Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index , top left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 16, 2024. holding up better than expected, with particular credit going to the country’s shoppers.In Tokyo, the Nikkei 225 is set to end a week of gains, with the index surging 2.9% to 37,800.42.
Gov. Pan Gongsheng said in an interview with state media on Thursday that China’s central bank is developing new policies aimed at supporting economic growth in the second half of the year. These include accelerating improvements to the central banking system and placing greater emphasis on the financial technology market.Meanwhile, e-commerce giants’ reports also drew investors’ attention, with the tech giant Alibaba Group Holding seeing revenue grow 4% in the second quarter.
On Thursday, the S&P 500 jumped 1.6% for its fourth-best day of the year and its sixth straight gain as the U.S. stock market rights itself following a scary few weeks. It’s back to within 2.2% of its all-time high set last month after briefly falling close to 10% below it. A year ago, such reports could have sent the stock market reeling on worries they would push inflation higher. But good news for the economy is once again good news for Wall Street, particularly after a report showed U.S. employers pulled back on their hiring last month by much more than expected.
Traders still widely expect the Federal Reserve to cut its main interest rate at its next meeting in September, which would be the first such cut since the 2020 COVID crash.
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