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Tokyo registers lower stock openings, extends US fall

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tokyo stocks

Japan’s Nikkei index was down 0.58 percent, or 153.51 points, to 26,268.54 in early trading on Friday. Topix index fell 0.43 percent and the dollar was valued at 144.47 yen, compared to 144.42 yen in New York. Japan’s unemployment rate was 2.5%, down from 2.1% in August, according to official figures. On Friday, Japanese equities … Read more

Stocks add 240 points over positive cues

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Stocks add 240 points over positive cues

KARACHI: The Pakistan bourse closed higher on Wednesday as the investors’ confidence got a boost over the likely inflows from multilateral lenders and friendly countries besides upbeat economic data on different sectors.

An analyst at Pearl Securities said that bulls remained in charge during the day in the market and gave it a boost towards the end as the market closed on a positive note.

“The market expects the status quo in the policy rate in the upcoming monetary policy committee (MPC) meeting. Pakistan sent a signed letter of intent (LOI) to the International Monetary Fund (IMF) to resume the programme,” he added.

The cement sector saw a surge on the back of news regarding a tax relief of up to Rs5 billion to the property sector, he said, adding that the rupee came under pressure on the news that the State Bank of Pakistan (SBP) has allowed the export of the dollar by the open market players.

“Going forward, we expect the market to perform well. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.55 per cent, or 240.08 points, to close at 43,676.56 points. The KSE-30 shares Index gained 0.61 per cent, or 100.80 points, to close at 16,532.20 points.

As many as 356 scrips were active of which 153 advanced, 171 declined and 32 remained unchanged.

The ready market volumes stood at 607.99 million shares, compared with the turnover of 518.04 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corp said that the stocks closed higher on the back of higher trades led by second and third tier scrips on strong valuations.

“Mid-session pressure remained on weak global crude oil prices, falling rupee and dismal data on remittances during July 2022,” he added.

However, upbeat data of large scale manufacturing (LSM) growth at 11.7 per cent, strong financial results in the oil sector and the finance minister’s hints over the IMF’s tranche due next month played a catalyst role in the bullish close, Mehanti added.

The companies which reflected the highest gains included Sanofi-Aventis up Rs50 to close at Rs1,540/share, Systems Limited up Rs21.38 to close at Rs382.82/share.

The companies which reflected the most losses included Rafhan Maize down Rs200 to close at Rs10,200/share, and Nestle Pakistan(XD) down Rs150 to close at Rs6,000/share.

The highest volumes were witnessed in K-Electric with a turnover of 209.08 million shares. The scrip gained 43 paisas to close at Rs3.73/share, followed by WorldCall Telecom with a turnover of 53.21 million shares. It shed 1 paisa to close at Rs1.30/share. Hascol Petrol remained the third with a turnover of 48.29 million shares. It shed 23 paisas to finish at Rs6.67/share.

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Stocks mostly fall after US jobs growth surges

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Stocks mostly fall after US jobs growth

Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation.

Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.

Friday’s data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month.

The Fed has previously said its decision will be guided by data.

Markets fell after the “absolutely monster” jobs report leaves “the Fed with all the ammo it needs to keep on hiking a lot more,” Markets.com analyst Neil Wilson told AFP.

But after tumbling decisively just after the data, Wall Street equities later came back somewhat, lifting the Dow into positive territory by the session’s end and lessening losses on the other two indices.

“Stocks really did hold up today all things considered, given the perspective going into the report,” said Briefing.com analyst Patrick O’Hare, who added that investors may have interpreted the data as showing the economy can withstand the Fed’s actions.

The broad-based S&P 500 finished at 4,145.19, down 0.2 percent for the day but up 0.3 percent for the week.

The dollar also rallied on the US jobs report.

In Europe, London equities ended the day down 0.1 percent one day after the Bank of England unveiled a half-point interest rate hike and forecast UK inflation topping 13 percent on surging domestic energy bills.

The BoE’s rate increase followed more aggressive monetary policy from the European Central Bank and the Fed as authorities crack down on rampant inflation in the wake of Russia’s invasion of Ukraine.

Back in the eurozone, Frankfurt stocks shed 0.7 percent and Paris declined 0.6 percent at the close of trading.

‘Stagflation awaits’

“The dire warnings from the BoE are impossible to ignore as other central banks desperately try to avoid a similar fate,” OANDA analyst Craig Erlam told AFP.

“It seems only a matter of time until others are forced to accept that a recession is the price to pay for getting inflation under control.”

He added: “A period of stagflation now awaits the UK — and others may not be far behind as the crushing impact of energy prices wreaks havoc on living standards and saps demand.”

Stagflation is a toxic mixture of stubbornly high consumer prices and low economic growth.

Key figures at around 2030 GMT

New York – Dow: UP 0.2 percent at 32,803.47 (close)

New York – S&P 500: DOWN 0.2 percent at 4,145.19 (close)

New York – Nasdaq: DOWN 0.5 percent at 12,657.55 (close)

London – FTSE 100: DOWN 0.1 percent at 7,439.74 (close)

Frankfurt – DAX: DOWN 0.7 percent at 13,573.93 (close)

Paris – CAC 40: DOWN 0.6 percent at 6,472.35 (close)

EURO STOXX 50: DOWN 0.8 percent at 3,725.39 (close)

Tokyo – Nikkei 225: UP 0.9 percent at 28,175.87 (close)

Hong Kong – Hang Seng Index: UP 0.1 percent at 20,201.94 (close)

Shanghai – Composite: UP 1.2 percent at 3,227.03 (close)

Euro/dollar: DOWN at $1.0184 from $1.0246 Thursday

Pound/dollar: DOWN at $1.2075 from $1.2160

Euro/pound: UP at 84.32 pence from 84.26 pence

Dollar/yen: UP at 135.00 yen from 132.89 yen

Brent North Sea crude: UP 0.8 percent at $94.92 per barrel

West Texas Intermediate: UP 0.5 percent at $89.01 per barrel

 

 

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Wall Street stocks gains on Goldman Sachs results, Boeing contract

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Wall Street
  • US stocks climb early Monday, extending a surge that began last week.
  • Boeing shares jump after Delta agrees to buy $13.5 billion worth of Boeing planes.
  • Earnings reports from Netflix, Johnson & Johnson and Tesla on the agenda this week.

Wall Street stocks climbed early Monday, extending a surge that began last week as markets absorbed Goldman Sachs’ good profits and a large new Boeing plane order.

Following a couple of punishing inflation readings last week, US stocks began the week on a high note, surging Friday on the back of strong retail sales figures.

Briefing.com analyst Patrick O’Hare pointed to “carryover momentum” at the start of a week that includes major earnings reports and decisions by the European Central Bank and other central banks.

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World stocks rally, dollar dips as investors weigh spending data, inflation scares

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investors

Global markets firmer Chinese economy slowed sharply in Q2 U.S. yields, dollar pull back after Fed officials’ comments As investors decreased their expectations of an aggressive interest rate move by the Federal Reserve this month and as U.S. spending data outperformed estimates, global shares increased on Friday, the currency fell, and oil prices increased. As … Read more

Wall Street Week Ahead: U.S. value stocks are threatened by recession fears

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Wall Street

The Russell 1000 Growth index (.RLG) has decreased by roughly 26 percent, while the Russell 1000 Value index (.RLV) has down by about 13 percent so far this year. Because growth stocks are more vulnerable to increasing interest rates than other asset classes, this had a greater negative impact on them than on other asset … Read more

Wall St eyes weak open as strong jobs data fuels rate hike worries

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Wall St

Stronger jobs statistics contributed to rate hike by the U.S. Federal Reserve later this month. Traders’ bets on the Fed raising rates by 75 basis points increased to 97.7% from 91.5%. U.S. stock markets started well as investors found solace in Fed’s hints of a moderate rate hikes. As of July 8, Reuters: Stronger-than-expected jobs … Read more

As investors examine monetary policy, stocks soar

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stocks
  • The S&P 500 is on track for its fourth straight day of gains.
  • The technology-heavy Nasdaq Composite index increased by 2.2%.
  • The yield on benchmark 10-year note remained lower than the yield on the two-year bond.

Thursday was a positive day for US and European stocks as investors weighed the prospects of a global economic slowdown against the possibility that central banks could dial back their plans for interest rate hikes.

In mid-afternoon trading, the S&P 500 gained 1.4%, putting the US stocks benchmark on track for its fourth straight day of gains after ending June with its biggest first-half decline in more than 50 years. The technology-heavy Nasdaq Composite index increased by 2.2%.

The yield on the benchmark 10-year note remained lower than the yield on the two-year bond, a phenomenon known as an inverted yield curve.

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GameStop joins the bandwagon of meme stocks with its share split

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GameStop

Video-game retailer GameStop’s board approves a four-for-one stock split. A stock split makes shares more affordable for individual investors by lowering the price without affecting the company’s valuation. GameStop was at the center of last year’s “meme stock” trading frenzy. GameStop Corp’s (GME.N) board has endorsed a four-for-one stock split that will make it more … Read more

Bonds signal recession as yield curve inverts again

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bond

The 10-year yield dropped to 2.78 percent from almost 3.5 percent in mid-June. The Federal Reserve’s interest rate increases have had a greater impact, which has been rising. This crucial spread may be followed in real time here. According to one carefully monitored indicator, the bond market is flashing a warning that the economy may … Read more

Manhattan apartment sales fall 30% in June, but prices remain high

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Manhattan

The sales contracts for co-ops and condominiums in Manhattan decreased by 30% in the quarter. Wealthy purchasers are more alarmed by stock market drops. Rising borrowing rates and concerns about the economy are making consumers hold off. Manhattan apartment sales contracts fell by over a third in June as recession worries and falling stock prices … Read more

Wall Street set to open lower on recession fears

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Wall Street

The S&P 500 saw its worst first-half percentage decline since 1970. The Nasdaq 100 e-minis were down 145.75 points at the opening of trading on Tuesday. premarket declines for the mega-cap growth companies Alphabet and Microsoft from 1.2% to 1.6%. Investors worried about the risk of an economic recession as central banks across the world … Read more

Crypto tranfers would have to follow bank rules under new E.U. regulations

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Crypto

Cryptocurrency transfers subject to same money-laundering regulations as conventional banking transfers. Regulations are “truly the first comprehensive piece of crypto regulation in the world,” expert says. Rules would apply to companies that offer bitcoin-related services, but not to bitcoin. At a time when prices have plummeted, wiping out riches, generating suspicion, and igniting calls for … Read more

Bill Gates says crypto and NFTs are a sham

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Bill Gates

Bill Gates is not a fan of cryptocurrencies and non-trustful financial institutions (NFTs). His remarks come as the value of bitcoin and other cryptocurrencies is plummeting. NFTs are based on “bigger fool theory,” according to Gates. Bill Gates is not one of the proponents of cryptocurrencies and NFTs. The Microsoft co-founder stated at a TechCrunch … Read more

Is the worst over for markets? No one can say

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markets

Between January and June, the S&P 500 fell 20.6 percent, marking its worst start since 1970. Concerns about how forceful central banks will need to be to contain inflation have increased. Lockdowns on the coronavirus in China have also increased anxiety. Few investors will have had a more difficult start to a year than the … Read more

stocks moving most quickly before market opening

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Acuity (AYI) saw a 5% increase in its stock price in premarket trading. Restoration Hardware (RH) fell 7.7% after the home goods retailer dropped its full-year guidance. Spirit Airlines (SAVE) will have a shareholder vote on its merger with Frontier Group. Walmart (WBA) – The operator of the drugstore made an adjusted 96 cents per … Read more

The Dow drops by over 500 points as the bear market rebound fizzles.

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Dow Jones Industrial Average slid 491.27 points (1.56%) to 30,946.99. Disappointing economic data reversed key averages’ gains. The Conference Board’s consumer confidence index slipped to 98.7 from 103.2 in May. U.S. equities dipped Tuesday, erasing earlier gains as the market struggled to bounce from bear-market lows. Dow Jones Industrial Average slid 491.27 points (1.56%) to … Read more

FTX Fried’s is considering a Robinhood transaction

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FTX

FTX is examining inside how to purchase the application-based financier Robinhood. Sam Bankman-Fried had uncovered a 7.6% stake in Robinhood however said he had zero desire to assume command over the retail-exchanging stage. Robinhood’s double class shares right now give its pioneers control of 64% of the democratic offers. Sam Bankman-Fried’s FTX crypto trade is … Read more

US stocks open higher

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US stocks

US stocks rise on Thursday as investors weigh recession fears against bargain-hunting tendencies. Dow Jones rises by around half a percent to 30,636.40 just after 20 minutes of trade. S&P 500 index reaches a new high of 3,774.64 and the Nasdaq Composite hits 11,085.21. US stocks began higher, as investors weighed recession fears against bargain-hunting … Read more

Tokyo stocks close higher

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Tokyo stocks

Nikkei 225 index gained 1.84 percent, or 475.09 points, to close at 26,246.31. The Topix index gained 2.05 percent, 37.26 points. The yen’s fall to 135 against the dollar sparked rallies in major exporters like high-tech stocks. Tokyo stocks finished the day higher, rebounding dramatically after investors were encouraged in part by a spike in … Read more

Wall Street stocks begin week on positive note

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European shares

Dow Jones Industrial Average is up 1.7% after 30 minutes of the holiday-shortened week. &P 500, which entered a bear market earlier last week, jumped 2.4 percent to 3,762.17. Nasdaq Composite Index gained 2.9 percent to 11,108.56. Wall Street stocks began positive, as investors shrugged off recession and pandemic fears in order to benefit from … Read more

Sri Lanka left with fuel stocks for around five days: minister

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Sri Lanka

Sri Lanka’s fuel supplies will last for roughly five more days. The island nation waits for official approval from India on a fresh $500 million petroleum credit line. Fuel for automobiles, several industries, and critical services are covered by stockpiles.   COLOMBO: Sri Lanka’s fuel supplies will last for roughly five more days, according to … Read more

Wall Street stocks bounce ahead of Fed decision

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Wall Street

US retail sales fell 0.3 percent in May to $672.9 billion, as rising fuel prices and other factors. Report comes ahead of the US central bank’s policy announcement later Wednesday. Many think a rate hike will result in a 75-basis-point increase after weeks of a smaller increase. Wall Street stocks opened higher on Wednesday, despite … Read more

Hong Kong stocks close higher

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Stocks

Hong Kong shares closed higher on Wednesday Bargain hunters came in after a bruising sell-off at the start of the week. The Federal Reserve’s interest rate decision later in the day also drew attention. Stocks closed higher in Hong Kong on Wednesday as bargain hunters came in after a bruising sell-off at the start of … Read more

As rate rise bets heat up, Canadian stocks and currencies are falling

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Canadian

The Canadian Toronto Stock Exchange’s S&P/TSX composite index ended down 2.6% at 19,742.56. A correction is when an index closes 10% below its record closing high. The TSX did that on May 11 and May 12 but then rallied. Canadian financial exchange tumbled once more into remedy an area on Monday and the dollar debilitated … Read more

Hong Kong stocks close sharply lower

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stocks

Hong Kong stocks join global sell-off as US inflation data fuels Fed rate hike fears. Hang Seng index falls 3.39 percent or 738.60 points. Shanghai Composite Index slides 0.89 percent, or 29.28 points, to 3,255.55. Hong Kong stocks fell on Monday, joining a global sell-off, as a forecast-beating increase in US inflation fueled concerns about … Read more

US stocks sink again, as S&P 500 enters ‘bear market’

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us stocks

Stocks on Wall Street fell early Monday, plunging into a “bear market” in anticipation. The market’s current losses, follow three straight-down sessions. About 35 minutes into trading, the broad-based S&P 500 was at 3,796.66, down 2.7. Stocks on Wall Street fell early Monday, plunging into a “bear market” in anticipation of additional Federal Reserve monetary … Read more

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