Weekly Wrap Content for the week of Oct 13:
1. Week
41 major indexes performance;
2.
Week 41 US sector indexes performance;
3.
Major indexes weekly charts of support and resistance levels;
U.S.
For the
week of 13 Oct, U.S three major indexes mixed as investors weighed inflation
data against dovish signals from Federal Reserve officials. Large-cap value
stocks outperformed, helped by earnings beats from Citigroup, Wells Fargo, and
JPMorgan Chase. The banking giants kicked off the unofficial start to third-quarter
earnings reporting season on a positive note, as their profits got a boost from
higher interest rates. Refer to major indexes’ weekly performance table below.
1. Potential widening of war between Israel and Hamas boosted Gold, energy shares and defensive shares while weighing on airlines and cruise operators.
2. Rates. Market sentiment turns to bullish after few Fed officials’ dovish comments on future rates hikes. By the end of the week, federal funds futures were pricing in only a 5.7% chance of a rate hike at the next Fed meeting in November versus 27.1% the previous week, according to the CME FedWatch Tool.
3. Producer inflation surprises to the upside, but consumer inflation falls to two-year low. Core consumer price index (CPI) inflation data, released Thursday, was in line with expectations, rising 4.1% for the year ended September 30, its slowest pace in two years.
SPX
sectors in play
Nine out
of the 11 sectors of the SPX index closed positive for the week. Within the
index, Energy(XLE) and defensive stocks such as Utilities(XLU) outperformed. Consumer Discretionary(XLY) lagged. Refer to below SPX sectors
ETF weekly performance table.
The three major indexes mixed for the week. The SPX and Dow closed and
Nasdaq closed lower. Both SPX and Nasdaq closed below 50dma and Dow was the
weakest among the three, closed just above 250dma. Click below three indexes
for their weekly charts respectively in a new window.
China/HK
Financial markets in China declined in the first full week of
trading after the Golden Week holiday, as softer inflation and trade data
renewed concerns that the economy may slip back into deflation. The Shanghai Composite
Index(SSE) dropped 0.72% while the blue-chip index CSI 300 slipped 0.71%. In Hong Kong, the benchmark Hang Seng Index
gained 1.87% (Refer to the above weekly performance table).
Key highlights for the week and outlook
for China/HK:
1. China’s CPI remained unchanged in September from a year earlier, following August’s 0.1% rise, largely due to weaker food prices. Producer prices fell an above-consensus 2.5% from a year ago but eased from the 3% drop the previous month.
2. Trade data came in above expectations but remained weak. Overseas exports fell 6.2% in September from a year earlier, slower than the 8.8% drop in August. Imports also shrank by 6.2%, better than the 7.3% contraction in August and marking the seventh straight month of declines.
3. China Securities Regulatory Commission (CSRC) announced a ban on domestic brokerages and their overseas units from accepting new mainland clients for offshore trading.
Click below title to view weekly charts.
Singapore
STI index gained 0.36% for the week, market appears subdued within
a tight range bound and low daily turnover. The overall daily turnover dropped
to below S$600mil on Monday- a level
believed never seen for quite some time. For perspective, Average daily
turnover for Sep was at S$867mil, down from S$1072 from Aug. It’s on the
trending down, based on SGX monthly data. There were 20 out of 30 stocks
recorded positive weekly return on the STI index. Top gainer ST Engineering +3.39%
while the worst performer was DFIRG-4.07%.
Source: Some
contents and data excerpted from various public market reports.
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