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International Morning Update

Monte Wessels, [2022/03/28 08:25]
Good Morning.

By end of day close on Friday, the Dow and S&P had risen to close out their second consecutive winning week. The Dow gained 153 points, or 0.4%. The S&P 500 advanced 0.5% and has more than erased its losses since Russia invaded Ukraine in late February. The US Indices rallied in the last hour of trade. The S&P is up more than 8% over the past two weeks. Meanwhile, the Nasdaq Composite dipped 0.2% but still finished the week in the green. The moves came as investors continue to monitor developments in Russia’s war on Ukraine and expectations about the Fed’s plans to hike interest rates. On Friday, the benchmark 10-year yield touched a fresh multi-year high of 2.5% as investors priced in a more aggressive rate hike cycle, which helped lift financial stocks while tech stocks pulled back.

European Markets were mainly higher on Friday. The FTSE and the DAX both closed up 0.2%, while the French CAC was slightly in the red.

Bources in Asia are higher this morning, with shares in Chinese tech firms higher in Asia-Pacific trading on Monday, as oil prices fall more than 2%. Shares of Meituan soared 14% while Tencent climbed 3% odd. Meituan (which provides a web based shopping platform throughout China), posted better-than-expected revenue for the last three months of 2021 on Friday. The Hang Seng Tech index recovered from earlier losses as it gained 3%. The broader Hang Seng index in Hong Kong advanced 1.3%. In Japan, the Nikkei 225 slipped 0.47% while the Topix index ticked 0.13% lower. South Korea’s Kospi gained 0.13%. In Australia, the S&P/ASX 200 gained 0.2%. Singapore’s Straits Times index also climbed 0.35%.

US futures are pointing lower while European futures are currently in the green

International Market Update

Good morning.

U.S. stocks rallied for a second day in volatile trade Wednesday after the Federal Reserve pulled the trigger on its first interest rate hike since 2018, while indicating more rate increases and balance sheet reduction will follow. The Dow Jones rose 518.17 points, or 1.6%, to end at 34,063.10, after trading as low as 33,391.24. The S&P 500 gained 95.41 points, or 2.2%, to finish at 4,357.86. The Nasdaq Composite advanced 487.93 points, or 3.8%, to close at 13,436.55, its best daily percentage gain since Nov. 4, 2020. The yield on the 10-year Treasury note rose 2.5 basis points to 2.185%.

The pan-European Stoxx 600 index ended up around 3%, with major bourses and almost all sectors in positive territory. Tech stocks rose more than 6.5% to lead the gains, while utilities bucked the trend, slipping 0.8%.

Asian stock prices surged for a second day Thursday after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Tencent was last up 5.67% in HK. Oil prices were higher in the afternoon of Asia trading hours with Brent crude futures up 1.66% to $99.65 per barrel.

U.S. futures are currently mixed while European futures are small up.