Monday’s Market Update | 16-Sep-2024
Asian markets opened with mixed results today, with Hong Kong stocks falling as investors reacted to disappointing economic data from China, while several key markets remained closed for holidays.
Hong Kong’s Hang Seng index fell 0.76% at the open following the release of concerning economic data from China over the weekend. August factory output, retail sales, and investment numbers all fell short of expectations. The urban unemployment rate rose to a six-month high, while year-on-year home prices experienced their sharpest decline in nine years.
Investors also await the Federal Reserve’s policy meeting on Tuesday and Wednesday, where the central bank is anticipated to make its first interest rate cut since 2020
Meanwhile, Oil prices edged up in early trading on Monday amid expectations of a U.S. interest rate cut this week, however, gains were limited by U.S. oil supply following Hurricane Francine and weaker-than-expected data from China.
Still, nearly a fifth of crude oil production and 28% of natural gas output in the Gulf of Mexico remain offline after the hurricane.
A key factor driving the market this week will likely be how aggressively the U.S. Federal Reserve implements its cut following the Sept. 17-18 meeting.
