Market Highlights 💡 - 22 November 2024
U.S. stocks closed higher as investors turned their attention back to economic data; Asian markets mixed on earnings results.
🇺🇸 S&P 500 Index: +0.55% 📈
🇺🇸 Nasdaq Index: +0.06% 📈
🇪🇺 Stoxx 600 Index: +0.43% 📈
🇯🇵 Nikkei 225 Index: -0.85% 📉
🇭🇰 Hang Seng Index: -0.53% 📉
🇨🇳 CSI 300 Index: +0.09% 📈
🇸🇬 Straits Times Index: -0.12% 📉
• U.S. markets generally rose on Thursday, with the S&P 500 and Nasdaq Composite increasing by 0.6% and 0.1%, respectively, as investors flocked into cyclical stocks expected to benefit from economic acceleration and moved out of tech stocks.
• U.S. initial jobless claims fell by 6,000 to 213,000, below the expected 220,000, suggesting a possible rebound in employment growth in November.
• Asia-Pacific stocks ended mixed, with the Hang Seng Composite $HSI(HSI)$ falling by -0.5% and the CSI 300 $CSI300(000300.SH)$ Index rising slightly by 0.1%, as investors assessed corporate earnings and the prospects of further stimulus policies in China.
💡 Upcoming Events 💡
On Friday, the U.S. will release Manufacturing PMI Flash and Services PMI Flash; Europe will release Manufacturing PMI Flash and Services PMI Flash; Japan will release National Core CPI YoY.
💡 Things to Know Today 💡
1. Indian billionaire Gautam Adani has been charged by U.S. prosecutors with fraud for allegedly being involved in a $265 million bribery scheme to secure power supply contracts from Indian officials.
Gautam Adani
2. U.S. existing home sales in October saw a significant rebound of 3.4% YoY, marking the first annual growth since mid-2021, as buyers rushed into the market to take advantage of a brief drop in mortgage rates.
3. Chinese tech giant Baidu $Baidu(BIDU)$ $BIDU-SW(09888)$ reported a 3% YoY decline in third-quarter revenue on Thursday, but its revenue still exceeded market expectations, boosted by growth in its AI cloud business.
Baidu
4. The U.S. Department of Justice urged Google $Alphabet(GOOG)$ to sell its Chrome browser after a ruling in August found that the company holds a monopoly in the search market.
Chrome Browser
5. The Ministry of Commerce of the People's Republic of China announced a series of policy measures to promote foreign trade, including committing to strengthen financing support for businesses and increasing agricultural exports.
Ministry of Commerce China
✅ Key Takeaways:
This week, people are taking a more serious look at Trump's trade policies rather than just“believing that the industry will perform well.”
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