S&P 500 Index closes at record high; Hong Kong stocks underperform amid Trump tariff concerns.
πΊπΈ S&P 500 Index: +0.58% π
πΊπΈ Nasdaq: +0.63% π
πͺπΊ Stoxx 600 Index: -0.57% π
π―π΅ Nikkei 225 Index: -0.87% π
ππ° Hang Seng: +0.04% π
π¨π³ Shanghai Shenzhen 300: -0.21% π
πΈπ¬ Straits Times Index: -0.49% π
Wall Street gains, with the S&P 500 and Nasdaq up 0.6%, driven by a rebound in tech stocks as investors shrugged off newly elected President Donald Trump's fresh tariff threats.
U.S. consumer confidence rose from 109.6 in October to 111.7 in November (versus a consensus of 113.3), marking the second consecutive month of growth, driven by optimism about the economy, especially the labor market.
Asia-Pacific markets were mixed, with Hong Kong's Hang Seng Index closing flat, while China's Shanghai Shenzhen 300 Index fell by -0.2%, as investors evaluated the impact of President Trump's statement that he would impose a 10% additional tariff on Chinese imports.
π‘ Upcoming Events: π‘
On Wednesday, the U.S. will release the FOMC meeting minutes, preliminary GDP growth rate, unemployment claims, and monthly core PCE price index.
On Friday, the EU's flash CPI and core CPI year-on-year, Japan's consumer confidence index and unemployment rate will be the focus of investors.
By the end of this week, on Saturday, Japan's retail sales year-on-year and China's National Bureau of Statistics' manufacturing and non-manufacturing PMI will be announced.
π‘ Things to Know Today: π‘
1. Elected President Donald Trump has once again raised trade tensions, promising a 25% tariff on Mexico and Canada and a 10% tariff on China to address illegal immigration and fentanyl trafficking, sparking panic in currency markets and economic chaos warnings.
Trump's tarifs
2. The FOMC meeting minutes from November show that central bank officials appear divided on the number of rate cuts, emphasizing the challenges of economic uncertainty and assessing the impact of a neutral interest rate. Despite a 25 basis point rate cut, officials indicated future adjustments would depend on changing data.
FOMC Meeting
3. Hong Kong Stock Exchange $HKEX(00388)$ CEO Bonnie Chan stated that the HKEX will speed up the IPO process for Chinese companies listed on mainland exchanges to revive Hong Kong's IPO market. Over 100 companies are considering listings, many with fundraising targets of $1 billion or more.
Bonnie Chan
4. Due to weak consumer confidence in China and record-high gold prices, Chow Tai Fook Jewellery Group $CHOW TAI FOOK(01929)$ reported a 20.4% drop in revenue to HKD 39.4 billion for the six months ending in September, the largest decline since 2016.
Chow Tai Fook
5. Sunway Bhd's profit for Q3 2024 more than doubled to MYR 376.08 million, driven by a 31.8% increase in revenue, strong property sales, healthcare expansion, and MYR 4 billion in large orders.
β Key Takeaways:
The market views President Trump's recent tariff threats as strategic rhetoric rather than a firm policy, with many investors believing these are unlikely to be fully implemented as part of negotiation tactics.
Comments
Here are some relevant news articles related to the S&P 500 Index on November 27, 2024:
Hong Kong Shares Open Higher; Tech and Property Stocks Lead Gains: Hong Kong shares opened higher, supported by tech and property stocks. Investors were awaiting China's December central government work conference for the nation's next stimulus measures to be introduced.
Markets Mixed Amid Trade Concerns and Fed Policy Uncertainty: The global markets remained mixed as trade concerns and Fed policy uncertainty weighed on sentiment. Hong Kong's Hang Seng Index remained virtually flat, with concerns about potential trade tensions, particularly with China.
US Stocks - S&P 500, Nasdaq Climb: The S&P 500 and Nasdaq climbed as markets analyzed Trump's tariff threats and awaited the release of Fed minutes. Ford and GM saw declines after the tariff threats, while Best Buy dropped after trimming its annual sales and profit forecast.
S&P Hovers at Record High in Mixed Trade: The S&P 500 hovered around record highs in mixed trade as Wall Street weighed Trump's tariff proposals and anticipated the impact on the market.
Please note that these articles provide an overview of the market and may not specifically focus on the S&P 500 Index. For more detailed information, it would be best to refer to specific financial news websites or platforms.