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WEEKLY SUMMARY: US, European and Japan equities hit new ATHs
The S&P 500 Index hit new intraday highs, as did the Nasdaq Composite Index, which posted its biggest daily gain in about a year on Thursday, when NVIDIA added a record USD 277 billion to its market capitalization. The chipmaker reported strong quarterly revenue and earnings that topped Wall Street estimates. The pan-European STOXX Europe 600 Index climbed to a record level, ending the week 1.15% higher. Japanese equities ended Thursday at a new all-time high, with the Nikkei 225 Index breaking the previous record set more than 30 years ago in 1989. Chinese equities rallied as recovery hopes rose following buoyant holiday spending during the prior week’s Lunar New Year holiday. The Shanghai Composite Index rose 4.85%. In Fixed income, US Treasuries were bid with the long-end outperforming overall. Gold gained during 6 of the last 7 days to close at the highs since the start of the month. Oil prices tested up to January's highs (WTI $79) before fading. On the economic side, US initial and continuing jobless claims both came in below consensus estimates, suggesting that the labor market remained tight. The S&P Global manufacturing activity unexpectedly rose to 51.5, its highest level in 17 months. The services PMI reading remained above 50. In the Eurozone, early PMI data for February suggested that the economy could be stabilizing, helped by a recovery in the services sector. Separately, final data confirmed Germany’s economy contracted 0.3% in the fourth quarter.
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Most of US equities indices rose to record highs, as investors wagered that a “red sweep” (Republicans winning Presidency, Senate and Congress) would result in faster earnings growth, looser regulations, and lower corporate taxes. The small-cap Russell 2000 Index surged 8.57% for the week but was the sole benchmark to remain out of record territory. Meanwhile, the Dow Jones hit 44.000 for the first time while the S&P 500 closed just shy of 6,000, up 4.7% for the week, its best weekly gain in almost a year. On Thursday, the Fed announced a 25bps rate cut, its first easing move since cutting rates by 50 basis points in mid-September. In terms of economic data, the October ISM services sector activity came in at 56.0, well above expectations and the best reading since August 2022. U.S. Treasuries generated positive returns heading into Friday, as yields largely ended lower than where they ended the previous week.