Market Highlights π‘ - 6 September 2024
Wall Street is anxious ahead of the crucial employment report; Hong Kong stocks fall for the fourth consecutive day.
πΊπΈ S&P 500 Index: -0.30% π
πΊπΈ Nasdaq: +0.25% π
πͺπΊ Stoxx 600 Index: -0.54% π
π―π΅ Nikkei 225 Index: -1.05% π
ππ° Hang Seng Index: -0.08% π $HSI(HSI)$
π¨π³ CSI 300 Index: +0.17% π
On Thursday, U.S. markets were mixed. The S&P 500 Index fell by -0.3%, while the Nasdaq Composite Index rose by 0.3%. Nvidia helped major technology indices win, but the market broadly felt the impact of a weak labor market ahead of the critical August employment report.
In August, the U.S. ISM Services PMI final value increased slightly from the previous month's 51.4 to 51.5 (expected 51.1), continuing the positive momentum in U.S. services activity.
For the week ending August 31, the number of initial jobless claims in the U.S. decreased by 5K to 227K (expected 230K). Despite the unemployment rate remaining at historically high levels, it is still well above the average earlier in the year.
Eurozone retail sales fell by -0.10% year-over-year in July (expected +0.1%), compared to a -0.4% year-over-year decline in June.
Asia-Pacific markets were mixed. The Hong Kong Hang Seng Index fell by -0.1%, while the Shanghai CSI 300 Index rose by 0.2%, as investors weighed the possibility of a Federal Reserve rate cut later this month following a weak U.S. employment report.
π‘ Upcoming Events: π‘
By the end of this week, we will see the release of U.S. unemployment rate, non-farm payrolls, Eurozone Germany industrial production month-on-month, GDP quarter revision, and China year-over-year export figures.
π‘ Things to Know Today: π‘
1. Despite strong demand for AI chips, Broadcom's $Broadcom(AVGO)$
Broadcom
2. The Biden administration has introduced new export controls targeting quantum computing, semiconductor products, and related technologies as part of ongoing efforts to prevent China from acquiring advanced technology for military use.
3. Sumitomo Chemical Co. $Sumitomo Corp.(SSUMF)$ is testing the Japanese bond market's confidence in rising interest rates by issuing Β₯100 billion in mixed bonds. This provides the largest spread over corporate mixed bonds this year, 280 basis points higher than government bonds.
Sumitomo Chemical Products
4. China is merging two state-owned brokers, Guotai Junan Securities $GUOTAI JUNAN I(01788)$ and Haitong Securities $HAITONG SEC(06837)$ , to create a financial giant with a market value of $230 billion. This move is part of China's plan to consolidate its $1.7 trillion brokerage industry and develop top investment banks that can compete globally with Wall Street.
5. The world's largest home appliance manufacturer, Midea Group, is preparing to raise at least $3 billion through an initial public offering in Hong Kong, making it the largest public listing in Hong Kong since 2021.
Midea Group Products
β Key Point:
The U.S. market is showing signs of unease, unable to discern whether good news is truly good or bad news is genuinely bad. It will continue to look for direction amid all macroeconomic data.
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Based on the information available, there are no specific news articles or analytical reports regarding the employment report for the given time period. However, I can provide you with a general overview of the market sentiment and expectations regarding the employment report.
The U.S. market showed signs of unease as investors awaited the critical August employment report. The S&P 500 Index fell by 0.3%, while the Nasdaq Composite Index rose by 0.3%. This mixed performance reflects the market's uncertainty in interpreting macroeconomic data.
Investors are closely monitoring the labor market conditions, and the August employment report is expected to provide insights into the health of the U.S. economy. The market is looking for direction amid all the macroeconomic data, trying to determine whether good news is truly positive or bad news is genuinely negative.
Earlier data showed some positive signs in the U.S. services sector, with the ISM Services PMI final value increasing slightly from the previous month. However, the number of initial jobless claims decreased but remained historically high, indicating lingering challenges in the labor market.
Unfortunately, there are no specific news articles or viewpoints regarding NVIDIA Corp's performance during this time. I apologize for the inconvenience. For more detailed information on the company, I recommend checking the stock quote page or financial websites for the latest updates.
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investing in the stock market involves risks, and it is essential to conduct thorough research and consult with a qualified financial professional before making any investment decisions.