Profits earned by China's industrial firms rose by 3.5% yoy to CNY 3,511.03 billion in the first six months of 2024, after a 3.4% growth in the prior period.

China Industrial Profits Grow 3.5% YoY in Jan-June

In New York,  the Dow Jones Index rose 654 points or 1.64 percent on Friday. Leading the gains are 3M (23.74%), Salesforce (2.35%) and American Express (2.21%).

The Dow Jones Index Closes 1.64% Higher

The Ibovespa surged 1.2% to close at 127,493 on Friday, trimming the week’s loss to a marginal decline of 0.1% amid positive corporate developments. Vale rose 1.6% after a strong second quarter report, boasting a 210% net income increase compared to the previous year’s performance. Additionally, JBS saw its shares soar 7.1% after announcing plans to open a chicken breading plant in Saudi Arabia in November, which will quadruple its production capacity for chicken products to 40,000 tons per year. This news positively impacted the industry overall, lifting Marfrig, BRF, and Minerva by 3.6%, 3%, and 2.8%, respectively. Meanwhile, the consumer discretionary sector benefited from markets remaining fully priced in for a September rate cut by the US Federal Reserve with Hypermarcas (5.5%), Magazine Luiza (2.8%), and Localiza (2.2%) all posting substantial gains.

Ibovespa Closes the Week with a Slight Decline

The S&P/TSX Composite Index rose 0.9% to close at 22,814 on Friday, breaking a three-day losing streak and resulting in a weekly advance of 0.5%, driven by dovish outlooks for North American central banks, which offset pressure from lower commodity prices affecting heavyweight companies within the TSX. The prospect of looser borrowing conditions created an environment for increased credit demand and reduced delinquency risks, benefiting major banks such as RBC, TD Bank, BMO, and Scotiabank, all of which rose by over 0.5%. Similarly, Brookfield added 2.1% to close at a record high of CAD 65.38, contributing to the financial sector’s average gain of 1%. The technology sector also supported the index's rise, with heavyweight Shopify jumping 0.9% and Constellation Software increasing by 2.7%. Meanwhile, despite a hotter-than-expected Core PCE Prices report in the US, markets remain fully priced in for a September rate cut by the Federal Reserve.

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China Industrial Profits Grow 3.5% YoY in Jan-June

The Dow Jones Index Closes 1.64% Higher

Ibovespa Closes the Week with a Slight Decline

TSX Posts Weekly Gains