Market Highlights π‘ - 17 October 2024
US markets lifted by buying in the financial sector; Asian markets await new catalysts
πΊπΈ S&P 500 Index: 0.47% π
πΊπΈ Nasdaq Index: 0.28% π
πͺπΊ Stoxx 600 Index: -0.19% π
π―π΅ Nikkei 225 Index: -1.83% π
ππ° Hang Seng Index: -0.16% π
π¨π³ CSI 300 Index: -0.63% π
πΈπ¬ Straits Times Index: -0.13% π
On Wednesday, US stock markets generally rose, with the S&P 500 and Nasdaq Composite Index increasing by 0.5% and 0.3% respectively, while large tech stocks fell. This was driven by gains in small-cap stocks and a strong performance in financial stocks.
UK's inflation rate in September fell sharply to 1.7% year-on-year, below the expected 1.9%. This is the first time since April 2021 that it has fallen below the Bank of England's 2% target.
Asia-Pacific stock markets mostly declined, with the Hang Seng Index and CSI 300 Index falling by 0.2% and 0.6% respectively, as investors await more clarity from Beijing on fiscal stimulus measures, which are seen as crucial for maintaining the 20% rise over the past month.
Upcoming Events:
On Thursday, investors will focus on ECB President Lagarde's speech, major financing rates, and US retail sales month-on-month, core retail sales, and unemployment claims.
At the end of this week, we will see the release of China's GDP, industrial production year-on-year, and retail sales year-on-year.
Things to Know Today:
1. AirAsia shareholders have approved a proposal for its long-haul airline AirAsia X to acquire the budget airline, allowing both companies to advance their merger, which is expected to be completed by the end of this year.
AirAsia
2. Morgan Stanley's $Morgan Stanley(MS)$
Morgan Stanley
3. Hong Kong leaders announced measures to address the housing crisis, with a key policy aimed at providing easier subsidized housing access for citizens under 40.
4. Thailand's central bank unexpectedly lowered the benchmark interest rate from 2.5% to 2.25% during Wednesday's policy review, aiming to revitalize the sluggish economy.
Thailand Central Bank
5. LVMH's $LVMH-Moet Hennessy Louis Vuitton(LVMHF)$ third-quarter sales fell short of expectations, putting significant pressure on the entire luxury goods industry and erasing gains from recent stimulus measures in China.
LVMH
Key Point:
As investors shift from large tech companies to major financial firms $Bank of America(BAC)$
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Based on the market highlights for October 17, 2024, here are the key points:
US markets:
The S&P 500 Index rose by 0.47% and the Nasdaq Index increased by 0.28%.
Small-cap stocks and financial stocks performed well, contributing to the market gains.
Large tech stocks, however, experienced declines.
European markets:
The Stoxx 600 Index fell by 0.19%.
No specific catalyst mentioned.
Asian markets:
The Nikkei 225 Index in Japan declined by 1.83%.
The Hang Seng Index in Hong Kong dropped by 0.16%.
The CSI 300 Index in China decreased by 0.63%.
Investors in Asia are awaiting more clarity on fiscal stimulus measures from Beijing.
UK's inflation rate:
The inflation rate in September was 1.7%, below the Bank of England's 2% target.
This is the first time it has fallen below the target since April 2021.
Upcoming events:
Investors will be focusing on ECB President Lagarde's speech, major financing rates, and US retail sales data on Thursday.
In addition to the market highlights, here are some notable news and events:
AirAsia's acquisition:
AirAsia X, the long-haul airline, is set to acquire the budget airline to advance their merger, which is expected to be completed by the end of the year.
Morgan Stanley's profits:
Morgan Stanley reported better-than-expected profits in the third quarter, driven by strong performance in its investment banking division.
Housing crisis in Hong Kong:
Hong Kong leaders announced measures to address the housing crisis, including policies aimed at providing easier subsidized housing access for citizens under 40.
Thailand's interest rate cut:
Thailand's central bank unexpectedly lowered the benchmark interest rate from 2.5% to 2.25%, aiming to revitalize the sluggish economy.
LVMH's sales:
LVMH, the luxury goods company, reported third-quarter sales that fell short of expectations, impacting the entire luxury goods industry and offsetting gains from recent stimulus measures in China.
As always, please note that the information provided is for reference purposes only and should not be considered as investment advice.
Sources:
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