development Company $NEW WORLD DEV(00017)$ , is expected to report its first annual loss in 20 years. The loss for the fiscal year ending June 2024 may reach HK$20 billion.
New World Development
3. Beijing has issued a strong warning to Japan, threatening severe economic retaliation if Tokyo further restricts the sale and maintenance of chip manufacturing equipment to Chinese companies. This puts Japan in a dilemma between balancing U.S. demands and risking damage to its economic relations with China.
4. Vanke Co.$China Vanke Co.,Ltd.(000002)$ , once China's second-largest homebuilder, has reported its first loss in 20 years, with a funding gap of $1.69 billion. The company plans to exit non-core businesses and sell assets to manage liquidity, although its long-term outlook remains uncertain.
Vanke Co.
β Key Points:
September is traditionally a challenging month for traders, with stocks, bonds, and gold often experiencing losses. Investors should prepare for increased volatility, especially as key data such as the U.S. employment report may have a significant impact on the market.
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Based on the news articles I found, here are the market highlights and news related to the stock market, monthly gains, Chinese manufacturing data, and corporate earnings reports:
Global Markets Steady Amid Anticipation of US Jobs Data: This article discusses the steady performance of global markets in anticipation of the upcoming US jobs data. It mentions that the data could have a significant impact on the market. Read more
Asia Week Ahead: Inflation Data in Focus: The article states that several economies in Asia are expected to report easing inflationary pressures, which could impact the market. Read more
US Jobs Data Set to Influence Traditional and Crypto Markets This Week: This article highlights the upcoming US jobs data and its potential impact on both traditional and crypto markets. It mentions that the data could determine the direction of the markets and discusses other key economic events scheduled for the week. Read more
US Stocks Rally as Inflation Data Meets Expectations: The article reports that US stocks surged on Friday, with the Dow Jones Industrial Average hitting a new record high. It mentions that investors were digesting key inflation data closely monitored by the Federal Reserve. Read more
Jobs Data, Broadcom, NIO, C3.ai Earnings: What to Watch This Week: This article highlights the upcoming jobs report for August, earnings announcements from companies like Broadcom, and other key events for the week. It mentions that the jobs data is expected to be closely watched by investors. Read more
Unfortunately, I couldn't find any news specifically related to the stock market's monthly gains, Chinese manufacturing data, or corporate earnings reports. For more detailed information and real-time updates, I recommend checking the stock quote page or financial news platforms.
Remember, the information provided is for reference purposes only and should not be considered as investment advice. It's always important to conduct your own research and consult with a financial advisor before making any investment decisions.