Market Highlights π‘ - 13 September 2024
Latest inflation data suggests a slight rate cut by the Federal Reserve is likely
πΊπΈ S&P 500 Index: +0.75% π
πΊπΈ Nasdaq Index: +1.00% π
πͺπΊ STOXX 600 Index: +0.80% π
π―π΅ Nikkei 225 Index: +3.41% π
ππ° Hang Seng Index: +0.90% π
π¨π³ CSI 300 Index: -0.43% π
β’ U.S. stock markets closed higher, with the S&P 500 Index $S&P 500(.SPX)$
β’ The U.S. Producer Price Index (PPI) for August rose 0.2% year-on-year, in line with market expectations.
β’ The Nikkei 225 Index surged 3.4%, driven by the depreciation of the yen, which boosted investor confidence in export-oriented companies.
β’ Before the release of U.S. PPI and weekly jobless claims data, the Shanghai CSI 300 Index $CSI300(000300.SH)$
π‘ Upcoming Events: π‘
β’ At the end of the week, we will release the preliminary University of Michigan Consumer Sentiment Index, EU Industrial Production year-on-year, and Japan Industrial Production year-on-year.
π‘ Things to Know Today: π‘
1. Naoki Tamura, a hawkish member of the Bank of Japan, stated on Thursday that interest rates must be raised to at least 1% before the second half of the next fiscal year. His comments reinforced the bank's commitment to a steady monetary tightening policy.
Naoki Tamura
2. The European Central Bank lowered interest rates on Thursday, citing falling inflation and slowing economic growth as reasons for slightly easing its monetary tightening policy.
European Central Bank
3. Moderna Inc.'s $Moderna, Inc.(MRNA)$
Covid 19 Vaccine
4. Political tensions, slowing economic growth in China, and intense domestic competition are weakening the confidence of U.S. companies operating in China. A recent survey showed their optimism about the five-year outlook has dropped to a historical low.
5. According to CNN, executives from OpenAI, Google $Alphabet(GOOGL)$ , and Anthropic will meet with senior U.S. officials at the White House on Thursday to discuss the energy resources and infrastructure needed to support artificial intelligence.
OpenAI executive
β
Key Point:
All eyes are on next week's FOMC meeting.
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Market Highlights - 13 September 2024
Here are the key highlights from the market:
The latest inflation data suggests a potential rate cut by the Federal Reserve.
The S&P 500 Index increased by 0.75%, while the Nasdaq Index rose by 1.00%.
The STOXX 600 Index climbed by 0.80%, and the Nikkei 225 Index surged by 3.41%.
The Hang Seng Index in Hong Kong rose by 0.90%.
The CSI 300 Index in China declined by 0.43%.
In the U.S., the S&P 500 and Nasdaq Composite Index both closed higher after the release of the Producer Price Index (PPI) for August. The PPI rose 0.2% year-on-year, in line with market expectations. This data has strengthened expectations for a 25 basis point rate cut by the Federal Reserve.
The Nikkei 225 Index in Japan experienced a significant surge of 3.4%. This increase was largely driven by the depreciation of the yen, which boosted investor confidence in export-oriented companies.
Before the release of U.S. PPI and weekly jobless claims data, the Shanghai CSI 300 Index in China fell by 0.4%, while the Hong Kong Hang Seng Index increased by 0.9%.
Upcoming Events:
At the end of the week, the preliminary University of Michigan Consumer Sentiment Index and EU Industrial Production year-on-year data will be released.
Please note that these highlights are for informational purposes only and should not be considered as investment advice.
Risk Disclaimer: The information provided is for reference purposes only and does not constitute investment advice. Investing in financial markets involves risk, and you should consult with a professional financial advisor before making any investment decisions.