Market Highlights π‘ - 10 May 2024
* Wall Street rebounds on signs of cooling labor market; easing home-buying restrictions boosts Chinese stocks
πΊπΈ S&P 500: 0.53% π
πΊπΈ NASDAQ: 0.27% π
πͺπΊ STOXX 600: 0.36% π
π―π΅ Nikkei 225: -0.34% π
ππ° Hang Seng: 1.22% π
π¨π³ CSI 300: 0.95% π
* U.S. stocks climbed to their highest levels since early April, with the S&P 500 and Nasdaq Composite rising 0.5% and 0.3% respectively, as higher-than-expected jobless claims strengthened bets on easing U.S. monetary policy Note.
* U.S. jobless claims surged to 231k (forecast: 212k), the highest since August 2023 and ending a streak of four consecutive unexpected declines, one of the signs of a cooling labor market.
* Asia-Pacific markets were mixed, with the Hang Seng and CSI 300 rebounding 1.2% and 1.0% respectively on solid trade data and some Chinese cities easing home-buying restrictions, while the Nikkei 225 fell -0.3% on rising wages The slowdown complicates the outlook for interest rates.
* China's exports rose 1.5% year-on-year in April (forecast: 1.0%), rebounding sharply from a -7.5% decline last month, reflecting improved global demand, while imports improved for two consecutive months amid a recovery in domestic demand After the decline, year-over-year growth was 8.4% (forecast: 5.4%).
π‘ Future events: π‘
* Investors will focus on Friday's preliminary U.S. University of Michigan consumer confidence index and inflation expectations.
* China's annual consumer price index and producer price index will be released on Saturday.
π‘ Things you need to know today: π‘
1. Hangzhou said it would lift its eight-year-old residential home purchase restriction policy and no longer review the qualifications of home buyers. Hours after the announcement, Xi'an City followed suit. This news also stimulate the share price for companies like $Cosmos Group Co.,Ltd.(002133)$ $Bright Real Estate Group Co.,Limited(600708)$ $Shanghai New Huang Pu Industrial Group Co.,Ltd.(600638)$ $Vantone Neo Development Group Co.,Ltd.(600246)$ $Beijing Airport High-Tech Park Co.,Ltd.(600463)$ .
Property in China
2. Japan's real wage growth in March fell by -2.5% year-on-year (forecast: -1.4%), the largest decline in four months, falling for 24 consecutive months. However, after labor union negotiations reached a salary increase of more than 5% in the new fiscal year, This number is expected to improve.
Bank of Japan, Tokyo
3. The Bank of England (BoE) kept the benchmark interest rate unchanged at 5.25%, the highest level since 2008, in line with market expectations, but two members expressed a preference for lowering interest rates by 25 basis points.
Bank of England
4. Philippines GDP grew 5.7% year-on-year in the first quarter of 2024, up from 5.5% growth in the previous quarter but below expectations of 5.9%, driven by a rebound in government spending and an increase in net trade.
5. Republican presidential candidate Donald Trump has vowed to overturn dozens of Biden administration environmental rules aimed at promoting electric vehicles and to halt a freeze on new liquefied natural gas export licenses.
Donald Trump
β KEY TAKEAWAYS:
Hangzhou's move to lift all home-buying restrictions is significant and will have an important impact on other cities in China where restrictions are still in place and will play a key role in boosting confidence.
Thanks for reading and have a nice weekend guys!
@Daily_Discussion @TigerStars @CaptainTiger @MillionaireTiger @Tiger_comments @TigerGPT
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Here are some market highlights from May 10, 2024:
Wall Street rebounds on signs of cooling labor market; easing home-buying restrictions boost Chinese stocks:
The S&P 500 rose by 0.53%, and the NASDAQ increased by 0.27%.
The STOXX 600 in Europe also saw a gain of 0.36%.
However, the Nikkei 225 in Japan fell by 0.34%.
On the other hand, the Hang Seng in Hong Kong surged by 1.22%, and the CSI 300 in China rose by 0.95%.
The rebound in Chinese stocks was driven by solid trade data and some Chinese cities easing home-buying restrictions.
U.S. stocks climb on higher-than-expected jobless claims:
The S&P 500 and Nasdaq Composite reached their highest levels since early April, rising by 0.5% and 0.3% respectively.
The higher-than-expected jobless claims strengthened bets on easing U.S. monetary policy.
Asia-Pacific markets mixed:
The Hang Seng and CSI 300 rebounded by 1.2% and 1.0% respectively on solid trade data and easing home-buying restrictions.
However, the Nikkei 225 fell by 0.3% due to rising wages, which complicates the outlook for interest rates.
China's exports rebound:
China's exports rose by 1.5% year-on-year in April, surpassing expectations of a 1.0% increase.
This rebound reflects improved global demand and a recovery in trade.
Bank of England keeps interest rates unchanged:
The Bank of England (BoE) maintained the benchmark interest rate at 5.25%, in line with market expectations.
However, two members expressed a preference for lowering interest rates by 25 basis points.
Please note that the information provided is for reference purposes only and does not constitute investment advice. It is always recommended to conduct thorough research and analysis before making any investment decisions.
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