Another week draws to a close. Technology companies were the big winners yesterday, capturing the optimism surrounding future growth in the AI sector. In a report issued on Thursday, the Taiwanese chip manufacturer TSMC projected more than 20% revenue growth for this year, driven by a strong demand for high-end chips. On the back of the report, shares of both Nvidia and AMD rose to new all-time highs during Thursday’s trading session, with Apple shares also gaining significantly. The tech heavy Nasdaq Composite closed 1.35% higher as a result. The gains were not only confined to technology companies however, as the S&P 500 climbed 0.88% and the Dow Jones Industrial Average also finished 0.54% in the black.
American stock market enthusiasm has so far failed to make its way across the Atlantic, where European Indices have had a less than stellar start to the year. The UK’s FTSE 100 index has done nothing but bleed so far in 2024, now down over 3% in January. Despite a good day at the office on Thursday, the German DAX is also down so far this year, as is the French CAC 40. The results have not been much better in the Far East either, where the Hang Seng Index continued to drift further into the abyss this week, now already down 10% this year. In stark contrast, the Nikkei 225 is up over 7% since the start of January; another such leg up would put it within striking distance of its decades old all-time high.
Very little to talk about in currencies in the latter half of this week, the DXY has remained remarkably stable despite comments from Raphael Bostic on Thursday. The Atlanta Federal Reserve President had previously stated that interest rates would not drop until Q3 at the earliest, but suggested yesterday that this could change in the event of “convincing” evidence of falling inflation. Odds of a March rate cut continued to slide, albeit gently.
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