Site icon Pakistan & Gulf Economist

World Stocks Markets

world stock markets in December 2022
Hong Kong shares open higher

Hong Kong stocks resumed their week’s rally Friday after US data further stoked expectations the Federal Reserve will slash interest rates next year.

The Hang Seng Index rose 0.73 percent, or 121.93 points, to 16,743.06.

The Shanghai Composite Index was flat, inching up 0.57 points, to 2,919.29, and the Shenzhen Composite Index on China’s second exchange dipped 0.05 percent, or 0.95 points, to 1,800.54.

Asia shares see slim weekly gain, await US inflation

Asian Stocks were poised to eke out gains for the final full trading week of the year on Friday, while the dollar eyed a loss as investors look to 2024 as a year of steep US rate cuts.

MSCI’s broadest index of Asia-Pacific shares outside Japan went up 0.3 percent in early trade.

For the week the index is very marginally higher. Banking shares helped Japan’s Nikkei rise 0.2 percent. The euro poked above $1.10.

Markets have been in a festive mood for weeks as inflation data around the world has showed a slowdown and the Federal Reserve signalled it was done raising interest rates.

Japan’s Nikkei tracks wall street rebound

Japan’s Nikkei share average rose on Friday, on course for a second weekly gain, tracking a rebound on Wall Street overnight after US data offered more evidence of a soft landing for the world’s largest economy.

The Nikkei added 0.22 percent to 33,212.35 as of 0216 GMT, setting it up for a 0.74 percent weekly advance. Of the Nikkei’s 225 components, 162 rose, 57 declined and six were flat.

Bank Stocks paced gains among the Tokyo Stock Exchange’s industry sectors, adding 1.88 percent, recovering from the aftermath of the Bank of Japan’s decision on Tuesday to keep yield-suppressing stimulus in place and offering no hints on the timing of an exit.

The Broader financials-heavy Topix gained 0.45 percent.

The Topix value share subindex added 0.56 percent, outpacing the growth share subindex’s 0.33 percent rise.

Australian stocks inch higher ahead of key US inflation data

Australian Shares were set for a fourth straight weekly gain on Friday as the market edged higher ahead of a key US inflation report that could offer more clues on future Federal Reserve policy.

The S&P/ASX 200 index climbed 0.1 percent to 7,514.60 by 2350 GMT, with gains in mining stocks outweighing losses in financials.

The Benchmark has risen 0.9 percent so far in the week.

Market participants across the globe were awaiting Friday’s reading on US core personal consumption expenditure index.

A November rise of 0.1 percent would slow the six-month annualised pace of inflation to just 2.1 percent, almost at the Fed’s 2 percent target.

India’s Nifty set to open higher

India’s Nifty 50 is set to open higher on Friday, extending a recovery after Wednesday’s fall and tracking Asian and US peers after fresh US growth data added to the improving interest rate outlook.

India’s GIFT Nifty was trading at 21,378 as of 8:16 a.m. IST, indicating the NSE Nifty 50 is likely to open above its Thursday close of 21,255.05.

The Nifty and BSE Sensex have lost about 0.9 percent each this week so far, on course to snap a seven-week winning streak where they gained 12.65 percent and 12.07 percent, respectively.

The Benchmarks have hit fresh record highs in 11 of the 15 sessions in December so far, aided by the return of foreign inflows, improving US rate outlook, and strong macroeconomic data.

Gulf markets in red as wall street rally stalls

Most Stock Markets in the Gulf ended lower on Thursday after Wall Street snapped a long winning streak that had been driven by rate-cut expectations and the US Federal Reserve’s dovish tilt.

US Stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street’s impressive rally.

Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the US dollar and follow the Fed’s policy moves closely, exposing the region to the direct impact of monetary tightening in the world’s largest economy.

Saudi Arabia’s benchmark index dropped 0.7 percent, weighed down by a 3.1 percent decline in auto rental firm Lumi and a 0.3 percent decrease in oil behemoth Saudi Aramco.

However, the Saudi index posted a fourth weekly gain, adding 0.7 percent.

Dubai’s main share index fell 0.2 percent, hit by a 1.7 percent fall in top lender Emirates NBD.

UK shares slip in christmas-truncated session

British Equities slipped in early trading on Friday following a dour GDP reading, though they were set for weekly gains, while investors braced for the latest US inflation data due later in the day.

By 0806 GMT, the blue-chip FTSE 100 fell 0.2 percent and FTSE 250 midcap index edged down 0.1 percent. Life insurers were amongst top decliners, falling 0.8 percent, while retailers lost 1.4 percent.

The FTSE 100 is eyeing a fourth straight weekly gain, while the FTSE 250 is set to rise for a third consecutive week as global markets rallied on the Federal Reserve’s dovish pivot, while a surprise drop in domestic inflation boosted UK equities.

European stocks fall

European Shares fell on Friday, dragged by technology and sportswear makers, as investors assessed the potential disruption from Red Sea attacks on global trade and awaited key US inflation data to back bets of lower rates next year.

The Pan-European STOXX 600 index fell 0.2 percent by 0817 GMT, set to mark its weakest weekly performance in six.

Netherlands-based Prosus slid 14.5 percent, pulling the technology sector down 1.2 percent. Personal and household goods sector lost 0.6 percent, as Adidas and Puma fell 6.1 percent and 4.4 percent, respectively, after US peer Nike cut its annual sales forecast.

JD Sports shed4.9 percent, while the broader retail sector lost 0.9 percent.

The Main focus before Christmas is the US core personal consumption price index reading – the Fed’s preferred inflation metric- later in the day.

Exit mobile version