Weekly Market Outlook

Week Ahead: 19 Aug, 2024

Gold prices have hit a fresh record high, supported by a softer dollar and a lower interest rate outlook.

With the earnings season coming to a close, the S&P 500 has resumed its upward trend and could retest its July high of 5,670 as investors return to the equities market following last week’s unwinding of the JPY carry trade.

The STI may continue its upward momentum, boosted by better export data reported on Friday, with a potential retest of the 3,400 zone this week, marking a 61.80% retracement of the current wave.

The China A50, a leading indicator of the China and Hong Kong equities markets, is currently at a critical support level of 11,500. Investors will be closely watching for any catalysts from the Central Government or corporate earnings that could drive demand for Chinese and Hong Kong equities.

Headlines for the week:

- US Jackson Hole Symposium, FOMC Minutes,

- China LPR Fixing

- SG Jul CPI

Disclaimers apply

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