China’s Market Surge: An Investor’s Dream Come True
China’s recent efforts to bolster the housing and stock market have set off a buying frenzy among investors, propelling the CSI index up by an impressive 7% and the Hang Seng by 3%. This surge in Chinese stocks is not only boosting the China-proxy Aussie and Kiwi dollars but also weakening the USD as demand for safe-haven assets diminishes, as noted by ING’s FX strategist Francesco Pesole.
US Election Impact on Financial Markets
As we gear up for a week filled with key economic data releases in the US, investors are closely watching how the upcoming presidential debates could sway the outcome of the elections. Here’s what to expect:
Upcoming Data Releases:
- JOLTS jobs openings report
- ISM manufacturing data
- ISM services index
- Jobs report on Friday
According to our economists, the jobs report is expected to show softer payroll numbers and a potential increase in the unemployment rate. Given the Federal Reserve’s focus on employment, the market will be closely monitoring these figures for any clues about the state of the economy.
US Vice-Presidential Debate
Another crucial event to watch out for is the upcoming TV debate between the US vice-presidential candidates, JD Vance and Tim Waltz. With this being the last debate before the elections and with significant roles in their respective campaigns, the impact of their performance on voter sentiment, especially in key swing states, cannot be underestimated.
Stay tuned for more updates as these events unfold and continue to shape the financial landscape.