A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
That said, some big earnings reports from some of the biggest U.S. tech firms continue to roll in, meaning there could be big price swings in individual stocks and sectors under the hood of the broader indices.fell less than 1% but that masked huge moves in some shares which added or wiped out tens of billions of dollars of market cap. Microsoft fell 4%, Snap plunged 15%, while Alphabet surged 5.5%.
Investors in Asia will also wake up to the 11th U.S. interest rate hike since the Fed began hiking rates last year - and the highest rates in 22 years - and a fairly balanced policy outlook for the coming months from Fed ChairHe left the door open to further tightening but also said the Fed could stay on hold if the data warranted and stressed that decisions will be made on a meeting by meeting basis. His measured remarks helped ensure a fairly subdued day on Wall Street.
The Dow Jones Industrials rose 0.24%, insignificant in itself but at the same time historic - it was the 13th consecutive daily rise, the index's longest winning streak since January 1987. Few would have imagined then that the market's biggest ever fall - the 22% crash on Black Monday - was only nine months away.returned over the expected measures from Beijing to revitalize the economy.
The main event on Thursday's economic calendar is Chinese industrial profits for June, which could underline how weak the economy has been since Covid restrictions were lifted. Profits have been falling every month for a year, registering double-digit declines every month so far this year. They slumped 18.8% in May.- China industrial profits By Jamie McGeever; editing by Deepa Babington
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