Aktieindekset S&P500 nåede i går op på et all-time niveau. Markedet styrkedes på grund af en stærk forbedring i det amerikanske boligmarked samt kursstigninger i selskaber, der nyder godt af den positive virkning, som hjemmearbejde og lock-down også har haft på specifikke segmenter. Samtidig er der bekymring over en eventuel skærpelse af handelsstriden mellem USA og Kina. Det var Trump selv, der afbrød planlagte forhandlinger.
Danske Morning Mail: S&P500 hits an all-time high and USD remains under pressure
The 60 second overview
Macro: The housing market fuelled by record low yields remains the bright spot in the US economy. Housing starts jumped 22.6% in July and housing applications increased 18.9% and the annual rate is now above the February level.
US politics: According to the Trump administration a small USD 500 billion stimulus package is currently on the table between the Republicans and the Democrats. A small package but it might give some relief that a deal can actually be struck.
US-China: Trump said last night that he personally called off the talks with China over the weekend. The move comes after Trump widened the attack on Huawei suppliers this week and it raises fears that the so-called phase-one deal could be cancelled. If that happens it could very well derail current positive market sentiment.
Equities: US equities performed once again as a new ‘lower yields’ rally pushed S&P500 to an all-time high. The strong housing data supported sentiment in housing related stocks. Furthermore, Home Depot surprised all analysts with a very strong sales announcement underlining that the pandemic and working-at-home policies are pushing customers to DIY stores. Home delivery is also popular and Amazon jumped more than 4% helping to push Nasdaq up 0.7%.
The positive sentiment has been carried over to Asia and Nikkei is up 0.4%. Equity futures also point to a positive opening both in Europa and later in the US.
