Asian stocks are flat Tuesday, awaiting global inflation data. Wall Street closed for Memorial Day. Investors are buying on cooling inflation signs.
Asian stocks traded flat on Tuesday as investors awaited global inflation data and as Wall Street closed overnight for Memorial Day. Investors kept pouring money into shares on signs of cooling inflation.
According to Lipper data, global equity funds attracted $11.1 billion in inflows in the week ended May 22, 22% increase from the previous week. US equity funds received the most of them – $9.9 billion.
Global high-yield bond funds saw inflows surge to $3.2 billion, while government bond funds attracted $1.2 billion. A looser financial condition expected usually benefits both stocks and bonds.
In the past two weeks, three equity strategists tracked by Yahoo Finance have boosted their year-end targets for the S&P 500. The median target on Wall Street for the benchmark index now sits at 5,250.
Earnings of Corporate America grew 6% in the first quarter of 2024, the highest rate of growth seen in nearly two years. The tech sector still drove the lion's share of the growth in the S&P 500.
According to Morningstar, stock markets could become increasingly volatile this summer given economic slowdown and pullbacks could provide an opportunity to move back to overweight equity positions.
The S&P 500 has rallied strongly since hitting a bottom in early April. By Friday, it is seen to stay in the current trading range between 5,250 and 5,350.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
2024-09-06Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05