Market Monitor – 1 September 2023
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Market Monitor – 1 September 2023

Global stock markets ended a challenging month on a positive note following stimulus measures in China and reassuring economic data in the United States

The Beijing government’s latest attempts to boost the ailing Chinese economy early in the week received a considerably warmer welcome from investors than recent efforts. Meanwhile, markets were particularly happy to see signs that the US economy may be cooling sufficiently to make further interest rate rises unlikely – but not so rapidly that company earnings are at risk in the short term.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 1.1% up for the week so far, with the S&P 500 gaining 2.3%. Second-quarter GDP growth was downgraded to a small degree, while the number of new job openings came in lower than expected. July’s inflation figure, meanwhile, was in line with expectations. Overall, investors believe these indicators make a September rate rise considerably less likely, and bond yields declined as a result.

UK

In the UK, the FTSE 100 closed on Thursday 1.4% up for the week so far, with gains limited to some extent by weakness in the dollar as interest rate expectations in the US softened. Recent data highlighted ongoing difficulties in the housing market, with mortgage approvals dipping to a five-month low and property sales down 16% compared with 2022. However, government proposals to ease planning regulations boosted the share prices of the UK’s biggest housebuilders. Investors also welcomed signs that grocery price inflation is starting to ease.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 2% for the week, while France’s CAC 40 gained 1.2%. Positive news from China and the US helped European stocks to advance, but news that the eurozone consumer price inflation rate remained at 5.3% in August (when a fall was widely expected) only increased the chances of another rate rise by the European Central Bank later this month. Germany’s economic struggles continued, with latest figures showing a rise in unemployment and a fall in consumer confidence.

Asia

In Asia, the Hang Seng index in Hong Kong rose 2.4%, but finished the month more than 8% below its July close. This week’s partial recovery was prompted by the Chinese government’s plans to slash stamp duty rates as it continues working towards boosting investor confidence and activity in the private sector. However, share price gains were curbed by further concerns about China’s real estate industry and data that showed a fall in manufacturing activity. Japan’s Nikkei 225 index of leading shares, meanwhile, advanced 3.1% given improved prospects for Chinese stocks and the diminished probability of interest rate hikes from the US Federal Reserve. Investors in Japan brushed off production problems at one of the country’s biggest automotive manufacturers, as well as a surprise increase in domestic unemployment.

25 August
31 August
Change (%)
FTSE 100
7338.6
7439.3
1.4
FTSE 250
18131.0
18605.7
2.6
S&P 500
4405.7
4507.7
2.3
Dow Jones
34346.9
34721.9
1.1
DAX
15631.8
15947.1
2.0
CAC 40
7229.6
7316.7
1.2
ACWI
670.2
686.2
2.4
Hong Kong Hang Seng
17956.4
18382.1
2.4
Nikkei 225
31624.3
32619.3
3.1

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 31 August 2023.

1 九月 2023
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Market Monitor – 1 September 2023

Important information

For marketing purposes.

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

In the UK: issued by Threadneedle Asset Management Limited, registered in England and Wales, No. 573204. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated in the UK by the Financial Conduct Authority.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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Important information

For marketing purposes.

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

In the UK: issued by Threadneedle Asset Management Limited, registered in England and Wales, No. 573204. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated in the UK by the Financial Conduct Authority.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414.  TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

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