The ASX 200 continued its upward momentum this week, marking its third consecutive week of gains. Better-than-expected company earnings have calmed investor nerves, pushing the index closer to its all-time high. Despite the positive market sentiment, July’s retail sales data, released by the ABS, showed a flat result month-on-month, coming in slightly below expectations. However, the Australian economy remains resilient, with next week’s GDP data expected to provide further insights.
In the United States, the Dow Jones achieved its second consecutive all-time closing high, buoyed by economic data that supports the likelihood of a Federal Reserve rate cut. While the S&P 500 and Dow Jones posted modest gains for the week, the Nasdaq saw a slight decline. Nvidia’s strong earnings were a highlight, although its share price dipped due to high market expectations. The mixed results underscore the ongoing balancing act in the US economy.
European markets also ended the week on a positive note, with the FTSE hitting a three-month high. However, weaker-than-expected inflation data from Germany and Spain has opened the door for a potential rate cut by the ECB in September. Meanwhile, China’s markets were mixed, with the Hang Seng posting gains while the Shanghai Composite saw a slight decline. Japan’s Nikkei finished the week in the green, though concerns over a potential US recession and a surprise rise in unemployment added some caution to the optimism.
Published 3/9/2024
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