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Asian stock markets are higher after the Federal Reserve said more U.S. interest rate hikes might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices fell more than $1 per barrel to stay below $100. Wall Street’s benchmark S&P 500 index gained 0.4% after notes from the latest Fed meeting said “an even more restrictive stance could be appropriate” to get inflation back to its 2% target. Fed officials acknowledged that could weaken the U.S. economy. Investors worry aggressive U.S. and European rate hikes to contain prices rises that are running at a four-decade high might depress global economic activity.
Asian shares are mostly lower after tepid trading on Wall Street amid worries about a global recession. Major benchmarks fell across Asia in early trading. Oil prices recouped some lost ground after plunging on Monday. Analysts said markets are focused on a variety of risks, including inflation, oil prices, moves by the U.S. Federal Reserve and other central banks on interest rates, political developments in Britain and worries about COVID-19. But the basic mood appeared to be wait-and-see. Japan has parliamentary elections this weekend, but the expected outcome is for more stability, with Prime Minister Fumio Kishida headed to victory. Indexes ended with meager gains on Wall Street.
World shares are mostly higher while U.S. futures fell ahead of the July 4 holiday in the U.S. Benchmarks rose in London, Paris, Frankfurt and Tokyo but fell in Hong Kong and Seoul. Oil prices fell back after surging on Friday. U.S. stocks shook off a morning slump Friday and ended higher, but still ended in the red for the week. It was the fourth losing week in the last five for Wall Street as investors fretted over high inflation and the possibility that higher interest rates could bring on a recession. The S&P 500 rose 1.1%.
Stocks shook off a morning slump and ended higher Friday, but not enough to erase their losses for the week. It was the fourth losing week in the last five for Wall Street. The latest choppy trading comes as investors worry about high inflation and the possibility that higher interest rates could bring on a recession. The S&P 500 rose 1.1%. The benchmark index is coming off of its worst quarter since the onset of the pandemic in early 2020. The Dow Jones Industrial Average rose 1% and the Nasdaq added 0.9%. The yield on the 10-year Treasury fell to 2.89%.
Asian benchmarks are mostly lower, echoing a decline on Wall Street, after a quarterly report by Japan’s central bank rekindled worries about the world’s third largest economy. Recent data suggest global growth is slowing as countries grapple with renewed waves of coronavirus outbreaks, soaring prices and the war in Ukraine. In the Bank of Japan “tankan” survey, the headline index for large manufacturers was 9, down from 14 the previous quarter, the second straight quarter of declines. However, a survey by a Chinese business magazine, Caixin, showed China’s factory activity expanded in June at its strongest rate in 13 months as the country eased pandemic restrictions, allowing manufacturing and other business activity to resume.
Americans with stock portfolios or retirement investment plans would likely prefer to forget the last six months. The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 Thursday with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded. Bonds are on pace for one of their worst performances in history, and cryptocurrencies have tumbled after soaring last year. Financial markets have been roiled as the Federal Reserve has hiked interest rates sharply to tame surging inflation.
Asian stock markets are mixed after the U.S. economy contracted and China reported stronger factory activity. Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced. Wall Street’s benchmark S&P 500 index edged 0.1% lower after data showed the U.S. economy shrank in the first quarter amid high inflation and weakening consumer confidence. Investors are uneasy about signs the biggest global economy might be in a recession due to interest rate hikes imposed to cool surging inflation. The global economy has been roiled by anti-virus measures in China that shut down Shanghai and other industrial centers and Russia’s invasion of Ukraine, which pushed up prices of oil, wheat and other commodities.
Shares have retreated in Asia after another broad decline on Wall Street as markets remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession. U.S. futures rose while oil prices fell back. On Tuesday, the S&P 500 fell 2%, the Dow Jones Industrial Average fell 1.6%, and the Nasdaq fell 3% after The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year. It cited concerns over inflation, including rising prices for gas and food. The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 3.17%.
Global stocks are mostly higher after a wobbly day on Wall Street as markets cooled off following a rare winning week. Oil prices extended gains while U.S. futures also surged. On Monday, the S&P 500 edged 0.3% lower, the Dow Jones Industrial Average slipped 0.2% and the Nasdaq fell 0.8%. Small-company stocks rose. Declines in technology and communication stocks, and in several big retailers and travel-related companies weighed on the market. Stocks closed out last week with solid gains and the S&P 500 had its best day in two years on Friday.
Shares are higher in Asia, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Trading was wobbly throughout the day as investors remained focused on another day of testimony before Congress by Federal Reserve Chair Jerome Powell. The S&P 500 rose 1%, the Dow Jones Industrial Average added 0.6% and the Nasdaq rose 1.6%. Powell reaffirmed the central bank's goal of “keeping inflation expectations well and truly anchored” as the Fed tries to rein in surging prices. The yield on the 10-year Treasury note, which helps set mortgage rates, fell to 3.09%.