Market Highlights 💡- 7 May 2024

* Wall Street higher on positive sentiment; Chinese stocks rise after five-day holiday

🇺🇸 S&P 500: 1.04% 📈

🇺🇸 Nasdaq: 1.20% 📈

🇪🇺 Stoxx 600: 0.57% 📈

🇯🇵 Nikkei 225: Market closed

🇭🇰 Hang Seng Index: 0.55% 📈

🇨🇳 CSI 300 Index: 1.48% 📈

* U.S. stocks posted their best three-day gain since November, with the S&P 500 and Nasdaq Composite rising 1.0% and 1.2% respectively on optimism about interest rate cut expectations, while investors will benefit from this week's comments from Federal Reserve officials. Look for clues in your expressions.

* The final Eurozone Services PMI was revised up to 53.3, beating expectations of 52.9, mainly due to higher demand.

* Asia-Pacific markets tracked gains on Wall Street, with the Hang Seng Index rising 0.6% to hit an eight-month high, while the CSI 300 rose 1.58% as it resumed trading after a five-day holiday, helped by strong travel data and active buying from a raft of investment banks. Enter the call.

* China's Caixin services PMI fell slightly to 52.5, in line with market expectations and maintaining growth momentum for the 16th consecutive month.

💡 Future events: 💡

* Investors will look forward to Tuesday's monthly euro zone retail sales data and Australia's monetary policy decision.

💡 Things you need to know today: 💡

1. Farhan Faruqui, CEO of ANZ Group, Australia: "Today, our balance sheet is in a strong position and the board of directors is more comfortable announcing A$2 billion of market share buybacks. We also continue to further simplify the bank, including Completed the sale of part of our stake in AmBank Malaysia, releasing A$668 million in capital.”

Farhan Faraqui

2. A U.S. judge formally ended the U.S. government's criminal case against Goldman Sachs $Goldman Sachs(GS)$   related to the Wall Street bank's work for Malaysian fund 1MDB after the bank met its obligations and paid a $2.9 billion fine.

1MDB Scandal

3. Thomas Barkin, President of the Federal Reserve Bank of Richmond:“Completing the fight against inflation will likely require a hit to demand, after a year in which U.S. price pressures cooled primarily through improvements on the supply side of the economy, with the unemployment rate almost no change at all."

Thomas Barkin

4. Chinese electric car maker $NIO Inc.(NIO)$ $NIO-SW(09866)$    is expected to launch a new model under its mass-market brand by the end of this month and a second small electric car next year that will be sold in Europe for less than $30,000.

NIO

5. The European Union approved Nippon Steel Corp.'s $14.9 billion takeover of U.S. Steel Corp $U.S. Steel(X)$ , easing competition concerns over a deal that has sparked political opposition in the United States.

✅ KEY TAKEAWAYS:

Market participants will carefully analyze any comments from Fed members regarding potential interest rate cuts, and any hawkish stance could lead to increased market volatility.

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