“,”elements”:[]},{“title”:”Spending at small businesses rose in July as consumers spend more on general merchandise”,”type”:”Article”,”caption”:false,”elements”:[]},{“title”:”D2C festive sales could see a 40 percent increase- Gokwik Report”,”type”:”Article”,”caption”:false,”elements”:[]}],”thumb_big”:”https://etimg.etb2bimg.com/thumb/msid-112624103,imgsize-39230,width-1200,height=765,overlay-etbrandequity/marketing/asian-markets-get-week-off-to-largely-positive-start.jpg”,”thumb_small”:”https://etimg.etb2bimg.com/thumb/img-size-39230/112624103.cms?width=150&height=112″,”time”:”2024-08-19 14:40:00″,”is_live”:false,”prime_id”:0,”highlights”:[],”highlights_html”:””,”also_read_available”:false,”body”:”
File photoAsian markets mostly rose Monday following last week’s strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve‘s Jerome Powell is due to deliver a key speech.
Investors appear to have got over the turmoil that beset trading floors earlier in the month as a string of data suggested that worries of a US recession had been overdone.
Powell’s talk at the annual Jackson Hole symposium in Wyoming — which also gathers together financial leaders and policymakers — will be pored over, with hopes that he will flag an interest rate cut when Fed officials meet next month.
“Investors and analysts alike will be paying close attention to any signals from Fed officials about the future direction of US interest rates,” said Luca Santos, currency analyst at ACY Securities.
“There’s growing speculation that… Powell might hint at the possibility of starting rate cuts as early as September. But the size of the cut is still up in the air.
“A modest 25 basis points reduction seems likely, but a larger 50-basis-point cut would need stronger evidence of a weakening US job market.”
All three main indexes on Wall Street rose Friday, leaving them back near the record highs touched before their August 5 rout as investors grow confident the US economy will avoid recession as the Fed cuts rates.
Most Asian markets picked up the baton Monday.
Hong Kong, Shanghai, Sydney, Taipei, Manila, Bangkok and Jakarta rose, though Tokyo, Seoul and Wellington dipped. Mumbai and Singapore were flat.
London and Frankfurt dipped at the open, while Paris rose.
Bets on a series of Fed rate cuts weighed on the dollar against most of its peers, with the yen among the big gainers as traders asssess the chances of another Bank of Japan hike at its next meeting.
Gold held above $2,500 after breaking the barrier for the first time ever on Friday, fuelled by expectations for Fed cuts, which makes the precious metal more attractive to investors.
And oil prices were barely moved after last week’s losses, which came on the back of demand worries as China’s economy struggles to recover.
Investors are also keeping tabs on talks to mediate a ceasefire between Israel and Hamas in Gaza amid fears of a wider war in the crude-rich Middle East.
Major oil producer Iran has threatened to retaliate against Israel for last month’s killing of Hamas political leader Ismail Haniyeh in Tehran, which has been widely blamed on Israel.
US Secretary of State Antony Blinken was due to meet Prime Minister Benjamin Netanyahu and other Israeli leaders Monday to try to unblock the process for an end to hostilities.
Key figures around 0710 GMT
Tokyo – Nikkei 225: DOWN 1.8 percent at 37,388.62 (close)
Hong Kong – Hang Seng Index: UP 0.9 percent at 17,588.60
Shanghai – Composite: UP 0.5 percent at 2,893.67 (close)
London – FTSE 100: DOWN 0.3 percent at 8,289.66
Euro/dollar: UP at $1.1045 from $1.1022 on Friday
Pound/dollar: UP at $1.2966 from $1.2945
Dollar/yen: DOWN at 146.00 yen from 147.60 yen
Euro/pound: UP at 85.20 pence from 85.14 pence
West Texas Intermediate: DOWN 0.7 percent at $75.05 per barrel
Brent North Sea Crude: DOWN 0.6 percent at $79.22 per barrel
New York – Dow: UP 0.2 percent at 40,659.76 (close)
Spending at small businesses rose in July as consumers spend more on general merchandise
Retail spending rose 4.6% and retail transactions jumped 5.8%. General merchandise was the strongest category, up 10.9%. Health and personal care products rose 8.6%, building equipment and garden materials rose 6.2%, food and beverage sales rose 4.9% and furniture, electronics and appliances rose 4.7%.
D2C festive sales could see a 40 percent increase- Gokwik Report
Ecommerce enabler GoKwik forecasted a 40% increase in online sales for the festive period, spurred by a strong economy, GenZ’s rising disposable income, and the popularity of D2C brands. An early surge in orders was noted in July. Last year, D2C brands continued to grow despite concurrent sales in large marketplaces.
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Asian markets mostly rose Monday following last week’s strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve’s Jerome Powell is due to deliver a key speech. Most Asian markets picked up the baton Monday.
- Published On Aug 19, 2024 at 02:40 PM IST
Asian markets mostly rose Monday following last week’s strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve‘s Jerome Powell is due to deliver a key speech.
Investors appear to have got over the turmoil that beset trading floors earlier in the month as a string of data suggested that worries of a US recession had been overdone.
Powell’s talk at the annual Jackson Hole symposium in Wyoming — which also gathers together financial leaders and policymakers — will be pored over, with hopes that he will flag an interest rate cut when Fed officials meet next month.”Investors and analysts alike will be paying close attention to any signals from Fed officials about the future direction of US interest rates,” said Luca Santos, currency analyst at ACY Securities.”There’s growing speculation that… Powell might hint at the possibility of starting rate cuts as early as September. But the size of the cut is still up in the air.
“A modest 25 basis points reduction seems likely, but a larger 50-basis-point cut would need stronger evidence of a weakening US job market.”
All three main indexes on Wall Street rose Friday, leaving them back near the record highs touched before their August 5 rout as investors grow confident the US economy will avoid recession as the Fed cuts rates.
Most Asian markets picked up the baton Monday.
Hong Kong, Shanghai, Sydney, Taipei, Manila, Bangkok and Jakarta rose, though Tokyo, Seoul and Wellington dipped. Mumbai and Singapore were flat.
London and Frankfurt dipped at the open, while Paris rose.
Bets on a series of Fed rate cuts weighed on the dollar against most of its peers, with the yen among the big gainers as traders asssess the chances of another Bank of Japan hike at its next meeting.
Gold held above $2,500 after breaking the barrier for the first time ever on Friday, fuelled by expectations for Fed cuts, which makes the precious metal more attractive to investors.And oil prices were barely moved after last week’s losses, which came on the back of demand worries as China’s economy struggles to recover.
Investors are also keeping tabs on talks to mediate a ceasefire between Israel and Hamas in Gaza amid fears of a wider war in the crude-rich Middle East.
Major oil producer Iran has threatened to retaliate against Israel for last month’s killing of Hamas political leader Ismail Haniyeh in Tehran, which has been widely blamed on Israel.
US Secretary of State Antony Blinken was due to meet Prime Minister Benjamin Netanyahu and other Israeli leaders Monday to try to unblock the process for an end to hostilities.
Key figures around 0710 GMT
Tokyo – Nikkei 225: DOWN 1.8 percent at 37,388.62 (close)
Hong Kong – Hang Seng Index: UP 0.9 percent at 17,588.60
Shanghai – Composite: UP 0.5 percent at 2,893.67 (close)
London – FTSE 100: DOWN 0.3 percent at 8,289.66
Euro/dollar: UP at $1.1045 from $1.1022 on Friday
Pound/dollar: UP at $1.2966 from $1.2945
Dollar/yen: DOWN at 146.00 yen from 147.60 yen
Euro/pound: UP at 85.20 pence from 85.14 pence
West Texas Intermediate: DOWN 0.7 percent at $75.05 per barrel
Brent North Sea Crude: DOWN 0.6 percent at $79.22 per barrel
New York – Dow: UP 0.2 percent at 40,659.76 (close)
D2C festive sales could see a 40 percent increase- Gokwik Report
Ecommerce enabler GoKwik forecasted a 40% increase in online sales for the festive period, spurred by a strong economy, GenZ’s rising disposable income, and the popularity of D2C brands. An early surge in orders was noted in July. Last year, D2C brands continued to grow despite concurrent sales in large marketplaces.
- Published On Aug 19, 2024 at 02:40 PM IST
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