• MTS Futures News_AM_20191104

    4 Nov 2019 | SET News

· U.S. stocks rallied to close out the trading week on Friday as the S&P 500 set a closing record for the third time in five days after an upbeat U.S. jobs report and data on Chinese manufacturing eased concerns about slowing global growth.

The Dow Jones Industrial Average .DJI rose 300.86 points, or 1.11%, to 27,347.09, the S&P 500 .SPX gained 29.36 points, or 0.97%, to 3,066.92 and the Nasdaq Composite .IXIC added 94.04 points, or 1.13%, to 8,386.40.

Before the jobs report, sentiment was supported by data showing China manufacturing activity unexpectedly expanded in October, easing concerns about a slowdown in demand from the world’s second-largest economy as a result of U.S. tariffs.

For the week, the Dow rose 1.44%, the S&P 500 climbed 1.47% and the Nasdaq rose 1.74%.

U.S.-China trade news remained supportive for stocks, as Beijing’s state-media Xinhua News Agency reported the two countries have “reached consensus on principles.” Earlier, U.S. Commerce Secretary Wilbur Ross said the “phase one” trade pact with China appeared to be in good shape.

· European shares clocked their best day in over a week on Friday, as upbeat jobs data from the United States and a surprise bounce in Chinese manufacturing tempered nerves around slowing global growth.

The pan-European STOXX 600 index closed 0.7% higher, while German shares .GDAXI, heavily export-oriented, were also up 0.7%.

· Shares in Asia Pacific rose in Monday morning trade amid optimism on the U.S.-China trade front.

South Korea’s Kospi advanced 0.79% in early trade, with shares of chipmaker SK Hynix jumping 1.56%.

In Australia, the S&P/ASX 200 rose 0.3%, with almost all sectors in positive territory. Investors will watch for the release of September retail sales data, expected to be out around 8:30 a.m. HK/SIN.

Overall, the MSCI Asia ex-Japan index traded 0.2% higher.

Markets in Japan are closed on Monday for a holiday.

Meanwhile, investors will watch for developments on the U.S.-China trade front amid recent positive developments. U.S. Commerce Secretary Wilbur Ross said Sunday that licenses for American firms to sell to Chinese telecommunications giant Huawei will be granted “very shortly.”

· Thailand said on Sunday that Southeast Asian nations are committed to signing a pact by February 2020 on forging what could become the world’s largest trade bloc, even after new demands by India dealt a blow to the process backed by China.


Reference: Reuters, CNBC

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