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Japan stocks lift Asian market higher after US retail data ...
2024-08-16 09:00:09
Markets
Stocks
Economy

Japan stocks lift Asian market higher after US retail data boosts Wall Street

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Japanese stocks led Asian gains, with the Nikkei 225 surging 2.9% as the yen weakened, rebounding from last week's selloff driven by the Bank of Japan's higher rates and carry trade unwinding. Wall Street rallied on strong U.S. retail data and economic indicators, with the S&P 500 and Nasdaq composite advancing.

Treasury yields also jumped, with the 10-year and 2-year yields climbing. China's central bank plans new growth-supporting policies, while e-commerce firms Alibaba and JD.com had mixed quarterly results.

Traders expect the Federal Reserve to cut rates at its next meeting.

Related news on that topic:

U.S. Stock Market Rallies on Resilient Retail Data

The U.S. stock market experienced a sharp rally as recession concerns eased. The Nasdaq Composite Index rose over 2%, led by major retailers like Walmart, Target, and Costco. Positive retail sales data reflected resilient consumer spending, which contributed to the improved investor sentiment. Cisco Systems provided an optimistic sales outlook and announced job cuts, while Nike and Ulta Beauty received new investments from notable investors. The S&P 500 Index also advanced, with the consumer discretionary and information technology sectors leading the way. In addition, initial jobless claims declined, drawing attention ahead of Federal Reserve Chair Powell's speech. The overall improvement in investor sentiment and underlying fundamentals supports a risk-on bias, according to Terry Sandven, Chief Equity Strategist at U.S. Bank Wealth Management.

Latest economic data cools recession worries

Recent economic data has provided relief to concerns about a US economic slowdown. Retail sales rose 1% in July, surpassing expectations, while unemployment claims fell more than anticipated. This positive news led to a surge in stocks, with the S&P 500 experiencing its best weekly return in nine months. Experts attribute the rebound in retail sales to strong spending and broad-based growth. Market sentiment has shifted, with expectations of a 25 basis point interest rate cut by the Federal Reserve. However, economists suggest that gradual rate cuts would be sufficient, as there is no urgent need for significant economic stimulus. In the UK, despite anti-immigration riots and struggling public services, the economy grew 0.6% in Q2. Inflation rose slightly to 2.2%, and the Bank of England is expected to cut rates. However, growth is projected to slow down in the coming months.

Read 31 more recent news on this topic

The press radar on this topic:

CNBC
15. August 2024 um 21:57

Another reason for market pep: A global central bank easing cycle is starting

Economy
Finance
R.J. O'Brien and Associate managing director Tom Fitzpatrick cautions that the full benefits of rate cuts globally for investors will depend on how far behind the curve the Federal Reserve is, based on historical precedent.
Reuters
16. August 2024 um 01:08

Nikkei Average Rises Over 1,000 Yen, Soft Landing Expectations Increase on 'Good Condition' US Indicators

Finance
Economy
Politics
The Nikkei Average rose over 1,000 yen, with the positive results of US indicators showing the resilience of the economy, and expectations for a soft landing are increasing. The rise in the dollar/yen exchange rate is supporting export stocks, and the rise in interest rates is supporting financial stocks.
Reuters
16. August 2024 um 00:19

Nikkei average opens higher, reaching 37,000 yen level, supported by gains in U.S. stocks and weaker yen

Finance
Economy
Politics
The Tokyo stock market opened higher, with the Nikkei average up 578.29 yen from the previous trading day to 37,304.93 yen, continuing its rise. It followed the sharp gains in the Nasdaq Composite (.IXIC) in the previous U.S. stock market session, and was also supported by the weakening yen trend. The Nikkei later extended its gains to over 900 yen. Major stocks such as Toyota Motor (7203.T) rose more than 2%, Sony Group (6758.T) rose more than 2%. Semiconductor-related stocks such as Tokyo El..
Yahoo!
16. August 2024 um 00:35

Carry Trade That Blew Up Markets Is Attracting Hedge Funds Again

Finance
Economy
Hedge funds and corporate clients are reviving a yen-centered carry trade that previously caused market turmoil, with Nomura International and ATFX Global Markets reporting increased yen short-selling as investors seek higher yields. Upcoming comments from Bank of Japan Deputy Governor Shinichi Uchida and Governor Kazuo Ueda, as well as US retail sales data, may impact the appeal of this carry trade strategy, which some investors like Brandywine Global and M&G Investment remain cautious about.
CW

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