Despite Vice President Kamala Harris leading in polls, many business leaders, especially those in finance, still favor a Donald Trump victory in the 2024 presidential election. While big corporations are leaning towards Harris, Wall Street executives believe Trump’s policies are more favorable for business. This preference stems from a perception that Trump is more business-friendly, despite recent polls showing Harris enjoys greater public trust in handling the economy.
Wells Fargo’s global investment strategy head, Paul Christopher, forecasts a significant stock market upswing, mirroring the 1995 boom. He cites falling inflation, a stable economy, and the Federal Reserve’s potential rate cuts as driving factors. While geopolitical tensions and the presidential election could introduce volatility, Christopher sees potential for substantial investor gains, especially in financial and tech sectors.
The US stock market saw positive momentum on Thursday, with the S&P 500 gaining for the sixth consecutive day. Positive economic data, including strong retail sales and a decline in jobless claims, fueled the rally. Key earnings releases from Walmart and Cisco also contributed to the upbeat market sentiment. However, the CNN Money Fear & Greed index, while showing improvement, remained in the ‘Fear’ zone, indicating that investors are still cautious.
Malaysian Prime Minister Anwar Ibrahim has announced a substantial salary increase for civil servants, aiming to boost economic activity and consumer spending. This move comes as part of the government’s fiscal reform efforts and is expected to cost over 10 billion ringgit annually.
Malaysia’s economy experienced a strong rebound in the second quarter of 2024, with GDP expanding by 5.9%, exceeding initial estimates. This robust performance has led the central bank to revise its full-year growth forecast upwards, now predicting a range of 4-5% for 2024. The growth surge was driven by a combination of factors, including increased household spending, a healthy labor market, and a revival in exports and investment activities.
Despite a recent talent war that spurred pay hikes, the median salary for graduates from India’s top management institutes, the Indian Institutes of Management (IIMs), has plateaued or even dipped for the 2024 batch. This stagnation is attributed to a cooling global economy and a shift in hiring priorities by companies. While IIMs have increased their fees to address rising costs, students face concerns about their return on investment.
Amazon’s stock price received a boost from positive retail sales data, but the broader economic picture remains uncertain. While jobless claims fell and retail sales increased, Amazon’s recent earnings report and concerns over inflation create a complex landscape for investors.
Jamaica, a Caribbean paradise renowned for its natural beauty, vibrant culture, and warm hospitality, continues to thrive in 2024. Its tourism industry has rebounded, contributing significantly to a strong economic performance. Additionally, Jamaica’s growing global influence is reflected in the ease of travel for its citizens, with visa-free or visa-on-arrival access to 89 destinations worldwide.
Polymarket bettors have significantly downgraded the probability of a recession in 2024, indicating growing confidence in the economy’s resilience. This shift in sentiment comes amid strong retail sales figures, but economists remain vigilant, recognizing the dynamic nature of the economic landscape.
The Russell 2000 index is experiencing a strong rebound fueled by positive economic data, including robust retail sales and a decline in jobless claims, alleviating recent recession concerns. The index’s performance highlights its sensitivity to economic indicators and the potential for growth in the small-cap sector.
