? 30 Second Market Brief (9 Sep 2024)

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Here's this week's 30-Second Summary.

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International Update

• US economic data disappoints, fears FED cut rates too late.
• Resultingly, S&P 500 sees biggest drop in 18 months.
• Poor US jobs report & widening trade deficit, likelihood of aggressive FED cuts.
• Oil prices near nine-month low as OPEC+ considers boosting supply.
• Eurozone may cut rates in Sept, unlikely more in Oct.
• Yen strengthens, Japan likely to raise rates further this year.
• China data disappoints, continues facing economic challenges.

• Positive:? N/A.
• Negative: S&P 500 (-4.25%), Dow Jones (-2.93%), Nasdaq (-5.77%), Euro Stoxx 50 (-4.44%), FTSE 100 (-2.33%), Nikkei 225 (-5.84%), Shanghai Composite (-2.69%), Hang Seng (-3.21%).

South African Update

• Business confidence hits 2-yr high amidst stable power & GNU.
• GDP growth modest at 0.4%?for quarter 2.
• Current account deficit narrows?to 0.9% of GDP.
• Two Pot system starts, giving early access to retirement funds.
• JSE ALSI drops as resources plummet (-2.85%).
• Rand weakens slightly, closing at R17.85/$.

Week Ahead

• US Inflation (CPI), to guide Fed rate cuts?(Wed).
• UK GDP release (Wed).
• US Unemployment claims?(Thurs).
• EU Monetary Policy Statement (Thurs)

And that's it. You're all caught up for the week.

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