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Morning Research Notes - 09.08.24
The S&P 500 surged 2.3% on Thursday, driven by better-than-expected labour market data that eased recession fears. Spot gold increased by 1.8% to $US2424.56 per ounce. Brent crude rose by 0.9% to $US79.07 per barrel, while iron ore prices fell by 1% to $US99.95 per tonne. The VIX index, measuring market volatility, decreased by 14.9%.
The S&P 500 surged 2.3% on Thursday, driven by better-than-expected labour market data that eased recession fears. The number of Americans filing new unemployment claims fell to 233,000, below the anticipated 241,000, alleviating concerns about labour market weakness. This positive data, coupled with Richmond Fed President Thomas Barkin’s comments downplaying urgent rate cuts, helped lift investor sentiment. Major indices, including the Dow Jones and NASDAQ, also saw significant gains.
On Thursday, the Australian markets experienced a slight decline amid ongoing economic uncertainties. The ASX200 closed 0.23% lower. Info Tech, Health Care, and Utilities all saw price gains of 0.5%, 0.6%, and 1.05%, while Materials and Financials experienced slight declines of 0.23% and 0.14%. The commodity markets showed mixed trends amid continued global volatility, with Aluminum rising by 0.09%, Copper falling by 0.41%, Zinc surging by 2.54%, and Nickel declining by 0.47%.
In other news, Nick Scali declares 33¢ final dividend, QBE net profit doubles to $US802m, and News Corp announces Foxtel for sale after ‘third-party interest’. (Source: AFR)
Chart of the day
The Nifty 50 index presents a compelling investment opportunity due to India’s rapid digital transformation, spearheaded by the Digital India Program. This initiative has significantly boosted the digital economy, increasing its contribution to GDP from 5% to 15%. Key components like Aadhaar for digital identity and UPI for digital payments have been instrumental in this growth. The Nifty 50 includes leading companies such as Tata Consultancy Services, HCL Technologies, and Bharti Airtel, which are at the forefront of this digital revolution. These companies are well-positioned to benefit from ongoing digital advancements and government support, making the Nifty 50 an attractive option for investors seeking growth in the tech sector. Notably, the Nifty 50 has appreciated by 23% over the past year and an impressive 117% over the last five years, underscoring its robust performance and potential for future gains.
Source: Tradingview, Livewire
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