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Asian Stocks Boost Despite Falls on Wall Street

by Carl Steward
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Asian Stocks Boost Despite Falls on Wall StreetAsian Stocks Boost Despite Falls on Wall Street

Stocks in Asia on Tuesday continued a series of losing markets after another day of volatility on Wall Street. Hong Kong advanced by almost 2.5%, and other regional criteria were moderately high. The price of oil has fallen. Signs of progress in controlling China’s efforts to control the spread of the coronavirus; There seems to be more concern than weaker-than-expected China economic data for April.

Investors are also watching for comments from Federal Reserve officials, which may represent the US economic perspective and future policy steps. According to experts, traders seem to be in the mood to stay on the decline until proven otherwise. However, there are horrible data from China that are still very risky.

Hang Seng rose to 20,409.12, up 2.3% overall. The Nikkei 225 rose to 26.601.03, up 0.2% overall. Kospi increased 0.7% to 2,614.53. The S&P/ASX 200 was up 7.108.30 and gained 0.2%. The Shanghai Composite Index was also up 0.2% at 3.079.82. Markets try to evaluate how companies and consumers cope with higher prices. They can also help central banks alleviate the problem. Major indices on Wall Street have been declining since early April. The S&P 500 fell 0.4% to 4.008.01 on Monday. It comes from a six-week losing streak. The Dow Jones Industrial Average rose 0.1% to 32,223.42. Technologically heavy Nasdaq to 11.662.79 and down 1.2%.

Technology Stocks

Technology stocks were the biggest losers. Apple fell 1.1%. Large tech companies, with their cost-effectiveness, tend to push the broader market, both up and down. The sector is hefty. Investors are anxious about rising inflation and high-interest rates. Retailers also had the most significant losses. Amazon shrank by 2%. Starbucks with 4.2%. Energy stocks and healthcare companies have gained ground due to rising oil prices. Chevron increased by 3.1%. Eli Lilly added 2.7%.

Spirit Airlines rose 13.5%. After JetBlue said it would make a hostile offer to the budget carrier, Spirit rejected his earlier proposals. ManTech has risen 15% since investment firm Carlyle Group said it would buy a defense contractor. The Federal Reserve is gradually pushing its benchmark short-term interest rate from its record low to near zero, where It spent most of the pandemic. It also said it might continue to raise rates to double the usual amount for future meetings.

Investors are worried that the central bank could lead to a recession; If rates increase too high or too fast. Persistent supply chain problems continue to push inflation, and China’s recent COVID-19 shutdown has raised concerns that they could worsen. Russia’s war against Ukraine has made even volatile energy prices even more volatile, increasing inflation.

War Influence on Prices

US crude oil prices rose 3.4% on Monday and are up more than 50% year-on-year. The price of natural gas increased by 3.8% and doubled in 2022. US benchmark crude for electronic trading on the New York Mercantile Exchange fell 37 cents to $113.83 a barrel on the New York Mercantile Exchange. The basis for international trade pricing was Brent oil lost 23 cents to $114.01 a barrel. Home Depot and Walmart will release their latest financial results. Target will publish the results on Wednesday. The dollar rose to 129.19 Japanese yen late Monday in currency trading. The euro was $1.0438.

Netflix Shares

Several hedge funds sold their entire stake in Netflix before the company recorded its first loss of subscribers in more than 10 years in March. The shares of the streaming company have fallen by 69% to date. This comes as fund managers re-examine tech companies that have thrived since the coronavirus pandemic began in 2020 and helped push the S&P 500 to record heights. Now the S&P 500 is experiencing a nearly 16% decline over the year. The Russell 1000 Growth Index, which focuses more on tech companies, has seen a decline of almost 25% over the same period. Light Street sold 7,960 shares on Netflix and 149,025 shares of Meta. The fund also dropped nearly half of its shares in Alphabet and reduced its stake in Amazon.com.

The post Asian Stocks Boost Despite Falls on Wall Street appeared first on forexinsider24.com.

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