Market Monitor – 25 August 2023
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Market Monitor – 25 August 2023

Global stock markets made cautious progress this week following recent heavy losses

Optimism about the potential for artificial intelligence (AI) to boost growth among global technology firms managed to offset the latest round of worries about future interest rate rises. Weak economic data on both sides of the Atlantic, meanwhile, gave investors further cause for concern given last week’s dire statistics from China.

United States

On Wall Street, the Dow Jones Industrial Average ended trading on Thursday 1.2% down for the week so far, with the S&P 500 edging 0.2% ahead. Investors welcomed another upbeat earnings statement from one of America’s most important semiconductor companies, which expects to benefit to an even greater degree from the use of AI by its customers. With the technology still at a relatively early stage, markets are hopeful AI can have a transformative effect like that of the internet. There was more mixed economic data in the US, with early indicators suggesting the country’s economy had stagnated in August while durable goods orders fell sharply. The labour market continues to show resilience, however, increasing the likelihood of further interest rate rises.

UK

In the UK, the FTSE 100 closed on Thursday 1% up for the week so far, with the weakening pound helping to boost the value of various international companies listed in London. Sterling’s fall was caused partly by hopes that interest rates in Britain may peak lower than previously expected. Data showing a drop in retail sales and business activity in general has put more pressure on the Bank of England to slow the pace of rate rises. Latest figures that highlighted an improvement in government finances were welcomed, but Chancellor Jeremy Hunt played down the possibility of implementing tax cuts before next year’s general election.

Europe

In Frankfurt, the DAX index ended Thursday’s session up 0.3% for the week, while France’s CAC 40 gained 0.7%. Prices for natural gas in the eurozone, which had spiked earlier in the week, fell back after an industrial dispute at a major Australian supplier was resolved. However, European economic performance continued to underwhelm, with Germany recording its fastest decline in business activity in three years and France also showing weakness.

Asia

In Asia, the Hang Seng index in Hong Kong rose 1.5% to bring its recent run of losses to a halt, at least temporarily. There were no further shocks from China’s beleaguered property sector, though investors were disappointed by a smaller-than-expected interest rate cut by the country’s central bank. Positive earnings figures posted by several major firms late in the week supported gains on the wider market. Japan’s Nikkei 225 index of leading shares, meanwhile, advanced 2.7% with the country’s biggest technology names displaying renewed strength on the back of positive news from the US semiconductor industry. In addition, the Bank of Japan’s decision to raise the cap once more on bond yields provided a boost for share prices in the financial sector.

18 August
24 August
Change (%)
FTSE 100
7262.4
7333.6
1.0
FTSE 250
18096.6
18167.6
0.4
S&P 500
4369.7
4376.3
0.2
Dow Jones
34500.7
34099.4
-1.2
DAX
15574.3
15621.5
0.3
CAC 40
7164.1
7214.5
0.7
ACWI
666.8
669.3
0.4
Hong Kong Hang Seng
17950.9
18212.2
1.5
Nikkei 225
31450.8
32287.2
2.7

Note: all market data contained within the article is sourced from Bloomberg unless stated otherwise, data as at 24 August 2023.

25 八月 2023
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Market Monitor – 25 August 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.

回到所有觀點

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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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