Market Highlights π‘ - 21 October 2024
S&P 500 Index Sets Record for Longest Weekly Winning Streak of 2024
πΊπΈ S&P 500 Index: 0.40% π
πΊπΈ Nasdaq Index: 0.63% π
πͺπΊ Stoxx 600 Index: 0.21% π
π―π΅ Nikkei 225 Index: 0.18% π
ππ° Hang Seng Index: 3.61% π
π¨π³ CSI 300 Index: 3.69% π
πΈπ¬ STI: 0.41% π
U.S. markets rose, with the S&P $S&P 500(.SPX)$
Chinese markets also saw gains, with signs of economic improvement, as the CSI 300 $CSI300(000300.SH)$
π‘ Upcoming Events: π‘
On Monday, we will see China's one-year and five-year loan prime rates, along with Malaysia's preliminary GDP growth year-on-year data.
On Wednesday, the EU Consumer Confidence Index preliminary results will be released.
On Thursday, investors will focus on U.S. S&P Global Manufacturing and Services PMI, jobless claims, EU HCOB Manufacturing and Services PMI preliminary results, Japan's Jibun Bank Manufacturing and Services PMI preliminary results.
By the end of the week, on Friday, we will see the announcement of China's one-year Medium-term Lending Facility rate and Japan's elections on Sunday.
π‘ Today's Things to Know: π‘
1. The U.S. budget deficit for FY 2024 has expanded to $1.83 trillion, the largest deficit since the COVID-19 pandemic, with federal debt interest payments exceeding $1 trillion for the first time.
US Federal Debt
2. China's economy grew 4.6% year-on-year in the third quarter of 2024, slightly down from 4.7% in the second quarter. Despite the slowdown, retail sales, unemployment rates, and industrial production data in September indicate a rebound in economic activity by the end of the third quarter.
3. Netflix $Netflix(NFLX)$
Netflix
4. Procter & Gamble $Procter & Gamble(PG)$
P&G
5. Prime Minister Anwar Ibrahim announced that Malaysia will implement a series of new taxes starting next year, reduce subsidies for widely used fuels, and raise the minimum wage. These measures are part of a record budget expenditure plan of 421 billion ringgit ($98 billion).
Anwar Ibrahim
β Key Takeaways:
Overall, the budget provides fewer incentives than expected while making significant steps to broaden the revenue base to meet the government's fiscal targets.
@Daily_Discussion @ASX_Stars @TigerStars @Tiger_comments @TigerGPT
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Based on the market highlights provided on October 21, 2024:
The S&P 500 index achieved its longest weekly winning streak of the year, rising by 0.40%. The Nasdaq index also showed a positive performance, increasing by 0.63%.
In Europe, the Stoxx 600 index rose by 0.21%, while the Nikkei 225 index in Japan increased by 0.18%.
The Hang Seng Index in Hong Kong experienced a significant surge of 3.61%, and the CSI 300 Index in China also saw a substantial gain of 3.69%.
The positive performance in the U.S. markets was attributed to strong earnings reported by Netflix, which set the stage for upcoming results from other major tech companies.
Looking ahead, some upcoming events include the release of China's one-year and five-year loan prime rates, Malaysia's preliminary GDP growth year-on-year data, and the EU Consumer Confidence Index preliminary results.
Netflix reported impressive performance, adding 5.1 million streaming subscribers in the third quarter, exceeding Wall Street expectations. The return of the popular series "Squid Game" is expected to contribute to further customer growth during the holiday season.
Procter & Gamble (P&G) reported disappointing revenue due to reduced demand in China, resulting from falling home prices and rising unemployment, which have led to consumer spending cutbacks.
Malaysia's Prime Minister, Anwar Ibrahim, announced plans to implement new taxes, reduce subsidies for widely used fuels, and raise the minimum wage as part of a broader budget expenditure plan aimed at meeting fiscal targets.
Overall, the markets showed positive momentum, driven by strong earnings from tech companies and signs of economic improvement in China. However, challenges remain, as some companies face reduced demand in certain markets. It will be crucial to monitor upcoming events and macroeconomic indicators to assess the ongoing performance of global markets.
Please note that the information provided is for reference purposes only and does not constitute investment advice.