Forex Analysis & Reviews: 24.08.2020 - Rise in global stock...

24.08.2020 03:01 PM

Rise in global stock markets: US, Asia, and Europe particularly went significant growth

The Asian stock markets are in high spirits Monday morning as the main stock indicators are moving upward. Even the data on the number of new cases of coronavirus infection in the world could not stop its growth. Due to this, fears of a new wave of the COVID-19 pandemic arise, which means that the pressure on the economy and the possibility of its recovery continues.

Japan's Nikkei 225 Index rose 0.2%.

China's Shanghai Composite Index gained 0.3%. The Hong Kong Hang Seng Index followed suit and climbed even higher by 1.4%. Market participants here were positively surprised by the fact that securities of eighteen Chinese companies, which first entered the ChiNext trading exchange, immediately rose sharply in price. But the negative news about a possible reduction in the profits of some of the largest Chinese financial companies in the first half of this year seemed to went unnoticed by investors.

South Korea's Kospi index jumped 0.8%. Here, too, they have not yet reacted in any way to the words of the head of the Central Bank of the country, who pointed out that forecasts for the growth of the state's economy may be revised in the near future in a negative direction since an active increase in new cases of coronavirus infection has begun to be recorded, which makes the pace of economic recovery more difficult.

The South Korean authorities are beginning to realize that the country is under the imminent threat of a new wave of the COVID-19 pandemic. Thus, the number of new cases of infection detected on Sunday increased by 397, which was the maximum value in the last five months. Nevertheless, there are no deaths yet, which is a positive point.

Australia's S & P / ASX 200 Index added 0.2%.

The US stock markets, on the other hand, also went up in all directions on the last business day of last week. At the same time, two indicators, S&P and Nasdaq, even managed to update their record level.

The Dow Jones Industrial Average was able to climb 0.69% or 190.60 points by the end of the trading day, which allowed it to reach 27,930.33 points.

The Standard & Poor's 500 Index increased by 0.34% or 11.65 points. Its current level was 3 397.16 points, which is the maximum value it managed to reach twice last week.

The Nasdaq Composite index also turned up by 0.42% or 46.85 points, which sent it within 11,311.80 points. This is a record level, which it managed to reach thirty-six times in a row this current year alone.

If we take into account the dynamics for the last week on average, it becomes clear that the indicators moved in different ways, but without negative dynamics. So, the Dow Jones remained within the same limits as it was, the S&P 500 was able to grow 0.7%, and the Nasdaq grew the most by 2.7%.

However, in fairness, it should be noted that the total volume of trades in the market during the past week has become much lower. Moreover, most analysts are inclined to believe that the main dynamics of the indicators is given by the growth of several companies in the technology sector, which cannot be called a stable position.

Nevertheless, there were some positive news on the statistics on the PMI index in the industrial sector. In August, the purchasing managers' index became higher and reached 53.6 points, while earlier it was at the level of 50.9 points. Recall that the most significant increase in the indicator was recorded for the last time at the beginning of the previous year. It is especially noteworthy that the service sector indicator was at 54.8 points, which showed a significant rise from the previous level of 50 points. This reflected growth for the first time since the beginning of this year.

Positive statistics also came from the secondary housing market in the United States of America, where sales in the second month of summer jumped by 24.7% at once compared to a month earlier. This is a record growth rate, which allowed the indicator in quantitative terms to be in the region of 5.86 million homes on an annualized basis. Such a pace has not been observed for a very long time for almost fourteen years.

Meanwhile, all the same, the EU stock markets also rise Monday morning. Market participants are closely monitoring the epidemiological situation, as well as the process of creating a vaccine against coronavirus infection.

The general index of large enterprises in the Stoxx Europe 600 region rose significantly by 1.67%. Its current level is consolidating at 371.18 points.

The UK FTSE 100 Index jumped 1.83%. The German DAX Index rose 2.21% and became the leader in growth in the region. France's CAC 40 index rose 2.13%. Italy's FTSE MIB Index climbed 1.88%. Spain's IBEX 35 Index jumped 1.48%.

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