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The U.S. Geological Survey reports a 6.3-magnitude earthquake in the Nikolsky region of Alaska.The Bank of Korea (BOK) said that supported by a booming semiconductor industry and a stronger-than-expected global economic environment, South Koreas export-oriented economy is expected to achieve "significantly higher" growth this year compared to last year. The BOK told parliament that the semiconductor market is experiencing a cycle stronger than any previous rally and is likely to maintain its stronger momentum for at least the year. These remarks come as the BOK is set to release its latest economic growth and inflation forecasts on Thursday. Analysts expect the bank to raise its 2026 GDP growth forecast to around 2% from 1.8% in November. The market widely expects policymakers to keep the benchmark interest rate unchanged at 2.5%. Preliminary data from the BOK showed that the South Korean economy grew by 1% last year.On February 22, Gongbei Customs inspected and cleared 26,900 inbound and 18,700 outbound passenger vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge, both record highs. In the first eight days of the holiday (February 15-22), customs inspected and cleared a total of 175,000 inbound and outbound passenger vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge, an increase of 11.2% year-on-year. Among them, 135,000 were Hong Kong and Macau single-plate vehicles heading north, an increase of 16.3% year-on-year. On February 21, 15,400 Hong Kong vehicles heading north were inspected and cleared, setting a new single-day record.U.S. Customs and Border Protection announced that it will cease imposing tariffs under the International Emergency Economic Powers Act at 12:01 a.m. Eastern Time on Tuesday, February 24 (1:01 p.m. Beijing Time).February 23rd, Futures News: Economies.com analysts latest view: Brent crude oil futures prices have retreated, attempting to find a higher retracement low as a base to help them gain the necessary bullish momentum for a rebound and further gains. In the short term, the main bullish trend remains dominant, and prices continue to trade above the 50-day EMA, further enhancing the likelihood of a short-term rebound. Meanwhile, the Relative Strength Index (RSI), after digesting overbought conditions, has shown positive converging signals, providing strong support for Brent crude oil futures to achieve new gains.

S&P 500 Gains 0.4%, Hits Fresh Three-month Highs Above 4,300 Despite China Growth Worries

Skylar Shaw

Aug 16, 2022 14:58

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Despite concerns about China's growth, indices rise

Major US equity indexes were protected from worries about the future for global economic growth on Monday in the aftermath of dismal July economic activity statistics out of China during the overnight session by a decline in US treasury rates, which boosted rate-sensitive large tech/growth firms. The People's Bank of China, the country's central bank, unexpectedly slashed interest rates to relieve financial conditions in response to the negative economic indicators for China.


A slowdown in China's growth might help quell the inflationary pressures that have compelled the Fed to tighten monetary policy aggressively this year. It could also result in a slowdown in US growth that could discourage future major tightening. Analysts said that recent data that 1) revealed that US pricing pressures had now peaked and 2) indicated that the US economy was still expanding in early Q3 as well as 3) recent better-than-expected company results were all encouraging for stock prices for US equities.


The S&P 500 finished the trading day on Monday up around 0.4%, crossing the 4,300 mark for the first time since May 4 and bringing its run of gains from the lows in the low 3,700s in July to almost 15%. The Dow Jones Industrial Average increased by 0.45% to reach its 200-Day Moving Average for the first time since April 21. The Nasdaq 100 index increased by 0.75% to reach its highest level since late-April in the 13,600s.

Investors Prepare for Heavyweight Retailor Earnings and US Retail Sales Data

Energy, one of the eleven S&P 500 GICS sectors, had the poorest performance, dropping 2.0% after a steep decline in oil prices due to worries about China's consumption. Other than the materials industry, industrial metals prices saw a significant decline. The consumer staples (+1.05%), consumer discretionary (+0.6%), and information technology (+0.6%) sectors outperformed all other sectors in terms of growth. Tesla was the top-performing large-cap stock, gaining 3.1%.


The retail industry will be in the spotlight this week due to 1) the publication of the US Retail Sales numbers for July on Wednesday and 2) the profits from industry giants including Walmart, Target, and Home Depot. Along with a number of other tier 2 data releases this week, including the regional PMIs for August, which will provide an early indication of how the US economy is doing this month, the minutes from the Fed's July policy meeting are also scheduled to be released on Wednesday.

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