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Futures Extend S&P 500’s Record Gain: Market Summary

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Stock futures in Europe and the US extended the global equity rally that propelled the S&P 500 Index to a record high on Friday. The optimism over anticipated Federal Reserve interest rate cuts and the artificial intelligence boom led a surge in tech shares and pushed the S&P 500 past 4,800. However, this was also accompanied by a drop in Chinese stocks as concerns over the nation’s faltering recovery deepened. The future of the equity market looks positive as the economic slowdown points toward a soft landing and a potential rate cut.

Despite a 35% surge in the S&P 500 hitting a low in October 2022 and surpassing its previous closing high, both the Hang Seng Index and benchmark indexes in mainland China fell. China’s commercial lenders kept their benchmark lending rates unchanged, signaling policymakers’ possible future stimulus as an attempt to rejuvenate the markets. Other key events this week include the Bank of Japan policy meeting, central bank meetings in Canada and Europe, and European initial readings of purchasing managers’ surveys of 2024. Additional focus is also directed towards the US fourth-quarter GDP and South Korean economic output data. Oil prices fell as Libya restarted output at its largest field, increasing global supplies and offsetting concerns about tensions in the Red Sea that interrupted shipping.

The US dollar weakened against most Group-of-10 peers, while treasury yields ticked upwards. A series of key events are scheduled later in the week, including Japan Tokyo CPI and US personal income and spending. European and US stock futures rose, with the S&P 500 futures rising by 0.2% and the Nasdaq 100 futures rising by 0.6%. Meanwhile, Asian stocks experienced mixed fortunes, with Japan’s Topix index rising by 1.4% and China’s Shanghai Composite Index falling by 2.7%. Meanwhile, cryptocurrencies endured a decline, with Bitcoin falling by 1.4% to $41,158.99 and Ether dropping by 1.8% to $2,427.22.

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