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| US equities rise over $500bn AI project – Report |
 The United States equities market recorded a rally last week, driven by optimism surrounding a $500bn artificial intelligence “Stargate” project and other major investment commitments. Afrinvest reported that the market gained momentum despite weak economic data and concerns over less-dovish monetary policy signals. According to the report, “The US equities market surged, buoyed by positive developments, including the announcement of a $500bn AI Stargate project and a $600bn investment pledge by Saudi Arabia.” The rally saw the NASDAQ and S&P 500 indices close the week higher, gaining 2.1 per cent and 2.0 per cent week-on-week, respectively. These gains were further supported by strong earnings reports from blue-chip companies, including Netflix, which posted fourth-quarter revenue of $10.2bn, surpassing expectations of $10.1bn. Similarly, United Airlines, P&G, and American Express exceeded market projections, bolstering investor confidence. However, the report noted some challenges in the labour market, as initial jobless claims rose to 223,000 for the week ending January 18, marking the highest level in three years. “The higher-than-expected jobless claims reflect lingering uncertainty, but investor optimism surrounding corporate earnings and sovereign investment commitments outweighed the concerns,” Afrinvest stated. Looking ahead, Afrinvest expects the positive momentum in the US equities market to persist, citing upcoming earnings reports from major corporations like Apple, Meta Platforms, Microsoft, Tesla, and Amazon as potential drivers. The firm also highlighted the significance of China’s manufacturing PMI data and the European Central Bank’s monetary policy statement as key factors to watch in the global market. While optimism prevails in the US, Afrinvest emphasised that ongoing economic and policy developments will continue to shape market performance in the coming weeks. |
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US equities rise over $500bn AI project – Report The United States equities market recorded a rally last week, driven by optimism surrounding a $500bn artificial intelligence “Stargate” project and other major investment commitments. Afrinvest reported that the market gained momentum despite weak economic data and concerns over less-dovish monetary policy signals. According to the report, “The US equities market surged, buoyed by positive Read |
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