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World Stocks Markets

world stock markets in December 2022
Nikkei set for eighth weekly gain

Japanese stocks rose on Friday, with the benchmark Nikkei index set for an eighth straight weekly gain, as U.S. lawmakers approved a plan to raise the debt limit and on signs central bankers are in no hurry to tighten the monetary policy.

SoftBank Group Corp surged 5.4 percent amid speculation its chip unit will benefit from a boom in artificial intelligence investment. Dai-Ichi Life Holdings Inc leapt 3.55 percent, leading insurers higher as risks of financial catastrophe from a U.S. default eased.

The Nikkei index rose 0.76 percent to 31,384.93 at the midday break, edging closer to a three-decade high touched earlier this week. The broader Topix rose 1.07 percent to 2,172.36.

Major U.S. equity indexes closed at their highest levels since August 2022 overnight after resilient labour market data added to optimism that the Federal Reserve can steer the economy to a soft landing.

The U.S. Senate approved a plan to raise the debt limit, meanwhile, Bank of Japan Governor Kazuo Ueda told lawmakers the central bank did not have a set time-frame for achieving its 2 percent inflation target.

The Nikkei is poised for a 1.5 percent gain on the week. Among its members, 186 stocks rose in value on Friday versus 34 that fell.

Indices end in green amidst volatility as Sensex climbed 0.19pc

Indian shares inched higher on Friday amidst volatility as investor appetite for risky assets improved on bets that the U.S. Federal Reserve could pause its interest rate hikes.

The Blue-chip Nifty 50 gained 46 points to close above 18,500, at 18,34; Meanwhile, the benchmark S&P BSE Sensex advanced 118 points to end the week at 62,647. Thirteen out of 15 Nifty broad-based sectoral indices ended in the green on Friday.

Strong monthly sales boosted Hero MotoCorp Ltd as it surged more than 3 percent along with Apollo Hospitals and topped the charts. Hindalco, Tata Steel and M&M also gained in today’s session. Infosys and Adani Enterprises shed more than a percent each and were major laggards.

Most Sectors ended up gaining in today’s session with with Metal, Realty and PSU Bank indices leading the rally. IT and Energy ended in the red on Friday.

Asian Stocks markets followed Wall Street higher on Friday ahead of a US jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed.

CAC 40, DAX index outlook

The DAX index and CAC 40 indices have pulled back in the past few days as the recent rally faded. The German DAX 40 index retreated to a low of €15,750, which was ~3.30 percent below the highest level this year. Similarly, the French CAC 40 index retreated to €7,200, ~5.75 percent below the year-to-date high.

FTSE 100 ends first day of June higher

The FTSE 100 finished the first trading day of June on a positive note, closing 0.6 percent up at 7,490 as a rebound in copper prices helped to support the miners.

“European markets have undergone a slow start to the month after yesterday’s sell-off, as attention switches away from the US debt ceiling, and towards the broader economic outlook, and increasing evidence that inflation is slowing sharply,” commented CMC Markets’ Michael Hewson.

By the UK close, US stocks were also up, with the Dow Jones Industrial Average gaining 0.5 percent to 33,073, the S&P 500 gaining 0.8 percent to 4,212 and the Nasdaq jumping 0.9 percent to 13,056.

S&P index back above its 100 week moving average

With the S&P index trading near session highs at 4220.84 up 41 points or 0.98 percent, the index is also back above its 100-week moving average of 4198.93. The high price reached 4231.10 today. That was the highest level going back to the week of August 15, 2022.

Last week the price closed at 4205.44. The 100-week moving average was at 4200.26. So technically it was the 1st close above the 100-week moving average since August 15, 2022 week. However, it was close. Much was still dependent upon this week’s price action and the initial move did see a retracement back down toward the 50 percent midpoint of the range since the January 2022 high. That midpoint comes in at 4155.10. The low price this week reached 4166.15 about 11 points from that key 50 percent level.

So buyers kept control on the dip, and with the rise today, islonger-term putting some space between the price and the 100-week moving average. That’s bullish.

The 61.8 percent retracement of the same move lower comes in at 4311.69. That would be the longer term target now for the index.

Close risk is the 100 week moving average and then the 50 percent midpoint level.

Saudi main index closes flat

Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it edged up 0.82 points, or 0.01 percent, to close at 11,014.95.

A day earlier, the benchmark index had shed 125.85 points, primarily driven by a fall in oil prices.

While parallel market Nomu gained 134 points to close at 21,415.33, the MSCI Tadawul Index shed 5.73 points to 1,458.68.

The Total trading turnover of the benchmark index was SR5.03 billion ($1.34 billion) as 113 stocks advanced, while 100 retreated.

The Top performer of the day was The Co. for Cooperative Insurance. The firm’s share price rose by 6.33 percent to SR121.

Alkhaleej Training and Education Co. and Electrical Industries Co. also performed well, as their share prices rose by 5.36 percent and 5.32 percent, respectively.

Saudi Enaya Cooperative Insurance Co. emerged as the worst performer, as its share price dropped by 9.87 percent to SR12.42.

On the announcements front, Obeikan Glass Co. appointed Ibrahim Mohammad Al-Hammad as its new CEO. Al-Hammad will replace the outgoing CEO Fayez bin Jameel Abdulrazzaq.

In a Tadawul statement, Obeikan Glass said that the new appointment will be effective from June 30. The company’s share price dipped by 0.91 percent to SR78.

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