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Global Markets Rally as Strong U.S. Data Sparks Optimism Ahead of Key Inflation Reports
Global Markets Rally as Strong U.S. Data Sparks Optimism Ahead of Key Inflation Reports....KINDLY READ THE FULL STORY HERE▶
Global markets surged on Friday, buoyed by a record-setting day on Wall Street, as strong economic data from the United States reassured investors about the health of the world’s largest economy. The focus now shifts to the upcoming release of crucial inflation figures, which are expected to influence the Federal Reserve’s next moves on interest rates.
The upbeat sentiment followed reports showing that the U.S. Gross Domestic Product (GDP) expanded more than initially expected in the second quarter, while jobless claims saw a decline. These figures suggested that the Federal Reserve is successfully navigating the economy toward a soft landing, even as it works to control inflation.
The attention now turns to the Fed’s preferred inflation gauge, set to be released later on Friday, followed by the much-anticipated non-farm payrolls report next week. These reports will be critical in determining whether the Fed will opt to cut borrowing costs in its upcoming meeting and, if so, by what margin.
Luca Santos of ACY Securities highlighted that while Fed Chair Jerome Powell recently indicated that the time may be ripe for lowering rates, some officials remain cautious. Atlanta Fed President Raphael Bostic, for instance, signaled a more measured approach, emphasizing the need for additional data to avoid premature decisions that could necessitate future rate hikes. “His comments underscore how pivotal the upcoming jobs report will be in determining the Fed’s next steps,” Santos noted.
In the U.S. markets, the Nasdaq and S&P 500 ended on a mixed note, weighed down by a 6.4% drop in Nvidia’s shares following a disappointing earnings report. Despite this, the Dow Jones Industrial Average bucked the trend, closing at a new record high.
Asian markets wrapped up the week on a positive note, with tech stocks, which had suffered from Nvidia-related losses on Thursday, recovering some of their ground. Hong Kong’s Hang Seng Index rose over 1%, while Tokyo, Shanghai, Sydney, Seoul, Singapore, and other major Asian markets also posted healthy gains.
European markets followed suit, with London’s FTSE 100 and Paris’s CAC 40 opening on a strong footing. Notably, French inflation hit a three-year low of 1.9% in August, although the country’s economic growth for the second quarter was revised downwards. In contrast, Frankfurt’s DAX fell slightly after closing at a record high on Thursday.
Key Market Figures as of 0710 GMT:
- Tokyo – Nikkei 225: UP 0.7% at 38,647.75 (close)
- Hong Kong – Hang Seng Index: UP 1.6% at 18,073.20
- Shanghai – Composite: UP 0.7% at 2,842.21 (close)
- London – FTSE 100: UP 0.3% at 8,407.38
- Dollar/Yen: UP at 145.00 yen from 144.93 yen on Thursday
- Euro/Dollar: UP at $1.1079 from $1.1077
- Pound/Dollar: UP at $1.3171 from $1.3170
- Euro/Pound: UP at 84.12 pence from 84.11 pence
- West Texas Intermediate: UP 0.5% at $76.25 per barrel
- Brent North Sea Crude: UP 0.4% at $80.28 per barrel
- New York – Dow: UP 0.6% at 41,335.05 (close)
A tragic multiple-vehicle crash in Bauchi State has left eleven people dead and several others injured in varying degrees of severity.....KINDLY READ THE FULL STORY HERE▶
Brazil’s President has called on global powers to reconsider their strategies after saying they have failed to end the ongoing conflict in the Middle East.....KINDLY READ THE FULL STORY HERE▶
Speaking at a summit of progressive leaders in Barcelona, Luiz Inácio Lula da Silva urged the five permanent members of the United Nations Security Council to adopt a new approach and take stronger responsibility for maintaining global peace.
He also criticised U.S. President Donald Trump for his frequent social media posts directed at Iran.
“We cannot wake up every morning and go to bed every night with a tweet from a president threatening the world and declaring wars,” Lula said.
APC Fires Back at Adeleke Over ₦300bn LG Funds Allegation, Blames Governor for Salary Crisis....KINDLY READ THE FULL STORY HERE▶
The Osun State Chapter of the All Progressives Congress (APC) has responded to claims by Governor Ademola Adeleke that local government officials under the party diverted about ₦300 billion meant for workers’ salaries.
Adeleke had made the allegation during a stakeholders’ meeting, accusing APC-controlled council officials of hijacking funds and forcing the state government to shoulder salary payments for local government workers, teachers, health staff, and pensioners for over a year.
He insisted he would not abandon workers, blaming the situation for delays in executing some state projects.
But in a statement, APC’s Director of Media and Information, Kola Olabisi, dismissed the claims, accusing the governor of misleading the public and shifting blame.
The party alleged that Adeleke was responsible for the salary issues, claiming he refused to release electronic payment vouchers and other financial documents needed for processing payments.
APC also said pension-related records, leave bonuses, cooperative deductions, and other financial data had not been made available despite repeated appeals, insisting that funds were properly accounted for and available for use if approved.
The party urged pensioners and workers to seek clarification, insisting the situation could be resolved if the governor allowed due process to take place.
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