Jobless claims increased by 8% WoW amid several technology sector layoffs. The efficiency efforts of several technology issuers in order to maintain healthier performance, along with the results of the FOMC Meeting Minutes on Wednesday local time, which showed the FFR increase may soon slow down.
Besides the energy stocks, retail stocks propped the S&P 500 up by 50 points. The appreciation of several retail stocks dampened fears about high inflation that will restrain consumer spending ahead of the year-end holiday. The market also believes that providing discounts will increase consumer shopping transactions, becoming a positive catalyst for retail stocks.
SUN market at the beginning of the week was relatively flat. As for external sentiment, China has again held its benchmark lending rate to support economic growth, but without pushing the Yuan lower.
The speculation of China’s Zero-Covid Policy re-implementation put pressure on energy stocks. Non-Primary Consumers and Energy weakened by 1%, leading to sectoral declines and sending the S&P 500 down 0.4% earlier in the week.
Wait and see ahead of the release of BI 7DRR, and the fading effect of US inflation, colored the market for a week. The BI 7DRR data which was just released on Thursday afternoon before the closing of the stock exchange, followed by trading on Friday or the weekend, made NHKSI Research view investors as relatively defensive, and potentially making more investment decisions in this week’s trading.
Perseroan ini menjalankan usaha yang bergerak di bidang Portal Web dan/ atau Platform Digital dengan Tujuan Komersial, Aktivitas Pengolahan Data, Aktivitas Pengembangan Aplikasi Perdagangan melalui Internet (E-Commerce), Aktivitas Perusahaan Holding, Perantara Moneter Lainnya, Penerbitan Piranti Lunak (Software) dan Aktivitas Jasa Keuangan Lainnya yang tidak diklasifikasikan di tempat lain, Bukan Asuransi dan Dana Pensiun.
Wait and See ahead of the BI 7DRR release, and the fading inflation effect makes the JCI remain flat within the week. This can be seen from the Primary Consumer, which strengthened by 1% and led to the sectoral strengthening.
Stocks are defensive to prop up the S&P 500, ignoring speculation of a fifth FFR 75Bps gain in December. On the other hand, aggressive Hawkish concerns and weakening crude oil demand by China put pressure on energy stocks.
Jobless claims fell 2% within the week, again giving the Fed a Hawkish room. Data showed that US Initial Jobless Claims as of Nov. 12 went down as many as 222K claims (- 2% WoW), indicating the labor market remains solid while complementing Resilient Consumers amid high inflation and Borrowing Costs.
