NEW YORK (dpa-AFX) – In the wake of the price gains in Asia and Europe, a robust start to September is expected on the New York stock exchanges on Wednesday. This means that new records for both the market-wide S&P 500 and the technology-heavy Nasdaq 100 will be realistic right at the start of the new stock market month. On Tuesday, both had taken a short break from their record rally.
The Dow Jones Industrial is likely to come closer to its previous record, which is more than two weeks old, on Wednesday: the broker IG estimated the Wall Street barometer 0.2 percent higher to 35,439 points one hour before the start. By the time he reached 35,631 points in mid-August, he would still be almost 200 points short.
In Europe and Asia, stocks were in general demand on Wednesday. According to stockbrokers, market participants are generally looking ahead more confidently with regard to the prospects for a global recovery from the Corona crisis – also in the hope of ongoing economic support from the central banks. According to analyst Pierre Veyret from the broker ActivTrades, investors are currently picking up again before the central banks then tighten the first reins in the new year.
Developments in the US labor market are considered to be a strong guide for US monetary policy. Here there was a setback on Wednesday before the job data from the USA on Friday: the service provider ADP reported an increase in employment for the private sector for August well below market expectations. The highly regarded ISM purchasing managers’ index for industry will be published later.
On the company side, really exciting pre-market reports were rare. The 0.3 percent higher shares from Comcast were friendly before the market. The media group and Disney competitor opened the world’s largest amusement park in China on Wednesday under the umbrella of the film subsidiary Universal Studios. More than ten million guests and a turnover of ten billion yuan, equivalent to 1.3 billion euros, are expected per year, as reported by the state media.
At about one percent, Zoom Communications went up. The video conferencing provider supported by the corona pandemic has apparently recently attracted the interest of star investor Cathie Wood. After disappointing quarterly figures and a sell-off in the papers, they last accessed through their investment company ARK Invest, it said.
Intuit’s shares might also be worth a look because of an apparently planned takeover. Before the IPO, they were up 0.4 percent. According to circles, the US software company is exploring a takeover of the email marketing specialist Mailchimp. Intuit is offering more than ten billion US dollars, reported the Bloomberg news agency, citing circles familiar with the matter./tih/stk
Source: dpa-AFX
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