To The Moon

U.S. stock markets reached all-time highs, but despite a 50 basis point rate cut, they closed lower.

🇺🇸 S&P 500 Index: -0.29% 📉

🇺🇸 Nasdaq Index: -0.31% 📉

🇪🇺 STOXX 600 Index: -0.50% 📉

🇯🇵 Nikkei 225 Index: 0.49% 📈

🇭🇰 Hang Seng Index: Market Closed

🇨🇳 CSI 300 Index: 0.37% 📈

U.S. stock markets closed lower, with the S&P and Nasdaq both down 0.3%. After the policy announcement, U.S. stocks soared to an all-time high, but the gains were quickly sold off, resulting in a lower close. $S&P 500(.SPX)$  $NASDAQ(.IXIC)$  $DJIA(.DJI)$  

The CSI 300 $CSI300(000300.SH)$  rose 0.4% as Wall Street has strong expectations for a Fed rate cut.

💡 Upcoming Events: 💡

On Thursday, investors will focus on U.S. Federal Funds Rate, FOMC economic projections, FOMC statement and unemployment claims.

By the end of the week, we will see the release of Japan's national core CPI year-on-year, Bank of Japan policy rate, monetary policy statement, and China's 1-year and 5-year loan prime rates.

💡 Things to Know Today: 💡

1. On Wednesday, the Federal Reserve implemented its first rate cut since the COVID-19 pandemic, lowering the benchmark rate by half a percentage point to prevent a slowdown in the labor market.

First rate cut in 4 years

2. The Eurozone's CPI for August was 2.2% year-on-year, down from 2.6% in July. Meanwhile, core CPI year-on-year was 2.8%, slightly lower than last month's 2.9%.

Eurozone

3. According to data released by the government on Wednesday, Japan's trade deficit for August was 695.29 billion yen, as the depreciation of the yen increased import costs, despite exports reaching a record high for the month.

4. Bank Indonesia (BI) lowered its benchmark rate by 25 basis points to 6.00%, marking its first rate cut since February 2021.

Bank Indonesia

5. Alphabet's subsidiary Google $Alphabet(GOOGL)$ won a legal challenge on Wednesday, successfully overturning a €1.49 billion ($1.7 billion) EU antitrust fine. In contrast, Qualcomm $Qualcomm(QCOM)$ failed in its attempt to overturn another penalty.

Google won

✅ Key Point:

The Federal Reserve Chair stated, "I currently see no signs that the likelihood of a recession is increasing."

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