Market Highlights 💡 - 29 November 2024

Chinese stock market struggles to break free from downtrend, investors seek new catalysts.

🇺🇸 S&P 500: Market closed

🇺🇸 Nasdaq: Market closed

🇪🇺 STOXX 600: +0.48% 📈

🇯🇵 Nikkei 225: +0.56%📈

🇭🇰 Hang Seng Index: -1.20% 📉

🇨🇳 CSI 300: -0.87% 📉

🇸🇬 Straits Times Index: +0.79% 📈

Asian markets closed lower on Thursday, with the Hong Kong Hang Seng Index and China's CSI 300 Index dropping by -1.2% and -1.0%, respectively. Tech and real estate stocks led the declines, as investors were concerned about US tariffs and the lack of domestic consumption stimulus.

💡 Upcoming Events: 💡

On Friday, investors will focus on EU flash CPI and core CPI year-on-year; Japan's consumer confidence index and unemployment rate will also be key indicators.

By the end of the week, on Saturday, we will see the release of Japan's retail sales year-on-year and China's National Bureau of Statistics manufacturing and non-manufacturing PMI.

💡 Things to Know Today: 💡

1. US consumers are expected to spend up to $989 billion during the Black Friday and Cyber Monday shopping season, a 3.5% increase from last year. Despite inflation, shoppers plan to spend an average of $1,778, highlighting strong consumer resilience.

Black Friday

2. Australia has passed one of the world's strictest social media laws, banning children under 16 from using platforms like Facebook $Meta Platforms, Inc.(META)$  and TikTok  to combat cyberbullying and luring. However, the law has been criticized for pushing teens toward unregulated online spaces, leading to concerns about its feasibility and unintended consequences.

Cyberbully

3. The US has started strengthening export controls on China's semiconductor industry, adding about 200 companies (including Huawei-related manufacturers) to its trade restrictions list to prevent Beijing from accessing advanced chip manufacturing tools.

Huawei

4. ASML $ASML Holding NV(ASML)$  and European chip equipment stocks soared after reports suggested that the US may not impose as strict semiconductor restrictions on China as previously expected. Bloomberg reported that ChangXin Memory Technologies  might not be included on the US trade restrictions list, and ASML stock rose 4.3%.

ASML EUV

5. China criticized Donald Trump's plan to impose tariffs on Chinese goods, arguing that such measures won't address America's opioid crisis. While Chinese state media warned of a potential disruptive trade war, it also praised American companies like Apple $Apple(AAPL)$  and Tesla $Tesla Motors(TSLA)$  for building strong trade ties, signaling that Beijing is taking a cautious but strategic approach amid escalating tensions.

✅ Key Takeaway:

As the trade war looms, there is no sign of a recovery in the real estate sector, and domestic demand remains key to China's return to growth.

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