Market Highlights π‘ - 8 May 2024
* Wall Street trades sideways on cautious market sentiment; Hang Seng retreats on profit-taking
πΊπΈ S&P 500: 0.14% π
πΊπΈ Nasdaq: -0.10% π
πͺπΊ Stoxx 600: 1.15% π
π―π΅ Nikkei 225 Index: 1.57% π
ππ° Hang Seng Index: -0.53% π
π¨π³ CSI 300 Index: 0.03% π
* U.S. stocks ended nearly flat, with the S&P 500 inching up 0.1% and the Nasdaq Composite down -0.1%, as market participants continued to remain cautious and assess the sustainability of the recent market rally.
* Euro zone retail sales rose 0.8% month-on-month in March 2024, beating forecasts of 0.6% and marking the largest increase since September 2022.
* Asia-Pacific markets were mixed, with the Hang Seng Index down -0.5% amid profit-taking activity following a technical bull run, while the CSI 300 edged up 0.03%.
π‘ Future events: π‘
* U.S. unemployment benefits applications and new Chinese yuan loans will be announced on Thursday.
π‘ Things you need to know today: π‘
1. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis: "Stagnation in inflation, driven in part by a strengthening housing market, means the Fed will need to keep borrowing costs stable for an extended period of time, possibly even throughout the year."
Neel Kashkari
2. The U.S. Department of Commerce revoked some licenses to export certain goods such as chips to sanctioned Chinese telecommunications equipment manufacturer Huawei Technologies.
3. Walt Disney's $Walt Disney(DIS)$
Walt Disney
4. TikTok and its Chinese parent company ByteDance filed a lawsuit in a U.S. appeals court seeking to block a law signed by President Joe Biden that would force the divestment or ban of the short-video app.
Bytedance
5. The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% for the sixth consecutive month but warned that inflation risks were on the rise, suggesting policy was unlikely to be eased anytime soon.
RBA
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Based on the market highlights for May 8, 2024:
Wall Street: The S&P 500 index increased by 0.14%, while the Nasdaq Composite index decreased by 0.10%. Market sentiment remained cautious, and investors were assessing the sustainability of the recent market rally.
Euro Zone Retail Sales: Retail sales in the Euro Zone rose by 0.8% month-on-month in March 2024, surpassing expectations of 0.6%. This marked the largest increase since September 2022.
Asia-Pacific Markets: The Hang Seng Index in Hong Kong retreated by 0.53% due to profit-taking activity following a technical bull run. On the other hand, the CSI 300 Index in China edged up by 0.03%.
Future Events:
On Thursday, the announcement of U.S. unemployment benefits applications and new Chinese yuan loans is expected.
Things to Know:
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that stagnation in inflation, driven in part by a strengthening housing market, would require the Fed to keep borrowing costs stable for an extended period.
Walt Disney reported better-than-expected profits, but its revenue fell short of expectations for the fourth consecutive quarter. The company's shares fell by 9.5% on Tuesday, and the parks and experiences business is expected to weaken.
TikTok and its parent company ByteDance filed a lawsuit in a U.S. appeals court to block a law signed by President Joe Biden that would force the divestment or ban of the short-video app.
The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% for the sixth consecutive month. However, the RBA warned that inflation risks were increasing, indicating that policy easing is unlikely in the near future.
Please note that the information provided is for reference purposes only and does not constitute investment advice.