Ongoing reporting from the world’s leading markets: important updates, prominent stocks, bonds and analyst updates
20:50 – Volatile trading on Wall Street, with investors considering the Fed’s decision and especially the new hawkish forecast to raise interest rates six more times this year, with the aim of curbing inflation, which is at a peak of more than 40 years. Chinese stocks take over, Pindudo soars 55%, Alibaba 35%.
20:15 – The stock indices are losing ground as the bond price falls, following the Fed’s decision that includes a new forecast on its part that it will raise interest rates six more times this year.
18:55 – The screens on European stock exchanges were painted dark green with hopes of a ceasefire between Russia and Ukraine in the background, and ahead of the Fed’s interest rate decision in a little while. The German Dax index jumped 3.8%, the French Kak jumped 3.7% and the British Potsy added 1.8%.
16:15 – The rises in the New York stock markets intensify as we approach the Fed’s interest rate announcement, with the jump in Chinese stocks in the background following the decision made in Beijing (see early update).
5 View the gallery
Alibaba Beijing Headquarters
(Reuters)
15:30 – Green open on Wall Street: The Dow Jones industrial average is up 0.9%, the S&P 500 is up 1% and Nasdaq is up 1.4%, led by Chinese stocks – Pindudo is up 36%, JD.com is up 23% , Alibaba rises by 20%, Baidu jumps by 15%.
15:15 – U.S. inflation slows consumer spending – retail sales in February fell sharply to 0.3% from 4.9% in January and below expectations of a 0.4% rise. And yet, at an annual rate, sales in February soared more than 17% (since February 2021). At an annual rate of 14%.
14:15 – And ahead of trading opening: NASDAQ contracts up 1.9%, Dow Jones contracts up 1.2% and S&P 500 up 1.3%, following the green lock yesterday (see this morning’s update); WTI oil traded down slightly In Europe: Kak is up 3.7%, Dax is up 3.3% and Potsey is up 1.3%.
14:10 – Starbucks CEO Kevin Johnson is retiring at the end of a five-year term. He will be replaced as interim CEO of the network’s almost mythical CEO Howard Schultz – and the company will begin the process of locating a square CEO. Schultz served as Starbucks CEO in 2000. 1986 and again from 2008 to 2017, and it was he who made it a huge international network.
13:30 – In American technology: Apple is up 2% pre-order, Amazon is up 1.4%, Microsoft and Meta are up 1.6%, Alphabet is up 1.7%, Tesla is up 2.2%, Uber is up 3%, and Anvida is up 2.7%.
13:00 – And this’s what’s happening in pre-New York Chinese stocks: JD.com is up 21.4%, Alibaba is up 19.5%, Ido is up 14.5%, Natez is up 17.2%, Vivo is up 19.9%, Tencent Music is up 17.7%, New at 18.6%, Pindudo at 33%, Expeng at 20%, Didi at 38%.
5 View the gallery
12:00 – Global media reports attribute the jump in Chinese technology stocks today to a statement issued by the Chinese government on support for the technology sector, and specifically to the continued trading of shares listed on the New York Stock Exchange.
The sector has seen sharp declines in recent days, mainly due to growing fears that the Beijing administration will pressure companies to delete their shares from listing in New York.
The reassuring statement issued today by Vice President Liu He states that the authorities are cooperating with US regulators regarding Chinese companies listed on the New York Stock Exchange, which will allow stability and continued listing of Chinese shares. On the Hong Kong Stock Exchange and the real estate market
11:20 – Nickel Mess: Metal trading resumed today on the London Commodity Exchange after a week-long freeze – on a 5% traffic roll per side – and stopped again shortly after opening. The London Metal Exchange (LME) justified the halt on technical issues related to the lower limit of trading, after the 3-month contract fell immediately after opening to the lower limit of minus 5%.
The price of nickel climbed even before the war in Ukraine but the Russian invasion jumped the value of the goods quickly and by tens of percent – partly due to the sanctions on Russia, which is responsible for 10% of the world market. Following the sharp movements, the London Metal Exchange decided on March 8 to suspend trading – for the second time in just 145 years of operation, and at the same time extended the deadline for payment on contracts already purchased.
As mentioned, the resumption of trading today under the said restriction did not last too long until the new ‘temporary’ freeze. The nickel is used, among other things, for the production of stainless steel as well as for batteries for electric cars.
5 View the gallery
Nickel metal
(Photo: Shatterstock)
11:15 – Closing in Asia: The Hang Seng index jumped 9.1%, Shanghai rose 3.5%, Nikkei rose 1.6%, Kusfi rose 1.4%. Prominent in Hong Kong: Alibaba jumped 27.3%, Tencent jumped 23.2%, Maitwan soared 32.1% and JD.com 35.6%.
10:40 – Rises in opening day in Europe, after a 9% jump in Hong Kong: Dax and Kak up 2.6%, Potsey up 1.4%; In the luxury sector: Louis Vuitton is up 4.2%, Hermes is up 4.9%, Kering is up 4.6%, Barbary is up 4.5%.
In banks: Deutsche Bank is up 3.7%, Barclays is up 2%, Societe Generale is up 3.9%; The spread of the corona in China and the fear of another breakthrough in Europe give a renewed boost to shipping stocks: Delibero Hiro climbs 5.5% in Frankfurt, Just It jumps 8% in London.
In oil, Brent rose 2.9 percent to $ 102.8 a barrel. Contracts for NASDAQ are up 1.4%, contracts for Dow Jones are up 0.8% and S&P 500 is up 0.9%.
9:20 – Spanish fashion giant Inditex concludes a fiscal year with 36% growth in sales, to 27.72 billion euros, along with a net profit of 3.24 billion euros. Zara’s parent company (along with the Pull & Bear, Massimo Dutti and other brands) recorded an EBITDA of € 7.18 billion in the year ended January, a 58% jump compared to the previous year.
In the last quarter of the year, Indices recorded revenues of 8.39 billion euros, less than analysts’ forecasts of 8.61 billion euros. The company noted, however, that good performance at the start of the fiscal year reflects a recovery relative to the fourth quarter, and currently reflects 21% growth compared to the period preceding Corona.
8:30 – The rise in Hong Kong is already approaching 8%, with Tencent rising 21% and Alibaba 20%.
5 View the gallery
Tensent’s headquarters in Shenzhen, China
(Photo: Bloomberg )
7:30 – Positive trend in Asian stock markets with a sharp rise in Hong Kong – after 3 days of strong declines – following the green lock last night on Wall Street (Dow Jones jumped 1.8%, Nasdaq jumped 2.9%, and the S&P 500 rose 2.1% ).
Hang Seng is up 2.5%, Nikkei is up 1.4%, Shanghai is up very slightly, Kusfi is up 0.9%; In oil, Brent is partially recovering from yesterday’s declines with a 1% increase to $ 100.9 a barrel. On the market today is of course the wait for the Fed announcement in the US, which is expected to announce the first rise in interest rates since the onset of the epidemic – and the abandonment of zero interest rates.
Technology stocks stand out in Hong Kong, including a 7.5% jump in Tencent and Mituan, a 6% rise in Alibaba and a 13% jump in JD.com; In a car in Tokyo: Nissan is up 2.7% and Honda is up 2.8%, and in technology Fujitsu is up 5% and Rakuten is up 3%; In aviation: Cathay Pacific is up 3.3%, Quantum is up 2.5%, Singapore Airlines is up 1.4%.
Another monthly increase in exports from Japan, for the 12th time in a row: In February, exports grew by 19.1% compared to the corresponding month in 2021, after an increase of 9.6% in January and against forecasts for a climb of 21%. Exports to China grew by 25.8%, following a decline in January, thanks to strong demand for chip equipment and steel. Imports to Japan jumped 34%, following a jump of 38.7% in January and against forecasts of a 28% increase.
5 View the gallery
Hong Kong Stock Exchange
(Photo: Shatterstock)