Global Stock Market Indexes-Weekly Updates (17-21 Oct 2022)
Global Stock Market Indexes-Weekly Updates ( 17-21 Oct 2022): The global stock market indexes closed mixed during the week ended 21st Oct. The benchmarks in the US and European stock markets were advanced while major Asian markets indexes ended in the red during the week.
The US Stock Market indexes- Weekly Updates
The US stock market indexes recorded strong gains due to better-than-quarterly results and hints that the Fed might moderate its pace of interest rate hikes. The S&P 500 recorded its best weekly gains in nearly four months while Dow Jones gained three straight weeks in a row. The US market’s trading activities were volatile. Energy stocks outperformed while the small real estate sector lagged during the week.
The market sentiments got boosted due to corporate results and buyback announcements from Goldman Sachs and Lockheed Martin. The reversal of the fiscal stimulus plan by the UK government’s new finance minister also added some positive sentiments in the markets.
However, the markets were volatile, as the comments from the Fed officials were confusing, as, in the mid of the week, Fed officials warn of higher interest rates for longer. While Friday’s rally was due to Fed official’s comments to slow down the pace of rates soon and stop raising rates early next year.
On the economic front, the index of homebuilder sentiments fell more than expected and hit a 10-year low. The manufacturing production was better than expected in September. While the Jobless claim fell more than was anticipated. The hawkish, Fed’s comments in the mid of the week pushed the yield on the 10-year US treasury note to a 14-year high during the week.
European Stock Market Indexes- Weekly Updates
European stock market indexes rose on the resignation of UK Prime Minister Liz Truss and after the scrapping of her controversial tax-cutting plan. Conservative Members of Parliament—not the entire party membership—will hold a vote on a new leader on October 28.
However, the upside remained capped as the inflation data released in the UK showed inflation jumped to a 40-year high in September. The UK’s retail sales dropped in September compared to the last month. GfK’s consumer confidence also recorded 50-year lows in October.
German’s producer prices increased in September. However, investor sentiment in Germany was slightly higher in October from near record lows, a survey by the ZEW economic research institute showed.
Japan’s Stock Market Index- Weekly Updates
Japanese stock market indexes ended a choppy week with a minor cut. The market sentiments were downbeat due to recessionary fears and weakness in local currency against the dollar. The weakness in Yen remained focused in the markets after moving above the 150 levels against the US dollar. The data released at the end of the week showed that Japan’s core inflation, excluding the impact of tax hikes, hit 3% for the first time in 30 year
China’s Stock Market Index- Weekly Updates
China’s stock markets closed lower during the week as Beijing delayed the release of GDP and other key economic data without any explanation. The delay has raised speculation among investors that the data must have missed expectation and the government want to avoid to release during the weeklong Communist Party Congress.
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