A strong employment report alleviated concerns about economic slowdown, leading to gains on Wall Street; the Hong Kong Hang Seng Index rebounded under the leadership of tech giants.
πΊπΈ S&P 500: 0.90%
πΊπΈ Nasdaq: 1.22%
πͺπΊ Euro Stoxx 600: 0.44%
π―π΅ Nikkei 225: 0.22%
ππ° Hang Seng: 2.82%
π¨π³ CSI 300: Closed
The US market is optimistic, with the S&P 500 and Nasdaq rising by 0.9% and 1.2%, respectively, thanks to an unexpected employment report that boosted investor confidence in the economic health.
In September, US non-farm payrolls increased by 254,000, far exceeding expectations of 132,500, while the unemployment rate fell from 4.2% in August to 4.1% (expected 4.2%), contributing to the gains in the Nasdaq and S&P 500.
The Hong Kong Hang Seng Index surged by 2.8% on Friday, led by tech stocks like Alibaba and Tencent, as investors bet that Beijing will introduce more stimulus measures.
Upcoming Events:
On Monday, we will see EU year-on-year retail sales data.
US year-on-year export data will be released on Tuesday.
On Wednesday, the minutes from the US Federal Open Market Committee meeting will be published.
On Thursday, US unemployment claims, year-on-year CPI will be in focus for investors.
By the end of the week, we will see the preliminary Michigan University consumer confidence index and year-on-year retail sales released on Friday, along with China's year-on-year inflation rate and year-on-year exports released on Sunday.
Things to Know Today:
1. The S&P 500 energy sector rose by about 6.8% this week as oil prices increased, with Brent crude oil up over 8% and WTI rising by 9.1%, driven by escalating geopolitical tensions in the Middle East.
Brent Crude Oil
2. According to data from the Semiconductor Industry Association (SIA), global semiconductor sales reached $53.1 billion in August, a year-on-year increase of 20.6%, marking the first growth across all regions since October 2023. $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ $Direxion Daily Semiconductors Bear 3x Shares(SOXS)$
SIA
3. Chinese real estate developers are ramping up efforts to revive consumer confidence and boost sales during the National Day "Golden Week" holiday, following Beijing's announcement of stimulus measures aimed at revitalizing the struggling real estate market. More than 130 cities and 20 provinces are offering discounts and incentives for homebuyers.
National Day Golden Week holidays
4. Foxconn $Foxconn Technology Co., Ltd.(FXCOF)$ , the world's largest contract electronics manufacturer, reported record third-quarter revenue of $57.3 billion, a year-on-year increase of 20.2%, benefiting from strong demand for AI servers, particularly in its cloud and networking division that serves clients like Nvidia $NVIDIA Corp(NVDA)$ .
Foxcon
5. Vietnam's GDP grew by 7.4% year-on-year in the third quarter of 2024, the highest in two years, driven by a 15.8% increase in exports, especially in electronics, with companies like LG Electronics $LG Electronics Inc.(LGEPF)$ making high-tech investments in semiconductors.
LG Electronics
Key Points:
The US economy is showing resilience, supported by strong labor data, enhancing optimism for a soft landing. With the S&P 500 nearing historical highs, the upcoming earnings season is crucial for validating high valuations, and robust earnings performance may help sustain this momentum.
@Daily_Discussion @Tiger_comments @TigerStars @TigerGPT @CaptainTiger
Comments
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