Here is a summary of the market news and updates for November 18, 2024:
Global Markets
- Asian stocks lost steam slightly in trading hours on Monday after jumping following a plea from China’s securities regulator that listed companies should boost returns on their stocks.
- The CSI 300 was down 0.6% by the end of the session.
- The Hang Seng in Hong Kong closed 0.8% higher.
- The Nikkei lost 1.1% as tech shares followed the Nasdaq lower after a drop on Friday.
US Markets
- US stock futures were mixed on Monday, with the Nasdaq and S&P 500 looking set to recoup some losses.
- The Nasdaq Composite (^IXIC) led declines, falling 2.2%, while the S&P 500 (^GSPC) dropped 1.3% and the Dow Jones Industrial Average (^DJI) slid 0.7%.
- Chair Jerome Powell’s hawkish comments are casting a pall on markets as the initial optimism for President-elect Donald Trump’s policies starts to wear off.
- Retail sales data released on Friday reflected continued resilience in the American consumer, with October sales rising 0.4% month on month.
UK Markets
- The average price of a UK property coming to market is down 1.8% this month, or the equivalent of a £5,366 discount, as the cost of a home swoops to £366,592.
- Activity remains stronger than last year due to optimism around the interest rate cut path, which is feeding through to mortgage rates.
- Rightmove has forecast a 4% increase in average new seller asking prices next year.
IPO
- Online retailer Shein (also known as Sheinside) is targeting a $50 billion valuation for its potential listing on the London Stock Exchange.
Other News
- The US Federal Reserve’s comments last week suggesting that it is in no rush to reduce interest rates at pace have slowed down rate reductions for next year.
- President-elect Donald Trump’s trade policies are losing steam, with the twin concerns of reigniting inflation and deepening the nation’s debt rising to the surface.
I hope this summary helps! Let me know if you would like more information on any specific topic.