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17/05/2023

Today’s Announcements & News

Asia

Investors are digesting China’s key economic releases, which missed estimates despite market expectations of further rebound growth, and Asia-Pacific markets are trading mixed.

Retail sales increased 18.4%, industrial production increased 5.6 percent, and fixed asset investment increased 5.2 percent, all of which were below Reuters’s forecasts.

The Shanghai Composite fell 0.6 percent to finish the day at 3,290.98, while the Shenzhen Component lost 0.71 percent to end the day at 11,099.26. Both of these markets are located in mainland China. The Hang Seng index in Hong Kong rose 0.82 percent.

The Nikkei 225, which opened at 29,842.99, saw a 0.73 percent increase in Japanese stock prices. The Topix ended at 2127.18, its highest level since August 1990, up 0.58 percent.

Semiconductor-related stocks drove gains in the Topix, with Tokyo Electron Gadget

bouncing by over 3% and Advantest Corp

rising over 4%.

United States

Tuesday saw investors deal with a poor Home Depot forecast, which caused stocks to fall. Wall Street also focused on a meeting about the debt ceiling between leaders of Congress and President Joe Biden.

The Dow Jones Modern Normal

shut beneath its 50-day normal interestingly since Walk 30. To 33,012.14, the 30-stock index lost 1.01%, or 336.46 points. To 4,109.90, the S&P 500 lost 0.64 percent. To 12,343.05., the Nasdaq Composite lost 0.18 percent.

The retailer Home Depot, which is a member of the Dow, saw its stock drop by 2.15 percent following the release of its disappointing quarterly revenue report and the reduction of its full-year guidance. This occurred as consumers put off undertaking significant home improvement projects.

Retail sales increased by 0.4% in April, below expectations. That was lower than the 0.8% increase that Dow Jones polled economists anticipated.

Commodity

On Tuesday, a forecast of increased global demand from the International Energy Agency (IEA) was offset by weaker-than-expected economic data in China. As a result, oil futures edged lower.

Last week, Brent crude futures fell 26 cents to $74.97 a barrel, while US West Texas Intermediate crude fell 17 cents to $70.94.

The two benchmarks rose over 1% on Monday, switching a three-meeting long string of failures.

Burdening costs Tuesday, information from China showed that modern result and retail deals development undershot conjectures in April, recommending the world’s No.2 economy lost energy toward the beginning of the subsequent quarter.

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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