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22/05/2023

Today’s Announcements & News

Asia

Asia-Pacific business sectors to a great extent rose as two of the three Money Road’s significant lists hit record highs on Thursday night and House Speaker Kevin McCarthy says that he is sure an arrangement can be struck on the U.S. obligation roof by the following week.

As Wall Street traders remained focused on debt ceiling negotiations, the S&P 500 and Nasdaq Composite surged on Thursday to their highest closing levels since August 2022.

The G-7 summit, which officially begins today, will bring together members of the Group of Seven in Hiroshima, Japan.

The Nikkei 225 climbed 0.77 percent to 30,808.35, maintaining its highest level since 1990, and the Topix climbed 0.18 percent to 2,161.69, marking its sixth winning streak, marking Japan’s best week for stocks since October. In April, core inflation in Japan increased by 3.4% year-over-year, maintaining levels above the target set by the central bank.

United States

On Sunday evening, traders kept an eye on negotiations regarding the U.S. debt ceiling, and as a result, stock futures saw a slight decline.

Fates for the Dow Jones Modern Normal ticked down 80 focuses, or around 0.24%. S&P 500 prospects plunged around 0.3%, and Nasdaq 100 fates additionally shed 0.3%.

Despite the uncertainty in Washington, stocks gained last week. The S&P 500 went up 1.65 percent, while the Nasdaq Composite went up 3.04 percent. The Dow rose 0.38 percent.

Kevin McCarthy, R-Calif., House Speaker, and President Joe Biden, on Monday, they are scheduled to meet to continue negotiations. The United States could default on its debt as early as June 1, according to Treasury Secretary Janet Yellen.

Despite a possible default on debt and stubborn inflation, the market has continued to rise, led by tech stocks. Savita Subramanian, a strategist at Bank of America, raised her year-end target for the S&P 500 on Sunday from 4,000 to 4,300. She said that stocks were not overvalued and that companies’ focus on efficiency would make earnings more stable.

Commodity

Gold gained 1 percent on Friday, recouping some of its losses from earlier this week, as traders cut their bets on another interest rate hike following remarks from the chairman of the U.S. Federal Reserve.

Spot gold acquired 1.2% to $1,981.79 per ounce by 12:30 p.m. ET (1830 GMT). At $1,981.60, U.S. gold futures settled 1.1% higher.

After House Republicans and President Joe Biden’s administration halted talks about raising the government’s debt ceiling, threatening a default that could reduce energy demand, oil prices reversed course and fell on Friday.

West Texas Intermediate U.S. crude for July expiration fell 25 cents, or 0.3%, to $71.69, while Brent futures closed down 28 cents, or 0.8%, at $75.58 a barrel.

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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