Weekly Market Updates - November 1st
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Weekly Market Updates

US markets plunged following the release of major Tech firms' financial statements last week. The Nasdaq Composite Index has seen a three-week consecutive decline, shedding approximately 10% from its peak as of last Thursday. We have always advocated for a market pullback of around 15% - 20% given the high (expensive) valuations of US stocks and the market is reaching our target point. Clients can refer to our Market Spotlight "Tech Run - Time to Enter?" report, which was released immediately after the market plunge last week.


The release of the September PCE data was a relief for the market, as the data fell within the market's expectations. Markets continue to price in no interest rate hikes for November. However, it is still risky to be confident about the interest rate hikes in December and interest cuts next year given that the US Federal Reserve is a lot more mindful of economic data as compared to the past.

The European Central Bank decided to maintain the current interest rates last week, all well within market expectations. The high interest rate environment across US and Europe is likely to be similar, with both showing signs of peaking, while at the same time being around for an extended period of time given the persistent inflationary backdrop.

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Main Index & P/E Ratio-3 years

The Chinese market experienced a resurgence last week, with the Shanghai Stock Exchange 50 index regaining the 3000-point. Last week, we also released a report series on how to invest in the current Chinese market (Market Spotlight - China Market Series), and we maintain our positive outlook on Chinese markets. Hong Kong markets also rebounded last week as we continue to see announcements and implementation of supportive policies to stimulate market growth.

Investment views



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