· Market’s biggest bull sees year-end rally, but warns it’s setting up Wall Street for a scare next year
Chris Harvey’s reign as the year’s biggest bull won’t extend into next year.
The Wells Fargo Securities head of equity strategy, whose 2021 S&P 500 target is 4,825, predicts Wall Street will stage a vibrant year-end rally and then see a losing 2022.
· Shares in Asia-Pacific were mixed on Monday as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
· Wall Street shakes off Amazon, Apple weakness to end modestly higher
U.S. stocks shook off early declines and closed out the last trading day of the month with modest gains as a rise in Microsoft helped offset declines in Amazon and Apple after disappointing quarterly earnings from the online retailer and iPhone maker.
According to preliminary data, the S&P 500 (.SPX) gained 8.48 points, or 0.18%, to end at 4,604.90 points, while the Nasdaq Composite (.IXIC) gained 48.66 points, or 0.32%, to 15,496.78. The Dow Jones Industrial Average (.DJI) rose 88.36 points, or 0.25%, to 35,818.84.
The central bank's next policy announcement is on Nov. 3.
· Indian shares start November on strong note; Tata Motors results in focus
· Shares of Singapore’s top banks jump ahead of third-quarter earnings
OCBC and UOB are scheduled to kick off third-quarter earnings season for Singapore-listed banks on Wednesday, while DBS is expected to report on Friday.
· Japan stocks lifted by Kishida win, focus turns to his promises
Japanese stock prices hit a one-month high on Monday, buoyed by expectations of a stable government and more fiscal stimulus after Prime Minister Fumio Kishida’s ruling party held on to a majority in a parliamentary election.
The Nikkei share average rose 2.61%, its biggest gain in more than four months, to 29,647, its highest level since late September. The broader Topix added 2.18% to reach a one-month high of 2,044.72.
· China's blue-chip shares fall on hit from recent COVID-19 outbreaks
China’s blue-chips stocks fell on Monday as recent COVID-19 outbreaks in the country weighed on consumption, tourism and the broader services sector.
The CSI300 index fell 0.2%, to 4,897.55 points at the end of the morning session, while the Shanghai Composite index gained 0.1%, to 3,549.93 points.
The Hang Seng index dropped 1.1% to 25,098.87 points, while the Hong Kong China Enterprises index lost 0.8% to 8,886.09.
· European markets kick off November trading on a positive note
European stocks started the new trading week on a positive note Monday with investors watching for developments in high-stakes meetings of global leaders.
The pan-European Stoxx 600 index opened 0.6% higher with all sectors in positive territory.
The positive start seen for Europe comes after more mixed trade in Asia-Pacific markets overnight as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
Reference: CNBC, Reuters
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