Market Update – 9th October 2024. - 9th October 2024
Stocks have exhibited mixed performance thus far this week. Chinese stocks have been on quite the rollercoaster.
Stocks have exhibited mixed performance thus far this week. Chinese stocks have been on quite the rollercoaster.
On Tuesday, the Eurozone’s headline inflation rate came in for the month of September at 1.8%, below the European Central Bank’s (ECB) target of 2%. Core inflation, which strips out volatile elements like food and fuel, also slowed to 2.7%, down from 2.8% in August.
On Monday, data for the Eurozone was released showing that the region’s economic activity has slowed.
The UK’s headline annual Consumer Price Index (CPI) remained unchanged in August, holding steady at 2.2%, with the rise in air fares offset by lower fuel prices.
Markets appeared to be more upbeat this week rebounding after a poor performance last week, as investors looked towards key inflation data and the European central bank interest rate decision.
This week has been relatively quiet on the economic data front, with U.S. markets in particular observing a shorter trading week due to Monday’s Labor Day holiday.
On Wednesday, tech giant Nvidia reported better than expected earnings.
Eurozone inflation rose to 2.6% in July, a modest increase from 2.5% in June. Core inflation, which strips out volatile food and energy prices, remained steady at 2.9%.
This morning, UK inflation came in for July at 2.2%, just above the Bank of England’s 2% target.
China’s services sector saw a rebound in July, with employment growing at its fastest rate in nearly a year, according to a survey released Monday by Caixin.