After China’s stocks closed out their best week since 2008—and the Shanghai Stock Exchange index posted a 8.06% gain Monday, its biggest jump since 2008—China’s markets closed for Golden Week holidays.
Markets in Japan and Europe picked up the slack though, notching modest gains.
- S&P 500 Futures: 5,810.75 ⬇️ down 0.06%
- S&P 500: 5,762.48 ⬆️ up 0.42%
- Nasdaq Composite: 18,189.17 ⬆️ up 0.38%
- Dow Jones Industrial Average: 42,330.15 ⬆️ up 0.04%
- STOXX Europe 600: 523.94 ⬆️ up 0.20%
- Nikkei 225: 38,651.97 ⬆️ up 1.93%
- Bitcoin: $63,939.20 ⬆️ up 1.15%
Japan: Markets recover on positive economic indicators
A day after dropping 4.8% on the election of Shigeru Ishiba to be new prime minister—a choice that was expected to strengthen the yen and make Japanese exports less competitive—the Nikkei 225 rebounded 1.93%. It came after economic indicators showed steady business confidence among large manufacturers as well as falling unemployment. Heavy industry companies Kawasaki and Mitsubishi led the way with gains around 8%.
Europe: Indexes rise slightly as investors digest inflation data.
European stocks notched modest gains, with the STOXX Europe 600 rising 0.20% and the U.K. FTSE 100 stepping up 0.30% in early Monday trading. Investors focused on today’s release of preliminary September inflation data for the Eurozone, which came in at 1.8%—in line with economists’ expectations and below the European Central Bank’s target of 2%. The dovish reading will be seen as boosting the chances for another rate cut from the ECB. Germany’s Covestro led the STOXX with a 3.7% gain in early trading after Abu Dhabi state oil firm ADNOC said that it would buy the chemicals group for €15.9 billion ($17.7 billion).
U.S. pre-market trading treads water as markets await data
All three U.S. indexes tread water in pre-market trading Tuesday, as investors awaited Nike earnings, which come after the closing bell, and the big September jobs report which drops Friday.
The Dow, Nasdaq and S&P 500 take a rollercoaster ride
On Friday, the Dow rose 0.04%—hitting yet another new record—while the S&P 500 rose 0.42% and the tech-heavy Nasdaq added 0.38%. Federal Reserve chair Jerome Powell sent the market on a rollercoaster ride after saying in prepared remarks that the Fed would continue cutting interest rates—but left the timeline open and suggested he wasn’t in a rush as the market is currently “recalibrating.” All three U.S. indexes dropped before and shortly after Powell’s speech, but within a few hours of the Dow’s triple-digit plummet, indexes were in the green again.
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