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05/05/2023

Today’s Announcements & News

Asia

The three major U.S. indexes went on a four-day losing streak as Wall Street’s rekindled fears about the banking sector caused mixed results in Asia-Pacific markets. The SPDR S&P Regional Bank ETF (KRE) saw a more than 5% drop in shares of regional banks, and some banks experienced volatile trading.

The S&P/ASX 200 recovered earlier losses and increased 0.29 percent in Australia. Financial backers processed the Save Bank of Australia’s assertion on money related approach on the national bank’s thoughts when it suddenly raised loan costs by 25 premise focuses to 3.85%.

The Hang Seng index in Hong Kong rose 0.59 percent, leading gains across the region. The Shanghai Composite lost 0.71 percent and the Shenzhen Component lost 1.08 percent on mainland China.

The Caixin services purchasing managers index in China fell to 56.4 in April from 57.8 in March, but the Caixin manufacturing PMI remained in expansion territory.

For the holiday, markets in Japan and South Korea were closed.

United States

Thursday evening, stock futures increased slightly.

Nasdaq 100 futures gained 0.3 percent, while S&P 500 futures gained 0.2 percent. The Dow Jones Industrial Average futures gained 21 points, or 0.06 percent.

After Thursday’s close, investors received a fresh batch of corporate earnings, including Apple. iPhone sales fueled the tech giant’s beats on the top and bottom lines for the fiscal second quarter. Apple shares acquired than 2% in expanded exchanging.

The three major averages ended the regular session on Thursday lower for the fourth day in a row. The S&P 500 lost 0.72%, while the Nasdaq Composite

dropped 0.49%. The Dow dropped 286.50 points, or 0.86 percent. Down 0.06% in 2023, the 30-stock index also fell into the red. The selloff was driven by recurrent concerns about the risk of contagion from the troubled sector of regional banks, which lowered investor sentiment.

The midpoints are likewise following for seven days of misfortunes — the most terrible presentation for each of the three since Walk 10. The S&P 500 is off 2.6%, while the Nasdaq is off 2.1%. 2.8% of the Dow is down.

Commodity

Friday’s Asian morning trade saw a slight rise in oil prices, but they were on track for a third straight week of losses after markets saw dramatic drops on worries about a weaker U.S. economy and slower Chinese demand.

Brent rough rose 30 pennies, or 0.4%, to $72.80 a barrel at 0250 GMT, while U.S. West Texas Middle was up 30 pennies, or 0.4%, at $68.86 a barrel following four straight long stretches of misfortunes.

Brent was expected to finish the week 8.5% lower, while WTI was expected to finish 10.3% lower.

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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