Reports

2023-09-04

Daily Market Monitor 4-09-2023

Tadawul Review:

Tadawul All Share Index (TASI) ended the first day of ‎September on a negative note, down by -35 points (-0.3%) to ‎close at 11,456 levels. TASI opened the session on a slight ‎negative note of -3 points and continued declining throughout ‎the session until the end. In general, 11 out of 20 sectors ‎closed in the red zone, while 102 of 223 shares fell and 106 ‎rose. Energy (-1.2%), Banks (-0.2%), and Utilities (-1.5%) ‎sectors contributed the most to the index fall. Stockwise, ‎Aramco (-1.3%), ACWA Power (-2.1%), and Alinma Bank (-‎‎2.0%) were the major contributors. The trading activity ‎witnessed a significant decline in volume and value by -51% ‎and -50%, respectively, to reach 154mn shares ‎and SAR4.3bn ‎in value traded.‎

 

 

Market Wrap International:

In the U.S, the investors focus is likely to remain on the ‎economic data and FedSpeak following the end of earning ‎season. The Federal Reserve's latest Beige Book, due Sept. 6, ‎will shed more light on the temporary factors boosting 3Q ‎consumer spending. While signs of rising consumer stress are ‎prompting some fund managers to grow more conservative in ‎their outlooks, even as the broad stock market continues to ‎rally, Consumer confidence experienced a greater decline than ‎initially anticipated in August. Meanwhile, the delinquency ‎rates for credit cards issued by smaller banks have reached ‎their highest levels ever recorded.‎

In Europe, After another set of gloomy economic indicators ‎last week, the German economy remains in the spotlight. On ‎Monday, trade data for July in Germany will kickstart the ‎week. A pickup in imports and exports would ease market ‎fears of a prolonged German recession. Italy’s new tax on ‎banks promised to provide some relief after the country's ‎surprise blow to banks by imposing a 40% tax on lenders' ‎profits resulting from higher interest rates.‎

In Asia, The trade and inflation figures expected to be ‎released in China this week are likely to indicate that the ‎country's economic recovery is still vulnerable. Thursday’s ‎trade report is expected to show exports and imports ‎contracted again in August from a year earlier, hence, leading ‎to increased pressure on policymakers to implement ‎additional stimulus measures. ‎

Daily Market Monitor 4-09-2023