Wall Street retreated as rising yields pressured technology stocks; the Asia-Pacific region rose due to policy increases.
πΊπΈ S&P 500 Index: -0.03% π
πΊπΈ Nasdaq Index: -0.05% π
πͺπΊ STOXX 600 Index: Market closed
π―π΅ Nikkei 225 Index: +1.12% π
ππ° Hang Seng Index: Market closed
π¨π³ CSI 300 Index: +0.05% π
πΈπ¬ Straits Times Index: -0.21% π
The U.S. stock market retreated, with the S&P 500 down less than -0.1% and the Nasdaq falling -0.1%, as trading volume was light and rising U.S. Treasury yields put pressure on major tech giants.
First-time jobless claims in the U.S. fell to 219K, below the forecast of 223K, indicating a stable labor market. However, the number of continuing claims rose to 1.91 million, the highest level since 2021, reflecting longer durations of unemployment.
Asia-Pacific regional markets rose, with China's CSI 300 Index edging up 0.1% as investors waited for clarity on stimulus policies during the holiday period. Japan's Nikkei 225 Index gained 1.1%, driven by strong performances in retail and travel-related stocks, following relaxed visa conditions for Chinese tourists.
π‘ Upcoming events:
This week, on Friday, Japan will release its core CPI YoY and CPI YoY data.
π‘ Things to know today:
1. U.S. holiday retail sales exceeded expectations, driven by strong online shopping, targeted promotions, and last-minute discounts.
US holiday retail sales
2. China is allowing local governments greater flexibility with special bonds, excluding non-revenue projects, and has granted 11 regions independent approval to accelerate infrastructure construction to stimulate demand amid uncertainty. $CSI300(000300.SH)$
3. China's CATL $Contemporary Amperex Technology Co.,Ltd.(300750)$
CATL
4. Alibaba Group $Alibaba(09988)$ and E-Mart have agreed to merge their Korean e-commerce businesses into a 50-50 joint venture valued at $4 billion, aiming to solidify their position in South Korea's competitive online retail market.
Alibaba x E-mart
5. Tenaga Nasional Bhd (TNB) has won the development contract for a 500MW solar photovoltaic plant in Kedah, the largest solar project in the country's LSS5 tender.
Tenanga National Berhad
β Key takeaways:
As the year-end approaches, trading volume is declining, with investor focus still on the Federal Reserve's interest rate outlook.
Comments
Here are some news articles related to the Federal Reserve's interest rate outlook:
Bank of Japan Inching Toward Rate Hike, Summary of Opinions Suggests: A summary of opinions from the Bank of Japan's December meeting suggests that the next interest rate hike is approaching, with policymakers assessing that the economy and inflation are moving in line with its projections. The Bank of Japan is considering raising the policy interest rate in the near future but wants to be patient and monitor uncertainties over the U.S. economy.
[2024 Investment Review] Future Outlook: The One Thing Concerning Me (Not The Interest Rate): This article discusses the future outlook for investments and highlights one concern that is not related to the interest rate. Please note that the full article is not available in the provided information.
EMERGING MARKETS-Asian currencies struggle, stocks mostly lower amid Fed rate outlook concerns: This article highlights the struggle of Asian currencies and the mostly lower stock market performance due to concerns about the Federal Reserve's interest rate outlook. The South Korean won is at its lowest level since March 2009, and the Indian rupee has hit a lifetime low.
Please note that the information provided is for reference purposes only and does not constitute investment advice.
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