Market Highlights π‘ - 13 November 2024
Stocks Close Lower Ahead of CPI Data Release
πΊπΈ S&P 500: -0.28% π
πΊπΈ Nasdaq: -0.09% π
πͺπΊ STOXX 600: -1.98% π
π―π΅ Nikkei 225: -0.40% π
ππ° Hang Seng: -2.84% π
π¨π³ CSI 300: -1.10% π
πΈπ¬ Straits Times Index: -0.75% π
U.S. stocks declined, with the S&P 500 and Nasdaq down by -0.3% and -0.1%, respectively, after five consecutive days of gains. The dollar hit a six-month high.
Chinese markets fell, with the Hang Seng and CSI 300 down by -2.8% and -1.1%, respectively, as investors remained cautious ahead of the U.S. CPI data release, erasing the gains from the policy-driven rebound months ago.
π‘ Upcoming Events π‘
Wednesday: U.S. Core CPI monthly rate, U.S. CPI annual rate, Eurozone industrial production monthly rate, Japan PPI.
Thursday: U.S. PPI monthly rate, U.S. jobless claims, Eurozone GDP preliminary quarterly data, ECB monetary policy meeting minutes.
Friday: U.S. Core Retail Sales monthly rate, EU economic forecasts, China industrial production YoY, China retail sales YoY, China unemployment rate, Japan preliminary GDP quarterly.
π‘ Key Things to Know Today π‘
1. CEOs of Europe's top three chipmakers express concerns that increasing government demands for local semiconductor production are harming business operations in the U.S., China, and Europe.
Chips
2. The EU has instructed Apple $Apple(AAPL)$ to stop its geographic content restrictions, including limitations on App Store, Apple Arcade, music, iTunes, books, and podcasts based on user location.
Apple
3. Gold prices fall to a near two-month low, pressured by a stronger dollar and optimism over President Trump's economic growth prospects for his second term. $SPDR Gold Shares(GLD)$ $SPDR Gold MiniShares Trust(GLDM)$
Gold
4. On Tuesday, Baidu Inc. $BIDU-SW(09888)$ $Baidu(BIDU)$ launched several new AI applications, including an enhanced text-to-image generation tool and a no-code software development platform.
Baidu
5. OPEC has downgraded its global oil demand growth forecast for this year and next, citing weak demand in China, India, and other regions. This is the fourth consecutive downward revision for 2024.
Opec
β Key Takeaways:
After efforts to reduce price pressures post-COVID, there are concerns that President Trump's policies might reignite inflation, driving U.S. Treasury yields and the dollar higher.
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Based on the market highlights for November 13, 2024:
U.S. stocks, represented by the S&P 500 and Nasdaq, closed lower with declines of -0.28% and -0.09% respectively, following five consecutive days of gains.
Chinese markets, including the Hang Seng and CSI 300, also experienced declines of -2.84% and -1.10% respectively. Investors remained cautious ahead of the release of U.S. CPI data, erasing previous gains.
The dollar reached a six-month high.
Upcoming events to watch include the release of U.S. Core CPI monthly rate, U.S. CPI annual rate, Eurozone industrial production monthly rate, and Japan PPI on Wednesday. On Thursday, events include the release of U.S. PPI monthly rate, U.S. jobless claims, Eurozone GDP preliminary quarterly data, and ECB monetary policy meeting minutes. Finally, Friday will see the release of U.S. Core Retail Sales monthly rate, EU economic forecasts, China industrial production YoY, China retail sales YoY, China unemployment rate, and Japan preliminary GDP quarterly.
Key things to know include concerns expressed by CEOs of top European chipmakers regarding government demands for local semiconductor production, instructions for Apple to remove geographic content restrictions, a fall in gold prices due to a stronger dollar and optimism over President Trump's economic growth prospects, the launch of new AI applications by Baidu Inc., and OPEC downgrading its global oil demand growth forecast for this year and next.
Concerns about President Trump's policies reigniting inflation and driving U.S. Treasury yields and the dollar higher persist.
Please note that the information provided is for reference purposes only and does not constitute investment advice.
Sources:
S&P 500: -0.28%
Nasdaq: -0.09%
Hang Seng: -2.84%
CSI 300: -1.10%
Dollar Hits Six-Month High
Businessmen Worried About Chip Production Demands
EU Instructs Apple to Remove Content Restrictions
Gold Prices Fall to Near Two-Month Low
Baidu Launches New AI Applications
OPEC Downgrades Global Oil Demand Growth Forecast