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Investors' sentiment was bolstered by robust US retail sales and a mild inflation report, easing fears of an impending recession
Global markets are experiencing a surge as optimism reigns on Wall Street, fueled by encouraging economic data and anticipation surrounding the upcoming Federal Reserve's Jackson Hole Symposium. The NASDAQ rose by 1.4 percent, expanding its winning run to eight sessions, while the S&P 500 rose around 1 percent. For the S&P 500 and the NASDAQ, this is the longest winning streaks since November 2023 and December 2023, respectively. Investors' sentiment was bolstered by robust US retail sales and a mild inflation report, easing fears of an impending recession.
The focus now shifts to the Federal Reserve's annual Jackson Hole Economic Symposium, where Fed Chair Jerome Powell is expected to provide insights on future monetary policy. Markets are keenly watching for hints about the Fed’s approach at its September meeting, particularly in light of recent economic data that suggests inflation might be cooling. The rally wasn't limited to the US. In Asia, markets echoed Wall Street's positive sentiment. Japan's Nikkei 225 surged by 1.6 percent, with the broader Topix index gaining 0.9 percent. South Korea's Kospi and Kosdaq indices also saw gains, rising by 0.7 percent and 0.9 percent, respectively.
In the meantime, the S&P/ASX 200 in Australia increased by 0.2 percent ahead of the next statement from the Reserve Bank of Australia. Another factor bolstering the regional surge was China's decision to retain its loan prime rates unchanged. As global markets await guidance from central banks, investor optimism remains high.
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