Market Highlights π‘ - 2 July 2024
Global stocks close higher, opening higher for second half of 2024
πΊπΈ S&P 500: 0.27% π
πΊπΈ Nasdaq: 0.83% π
πͺπΊ Stoxx 600: 0.32% π
π―π΅ Nikkei 225 Index: 0.12% π
ππ° Hang Seng Index: 0.00% π
π¨π³ CSI 300 Index: 0.48% π
* U.S. stocks ended higher, with the S&P 500 $S&P 500(.SPX)$
* China's CSI 300 index gradually gained 0.5% as Caixin Manufacturing PMI expanded better than expected, offsetting concerns about official National Bureau of Statistics PMI data.
* The Caixin/S&P Global Manufacturing PMI released on Monday rose to 51.8 in June from 51.7 last month, marking the fastest growth since May 2021 and exceeding analysts' forecast of 51.2.
π‘ Future events: π‘
*US JOLTS job openings will be posted on Tuesday.
* On Wednesday, U.S. ADP non-farm payrolls changes, jobless claims and ISM Services PMI will be released.
* On Thursday, investors will focus on the minutes of the U.S. FOMC meeting.
* To end the week, we will see the release of US non-farm payroll changes and the unemployment rate.
π‘Five things you need to know today: π‘
1. The Democratic National Committee is considering formally nominating Joe Biden as early as mid-July to ensure the president is on the November ballot and also help dispel concerns within the party after a poor performance in last week's debate Talk of replacing Biden.
Joe Biden
2. The People's Bank of China said it will borrow government bonds from primary dealers, suggesting it may be considering selling securities to cool the market rally.
3. BlackRock Inc. $BlackRock(BLK)$ will acquire private capital database provider Preqin for 2.55 billion pounds ($3.2 billion) in cash, as the world's largest fund manager accelerates its path to becoming a major player in the alternative assets space.
BlackRock
4. French markets rebounded after Marine Le Pen's National Rally party won by a smaller margin than polls suggested, sparking a relief rally in assets across the country.
Marine Le Pen
5. Singapore home prices rose for the fourth consecutive quarter, rising 1.1% quarter-on-quarter in the first quarter of 2024, as the country's property valuations continue to withstand the impact of a sharp slowdown in sales.
β KEY TAKEAWAYS:
"As an investor, waiting helps you, but a lot of people just can't stand waiting. If you don't have the gene for delayed gratification, you have to work hard to overcome that." Charlie Munger.
@Daily_Discussion @TigerStars @CaptainTiger @Tiger_comments @TigerGPT @MillionaireTiger
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Based on the market highlights for July 2, 2024:
Global stocks closed higher, opening the second half of 2024 on a positive note.
S&P 500: Up 0.27%
Nasdaq: Up 0.83%
Stoxx 600: Up 0.32%
Nikkei 225 Index: Up 0.12%
Hang Seng Index: Up 0.00%
CSI 300 Index: Up 0.48%
U.S. stocks ended higher, with the S&P 500 and Nasdaq supported by technology stocks. Investors are anticipating a key monthly jobs report later in the week.
China's CSI 300 index gradually gained 0.5% as the Caixin Manufacturing PMI expanded better than expected, offsetting concerns about official National Bureau of Statistics PMI data.
The Caixin/S&P Global Manufacturing PMI for June rose to 51.8, marking the fastest growth since May 2021 and exceeding analysts' forecasts.
Future events to watch:
Tuesday: US JOLTS job openings will be posted.
Wednesday: US ADP non-farm payrolls changes, jobless claims, and ISM Services PMI will be released.
Thursday: Investors will focus on the minutes of the US FOMC meeting.
Other notable news:
The People's Bank of China announced plans to borrow government bonds from primary dealers, indicating a potential move to sell securities and cool the market rally.
BlackRock Inc. will acquire private capital database provider Preqin for $3.2 billion in cash, as the world's largest fund manager expands its presence in the alternative assets space.
French markets rebounded after Marine Le Pen's National Rally party won by a smaller margin than expected, leading to a relief rally in assets across the country.
Singapore home prices rose for the fourth consecutive quarter, increasing by 1.1% quarter-on-quarter in Q1 2024, despite a slowdown in sales.
Key takeaway quote: "As an investor, waiting helps you, but a lot of people just can't stand waiting. If you don't have the gene for delayed gratification, you have to work hard to overcome that." - Charlie Munger
Please note that the information provided is for reference purposes only and does not constitute investment advice.