Market Highlights π‘ - 20 September 2024
The long-awaited shift from the Federal Reserve has caused global stock markets to soar.
πΊπΈ S&P 500 Index: 1.70% π $S&P 500(.SPX)$
πΊπΈ Nasdaq: 2.52% π $NASDAQ(.IXIC)$
πͺπΊ STOXX 600 Index: 1.40% π
π―π΅ Nikkei 225 Index: 2.13% π
ππ° Hang Seng Index: 2.00% π $HSI(HSI)$
π¨π³ CSI 300 Index: 0.80% π $CSI300(000300.SH)$
U.S. stock markets surged, with the S&P 500 and Nasdaq rising by 1.7% and 2.5% respectively, as optimism grows that the Fed's pivot will lead to a soft landing for the U.S. economy.
The dovish Fed has boosted optimism across Asian markets, with the Nikkei 225, CSI 300, and Hang Seng Index rising by 2.1%, 0.8%, and 2.0% respectively.
π‘ Upcoming Events: π‘
At the end of this week, we will see the release of Japan's national core CPI year-on-year, Bank of Japan policy interest rates, monetary policy statement, and China's 1-year and 5-year loan prime rates.
π‘ Things to Know Today: π‘
1. A few hours before the Bank of Japan's latest policy decision meeting, Japan's key inflation indicator accelerated for the fourth consecutive month, with the core inflation rate rising 2.8% year-on-year in August.
2. U.S. unemployment claims fell to their lowest level since May, indicating that the job market remains strong despite a slowdown in hiring. According to data released by the Labor Department on Thursday, initial claims for unemployment benefits decreased by 12,000 to 219,000 for the week ending September 14.
3. The Bank of England kept its benchmark interest rate at 5.0%, with officials indicating a preference for gradual policy easing following last month's rate cut.
4. Amazon $Amazon.com(AMZN)$
5. The European Union has warned Apple $Apple(AAPL)$ to allow competitor technologies to use its tightly controlled iPhone and iPad operating systems, or face hefty fines under the EU's landmark digital antitrust regulations.
β Key Points:
Data dependency remains crucial for the Federal Reserve. We expect this rate cut will not mark the beginning of a typical easing cycle but will monitor upcoming data in the coming months.
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Here are some key highlights related to the market and stock performance on September 20, 2024:
Global stock markets soared after the Federal Reserve's rate cut announcement. The S&P 500 index reached its 39th record in 2024. Read more
The S&P 500 index rose by 1.70% to reach 5,713.64 points, marking a new record high. The Nasdaq Composite had a substantial gain of 2.51% to close at 18,013.98 points. Read more
The Federal Reserve's rate cut boosted optimism across Asian markets. The Nikkei 225, CSI 300, and Hang Seng Index recorded gains of 2.13%, 0.80%, and 2.00% respectively. Read more
Please note that the information provided is for reference purposes only and does not constitute investment advice.
Remember to perform your own analysis and consider your risk tolerance before making any investment decisions.
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