breaking news Stocks upbeat on China Tech earnings; Dollar Drops: Market Wrap - Business News lastminute news

(Bloomberg) -- Shares in Asia rose on Friday on better-than-expected earnings at Chinese technology companies. Dollar dropped.

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27 Mayıs 2022 - 08:30

(Bloomberg) — Shares in Asia rose on Friday on better-than-expected earnings at Chinese technology companies. Dollar dropped.

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MSCI Inc., a group of Asia-Pacific shares. The gauge rose to four on the first day and was on track for its second weekly advance. Alibaba Group Holding Ltd and Baidu Inc beat sales forecasts, underscoring a rally in Hong Kong, while Japan also climbed. US and European futures declined. Shares on Wall Street climbed Thursday, a sign that consumers remain resilient despite inflationary pressures.

The dollar extended a slide with the currency down nearly 3% from its May 12 peak versus major peers’ gauges. Treasury yields were stable. Oil was trading near $114 a barrel after a rally in the broader market and signs of a fall in US reserves. Copper and aluminum stabilized after a fall in metals on fears of a slowdown in demand from China.

Shares in China rose as investors looked for concrete measures to revive the battered economy. Policy makers are grappling with how to balance controlling the virus outbreak with promoting flagging economic growth.

Sequoia Capital warns of ‘crucible moment’ for startups

Hong Kong seeks to revive global banking situation with major summit

Global stocks tumbled for seven weeks, which has made valuations attractive and has drawn investors back into a market still reeling from inflation and high interest rates, China’s downbeat economic outlook and the war in Ukraine. I am covered with worries.

“We may see a little bit more stability here because we’ve already overvalued stocks,” said Anastasia Amoroso, chief investment strategist at iCapital on Bloomberg television. “I don’t know how high this move will go because I don’t think fundamentals really justify it in the near term. It’s still going to be a limited market environment over the next three to six months.

Read: S&P 500 Believers See Making Light in the Valuation Tunnel

Meanwhile, Sino-US tensions are rising at once following direct comments by Foreign Minister Antony Blinken aimed at Chinese President Xi Jinping. And in a new challenge to Beijing, the US and Taiwan are planning to announce talks to deepen economic ties.

Here are some major events to watch this week:

Some of the main moves in the markets:

As of 1:47 p.m. in Tokyo, S&P futures were little changed. S&P 500 up 2%
Nasdaq 100 futures remained stable. Nasdaq 100 up 2.8%
Topics Index Added 0.6%
Australia’s S&P/ASX 200 Index rose 1.1%
Hang Seng Index up 2.8%
Shanghai Composite Index rose 0.5%
euro stokes 50 futures flat

currencies

Bloomberg Dollar Spot Index down 0.3%
The Japanese yen was trading up 0.2% at 126.88 per dollar.
The offshore yuan was at 6.7541 per dollar
The euro was up 0.3% at $1.0754

bond

Goods

West Texas Intermediate was at $114.22 a barrel
Gold was at $1,853.61 an ounce

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