Market Highlights 💡 - 24 April 2025

user
Shyon
04-24

Global markets closed higher as tariff tensions between the world's two largest economies show signs of easing

🇺🇸 S&P 500 Index: 1.67%

🇺🇸 Nasdaq Index: 2.50%

🇪🇺 STOXX 600 Index: 1.79%

🇯🇵 Nikkei 225 Index: 1.89%

🇭🇰 Hang Seng Index: 2.37%

🇨🇳 CSI 300 Index: 0.08%

🇸🇬 Straits Times Index: 0.97%

US markets rose broadly on Wednesday, with the S&P 500 and Nasdaq Composite gaining 1.7% and 2.5% respectively, as hopes reignited for progress in US-China trade disputes. President Trump also eased concerns over the potential loss of Federal Reserve independence.

US business activity in April slowed to a 16-month low. While the preliminary manufacturing PMI rose slightly to 50.7—above expectations—the services PMI fell to 51.4, below expectations, raising market concerns about “stagflation” risks.

The Eurozone's HCOB Manufacturing PMI in April 2025 edged up to 48.7, a 27-month high and above the market expectation of 47.5, though it remains in contraction territory.

Asia-Pacific markets mostly closed higher, with the Hang Seng and CSI 300 up 2.4% and 0.1% respectively, driven by optimism over easing US-China trade tensions. President Trump hinted at potential tariff reductions on Chinese goods and affirmed he has no intention of replacing the Fed Chair.


Upcoming Events:

Thursday: The US will release its latest initial jobless claims.

This weekend: The final reading of the University of Michigan Consumer Sentiment Index will be published.


Key Developments:

1. US Treasury Secretary Scott Bessent stated that the current high tariffs between the US and China are unsustainable, and the Trump administration has signaled intentions to de-escalate the trade war.

Scott Bessent

2. Apple $Apple(AAPL)$  was fined 500 million euros by EU antitrust regulators, and Meta $Meta Platforms, Inc.(META)$  was fined 200 million euros. These are the first penalties under the newly introduced Digital Markets Act (DMA), aimed at curbing the market power of big tech companies.

Apple and Meta were fined

3. South Korea's economy contracted by 0.1% year-on-year in Q1 2025, marking its first economic contraction since Q4 2020.

South Korea economy

4. SK Hynix $SK Hynix, Inc.(HXSCF)$   reported a doubling of quarterly profits year-on-year, driven by strong AI chip sales and inventory stockpiling in anticipation of potential US tariffs. However, the company warned of potential demand fluctuations due to macroeconomic uncertainty in H2 2025.

SK Hynix

5. Malaysia's Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, who is currently visiting the US, stated that Malaysia is working toward a favorable resolution on retaliatory tariff issues.

Tengku Datuk Seri Zafrul

Key Takeaway:

President Trump's clear stance against replacing Fed Chair Jerome Powell and his hints at significantly lowering tariffs were major factors boosting market optimism and supporting the latest market rally.

@Daily_Discussion  @TigerStars  @Tiger_comments  

💰 Stocks to watch today?(30 Apr)
1. What news/movements are worth noting in the market today? Any stocks to watch? 2. What trading opportunities are there? Do you have any plans? 🎁 Make a post here, everyone stands a chance to win Tiger coins!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
14