23:18 GMT+3 / 03.12.2023

TOP 5 news of the week - exclusive materials from TeleTrade


European stock markets are expected to open mostly lower. Investors are reflecting on a series of Central Bank decisions on interest rates ahead of the publication of a study by the Ifo Institute in Germany. Most Asian stock indexes declined on Monday as markets “digested” the prospects of an interest rate hike. Chinese stocks suffered losses amid continuing concerns about the crisis in the real estate market. All the interesting news is in our top!

Central Bank decision

Investors are pondering the flow of Central Bank decisions last week, which led to somewhat contradictory results. The US Federal Reserve has taken a "hawkish" position, indicating that rates will remain higher for a longer time, and its counterparts in the UK and Switzerland surprised the markets by ending their rate hike cycles. This event followed the relatively soft tone of the European Central Bank in the previous week.

ECB President Christine Lagarde will speak later at the session. Investors will be looking for additional signs that the eurozone Central Bank has stopped raising rates.

Conducting an lfo business survey in Germany

The health of Germany, the dominant economy of the eurozone, is the main problem of the current time. Therefore, investors will closely monitor the review of business conditions from the Ifo Institute for September during the session. Preliminary data on consumer prices in the eurozone for September, which are due to be published at the end of this week, will also certainly be on the investors' watch list.

Crude oil is recovering

Oil prices rose on Monday, recovering from the first negative week in the last month. Traders again focused on the prospect of supply cuts in the future. Both contracts fell last week after the Federal Reserve's hawkish stance raised concerns about a decline in economic activity and, consequently, oil demand from the world's largest consumer. Prices remain near their highest levels since November last year amid forecasts of a significant shortage of crude oil supply in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts until the end of the year. U.S. crude futures rose 0.3% to $90.34 per barrel, while the Brent contract rose 0.3% to $92.27.

The Bank of Japan maintains a "dovish" position

Japan's Nikkei 225 and TOPIX were the key indicators for the day, rising 0.4% and 0.7% respectively. Local stock indexes recovered most of the losses since Friday after the Bank of Japan said it had no plans to curtail monetary stimulus policy in the near term. This foreshadows continued support for the Japanese economy and stock indices. The Bank of Japan's dovish sentiment has been one of the key drivers of Japanese stocks' growth this year, with the Nikkei and TOPIX trading just below their 33-year peak.

The focus this week is on inflation data in Tokyo for September, which is due to be published on Friday. This value is a harbinger of inflation throughout the country

Real Estate concerns hit Chinese stocks

News of the investigation into the China Evergrande Group unit has fueled concerns about broader government crackdowns on the real estate sector, which is struggling with a looming debt crisis. The developer's shares fell by almost 25% at auction in Hong Kong, which also caused losses in other real estate stocks.

The shares of Country Garden Services and Longfor Properties Co Ltd fell by about 3% each, as a result of which the Hong Kong Hang Seng index fell by more than 1%. Chinese indices Shanghai Shenzhen CSI 300 and Shanghai Composite lost 0.3% to 0.5%.

The focus this week is on the Purchasing Managers' Index data for September. They are expected to shed more light on business activity. While there was some improvement in the manufacturing sector in August, activity in the services sector worsened.

Concerns about China have spread to broader Asian markets. The Australian ASX 200 fell 0.4%. South Korea's KOSPI sank 0.6%. Futures for the Indian Nifty 50 index point to a positive opening after the index fell sharply from record highs last week.

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27 September 2023

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