#KnowGreater Weekly Market Recap (August 19, 2024)
#KnowGreater: Stay Ahead with OnePlatform Asset Management's Weekly Financial Insights. Here are key market news and updates for the coming week:
Recent News Recap
???Stock futures rise slightly after S&P 500 notches best week of the year Stock futures edged higher on Friday after the S&P 500 posted its strongest weekly performance of 2024. The benchmark index gained 2.4% this week[MW1]?, boosted by better-than-expected economic data and corporate earnings. Investors are now looking ahead to the upcoming batch of earnings reports to gauge the durability of the market's comeback rally.
???Trump, Harris inflation arguments are questionable, Chicago Fed president says
The inflation arguments made by former President Donald Trump and Vice President Kamala Harris are questionable, according to Austan Goolsbee, president of the Federal Reserve Bank of Chicago. Trump has proposed a hardline tariff policy, while Harris has criticized corporations for alleged price gouging. Goolsbee stated that both candidates' claims are not supported by economic evidence and that the causes of inflation are more complex.
???Oil prices ease on China demand fears Oil prices dropped in early Asian trading as concerns about weaker demand from China, the world's largest oil importer, weighed on market sentiment. Traders are closely monitoring the situation as it could impact global oil supply and prices.
???Singapore announces unemployment support scheme In a major policy shift, Singapore has introduced an unemployment support scheme that will provide laid-off workers with financial assistance of up to SG$6,000 (approximately USD$4,561) per month for six months, subject to certain conditions. This initiative aims to support individuals facing job loss amid economic challenges.
What to Watch This Week
???Federal Reserve Chair Jerome Powell's Speech at Jackson Hole Fed Chair Jay Powell is scheduled to deliver the keynote address at the central bank's annual economic symposium in Jackson Hole, Wyoming, on?August 23, 2024, at?10:00 AM ET?(14:00 GMT). Markets will be closely watching for signals about the pace and timing of future interest rate cuts.
???U.S. Economic Data Releases The Federal Reserve will publish minutes of its July meeting on?August 21, 2024, providing insights into the central bank's policy discussions. Additionally, the Bureau of Labor Statistics will release a preliminary estimate of the benchmark revision to nonfarm payrolls for March 2024 on?August 21, 2024, and the weekly report on initial jobless claims will be available on?August 22, 2024.???
???Global PMI Data Purchasing managers' indexes (PMIs) will be released on?August 23, 2024, providing a real-time snapshot of economic activity. A repeat of July's dour PMI data might mean monetary easing happens more slowly than markets would like.
References:
领英推荐
Stock futures rise slightly after S&P 500 notches best week of the year: Live updates
Trump, Harris inflation arguments are questionable, Chicago Fed president says
Oil prices ease on China demand fears, focus on Mideast talks
In major policy shift, Singapore announces unemployment support scheme
Top 5 things to watch in markets in the week ahead
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