Equities Rally as Economic Data Boost Sentiment: Markets Wrap
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Equities in Japan and China rallied following positive economic data; Japan's Topix index and China's CSI 300 benchmark both rose more than 1%; Futures contracts for the S&P 500 and Nasdaq 100 also increased; Data showed Japan's economy grew faster than expected in Q2; China's data indicated signs of stabilization in retail sales and home prices; US inflation data showed slowest pace of core consumer prices since 2021, paving the way for anticipated Federal Reserve interest-rate cuts next month; Traders are fully pricing in one 25 basis-point reduction in September and 100 basis points of easing through year-end; Australian shares advanced, while those in Taiwan were little changed; Treasuries fell in Asia with the 10-year yield climbing one basis point to 3.84%; The dollar strengthened against most major peers; Tencent Holdings Ltd. dropped in Hong Kong despite posting an 82% increase in net income; Hedge fund manager Michael Burry increased his stake in Alibaba Group Holding Ltd.; Japanese Prime Minister Fumio Kishida's decision to bow out of the ruling Liberal Democratic Party's leadership election triggered a period of modest political uncertainty; The S&P 500 extended its winning streak into a fifth straight day; Cisco Systems Inc. climbed on a solid revenue forecast; Oil clawed back gains after falling for a second session; Gold edged higher after two daily declines; Bitcoin and Ether both fell; Key events this week include US initial jobless claims, retail sales, industrial production, and housing starts; The story was produced with the assistance of Bloomberg Automation.
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https://emeatribune.com/equities-rally-as-economic-data-boost-sentiment-markets-wrap/
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