Market Highlights π‘ - 27 September 2024
S&P 500 Index hits a record high; Chinese stock market continues to rise significantly after President Xi Jinping's commitments.
πΊπΈ S&P 500 Index: 0.41% π
πΊπΈ Nasdaq Index: 0.60% π
πͺπΊ Stoxx 600 Index: 1.26% π
π―π΅ Nikkei 225 Index: 2.79% π
ππ° Hang Seng Index: 4.16% π
π¨π³ CSI 300 Index: 4.24% π
πΈπ¬ Straits Times Index: -0.03% π
U.S. stocks rose, with the S&P 500 $S&P 500(.SPX)$
The U.S. economy grew at an annualized rate of 3% in Q2 2024, in line with the second estimate and higher than the revised 1.6% in Q1 2024.
Initial claims for U.S. unemployment benefits fell to 218k, slightly below the market forecast of 224k, marking a four-month low.
In August 2024, new orders for U.S. durable goods remained unchanged, missing the market expectation of a 2.8% decline, while July's revised growth was 9.8%, the highest in four years.
The Asia-Pacific markets continued to climb, with the Hang Seng Index $HSI(HSI)$
π‘ Upcoming Events: π‘
Investors will be looking forward to the release of the U.S. Core PCE Price Index, Personal Income and Spending, and the revised University of Michigan Consumer Sentiment and Inflation Expectations on Friday.
π‘ Today's Key Points: π‘
1. The Chinese Politburo, led by President Xi Jinping, pledged on Thursday to "issue and utilize" government bonds to better leverage "the driving role of government investment" and "intensify counter-cyclical adjustments of fiscal and monetary policies."
2. Bloomberg News reports that China is considering injecting up to 1 trillion yuan into its largest state-owned banks to enhance their ability to support the struggling economy.
3. China announced a one-time cash distribution to vulnerable residents and expanded unemployment benefits to stimulate consumption and alleviate economic anxiety ahead of the important National Day holiday.
4. U.S. Treasury Secretary Janet Yellen stated, "I have always believed there is a path to a soft landing, potentially lowering inflation while maintaining a strong labor market; the data indicates that this is the case."
5. ChatGPT manufacturer OpenAI is planning a transition from a nonprofit business model to a for-profit model, which will no longer be controlled by a nonprofit board, making the company more attractive to investors.
β Key Points:
Revised data shows that the U.S. economy is recovering from the pandemic more resiliently than previously thought, and the decline in unemployment claims highlights the robustness of the labor market.
@Daily_Discussion @TigerStars @TigerGPT @CaptainTiger @Tiger_comments
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