Stock Market Recovers, Fed Meeting Is Eyed
A selloff in stocks stopped. S&P 500 has reversed up from the 100-day moving average. It should be the perfect time to buy the index.
Hong Kong retail sales rally picks up in August
In August, retail sales managed to add at a faster pace in Hong Kong in contrast with July. That’s what government data disclosed. However, the outlook is still overshadowed by external headwinds, including the impact of US-China trade clashes.
August retail sales leapt by 9.5% from 2017 in value terms hitting HK$38.2 billion, thus demonstrating their eighteenth month of expansion, in contrast with July’s 7.8% leap.
However, in volume terms, in August, retail sales soared by 8.1% in contrast with July’s 5.9% rally.
A government spokesman told that favorable job as well as income conditions, and also sustained surge in inbound tourism are expected to back the retail sector in the nearer future.
For the first eight months of this year, total retail sales tacked on by 12.2% in value terms as well as 10.6% in volume terms.
Market experts told that escalating China-US trade tension was impacting market sentiment, while a weaker Yuan also backed the Hong Kong dollar.
Surge in China's manufacturing sector decreased in September due to the fact that domestic and external demand receded.
Market experts actually expect China's surge to cool further in the nearer future, with a barrage of August economic reports doing little to debunk views that domestic demand is decreasing.
In August, China’s retail sales jumped a better-than-anticipated 9%, powered by home appliances and jewelry.
Meanwhile, market experts are quite optimistic that the influx of tourists from mainland China to Hong Kong will still be firm enough over the long term.
As a matter of fact, August tourist arrivals inched up by up to 17.4% from 2017 hitting 5.896 million, as the Hong Kong Tourism Board informed. The count of mainland visitors jumped by 22%, amounting to up to 81.8% of the total.
Similar
Strong US Retail Sales Pressed Gold
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
Fed Jackson Hole Conference To Take Place Virtually
The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
Latest news
What will move the market on October 25-29?
Last week was full of surprises! Stock indices have shown significant growth…
Will USD Stop Falling Today? Market Wrap
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Major Event Alert: Canadian Retail Sales
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
Deposit with your local payment systems
