finance-economy2.875 min read
"Consumer Confidence Wanes as Economy Faces Uncertain Future"
1 year ago•Source: CNBC
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"Market Focus: Key Data and Trends for the Week Ahead"
The Federal Reserve's announcement of its plan to cut interest rates three times this year sent stocks to record highs, despite a pullback on Friday. The upcoming week will be a holiday-shortened trading week with key economic data, including the release of the February Personal Consumption Expenditures (PCE) price index on Friday. The IPO of Reddit has raised questions about the IPO market, and the economic calendar will also feature housing data and consumer confidence measures.
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"Tech Giants Tumble: Nasdaq Sinks, Fed Meeting Looms"
The Nasdaq fell over 1% as early tech earnings disappointed investors, while the Federal Reserve held interest rates steady and removed language reflecting a bias toward tightening rates. The poor start from tech giants like Microsoft and Alphabet could unnerve Wall Street, but attention now turns to Apple, Amazon, and Meta's earnings. Additionally, Paramount Global's shares surged after media mogul Byron Allen made a $14.3 billion bid to buy all outstanding shares, and the US economy added 107,000 private payroll jobs in January, below estimates.
"Evergrande Liquidation Sends Ripples Through Global Markets"
Asia-Pacific markets rose, except for Hong Kong, following Evergrande's liquidation order; Japan's unemployment rate fell, while the U.S. S&P 500 closed at a record high; Dow underperforms in January due to Boeing, Walgreens, and Intel; Oil prices fell as China's property crisis raised concerns about its economy; U.S. Treasury Department reduces estimate for first-quarter borrowing, sparking a rally for bonds and stocks.
"Market Outlook: Fed Meeting, Tech Earnings, and Jobs Report Impact This Week"
The upcoming week is set to be busy for investors, with the Fed's policy decision, big tech earnings from Apple, Alphabet, Microsoft, Amazon, and Meta, and the release of the January jobs report. Investors expect the Fed to leave interest rates unchanged, while closely watching for any hints about future rate cuts. The January jobs report is anticipated to show a modest decrease in job additions, and big tech earnings are expected to drive the market narrative. Additionally, key economic data on manufacturing and services sectors, as well as updates on job openings, will also be closely monitored.
"Taiwan's Market Gains Outpace Japan's Lowest December Inflation in Years"
Taiwan led gains in Asia-Pacific markets as chip stocks rose, with Taiwan Semiconductor Manufacturing Corp surging; Japan's December inflation hit its lowest level since June 2022, with the Bank of Japan set to announce its decision on its monetary policy meeting next week; Amazon to invest over $15 billion in Japan to expand cloud infrastructure; Asia's chipmakers surged following TSMC's upbeat annual forecast for 2024; Morgan Stanley does not expect BOJ to end negative interest rates in January meeting; Japan's transition to wage-driven inflation will be favorable for its equities, according to Schroders; Apple shares rise after Bank of America upgrade; Weekly jobless claims post surprise drop, indicating ongoing tightness in the labor market.
"Central Bankers' Reality Check: Stocks Slide, Dollar Leaps as Investors Get Defensive"
U.S. stocks started the week lower as Federal Reserve official Christopher Waller suggested a slower pace of interest rate cuts, contrary to market expectations. China's economy grew at 5.2% in 2023, slightly exceeding its 5% target, but youth jobless rates surged to 14.9% in December. Goldman Sachs and Morgan Stanley reported earnings, with Morgan Stanley warning of economic and geopolitical risks. Meanwhile, at the World Economic Forum, Microsoft CEO Satya Nadella advocated for a global regulatory approach to artificial intelligence.