The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
Asian stocks soar on Caixin manufacturing PMI
On Tuesday, Asian equities gained, with market sentiment driven by upbeat Caixin July manufacturing PMI figures.
In Japan, Nikkei 225 index rallied 0.22%. In Australia, the S&P/ASX 200 went up 0.77%, bolstered by strength in its energy sub-index that gained 1.9%.
The Reserve Bank of Australia held its interest rates intact at a record minimum 1.5%. The given outcome was generally expected by market participants.
In Hong Kong, the Hang Seng Index showed a 0.73% leap. The Shanghai Composite acquired 0.41%.
Tuesday’s Caixin manufacturing PMI hit 51.1, outperforming the expected reading of 50.4.
Overnight, Wall Street equities concluded at record maximums because investors kept expecting positive corporate earnings would back a move higher in market averages compensating the recent descend in tech equities.
American equities made a mixed start to the trading week because market sentiment on corporates earnings was still bullish, after Friday’s reports from Factset revealed that 73% of the S&P 500 companies, which had posted earnings the previous week, surpassed estimates on both the top as well as bottom lines.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.