September 11, 2024
26:58
26:58
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Equity markets rebound from this year's worst weekly loss
The stock market rebounded this week after facing its worst performance in 2024, driven by optimism around inflation reports and potential interest rate cuts. As financial sectors rallied, attention is now turning to upcoming inflation data, while Asia-Pacific markets received a boost from stronger-than-expected export growth in China. In the US, the S&P 500 surged by 1.16%, recovering from its worst weekly performance since March 2023. The Dow Jones jumped over 450 points, or 1.2%, while the Nasdaq gained more than 1%. Financials, Industrials, and Energy stocks led the market rebound. With inflation in focus, investors are watching this week's consumer and producer price reports. These will offer clues ahead of the Federal Reserve's policy decision next week, with potential interest rate cuts between 25 and 50 basis points. Meanwhile, Asia-Pacific markets responded positively, with Hong Kong's Hang Seng Index rising 0.3% and Japan's Nikkei 225 climbing 0.1%. Australia's S&P/ASX 200 added 0.6%. Shares of tech giant Alibaba rose over 4% in Hong Kong. South Korea's Kospi index gained 0.04% while the small-cap Kosdaq slipped 0.4%. Mainland China's CSI 300 edged down by 0.39%.
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