Earnings help stocks but dollar bulls show nerves

28/4/2022 5:40:00 AM

Earnings help stocks but dollar bulls show nerves

Earnings help stocks but dollar bulls show nerves

SINGAPORE : Share markets steadied on Thursday, taking comfort in technology earnings, though an energy crisis in Europe and China's lengthy lockdowns kept the mood cautious and have propelled the dollar close to 20-year highs as investors seek out safety and yield.Nasdaq 100 futures were up 1 per cent in

LinkedIn SINGAPORE : Share markets steadied on Thursday, taking comfort in technology earnings, though an energy crisis in Europe and China's lengthy lockdowns kept the mood cautious and have propelled the dollar close to 20-year highs as investors seek out safety and yield.LinkedIn A global stocks sell-off extended into the Asia morning on Wednesday, as growing fears about the global economy forced investors to dump riskier assets in favour of safe havens such as the U.LinkedIn Industrial conglomerates GE and 3M, and chipmakers Texas Instruments and SK Hynix cautioned that China's COVID-19 led stringent curbs were further disrupting battered supply chains and hurting their revenue.LinkedIn STOCKHOLM :Nordic telecom operator Telia reported quarterly core earnings ahead of market expectations on Wednesday as its plan to streamline operations led to lower costs, and the company backed its full-year outlook.

Nasdaq 100 futures were up 1 per cent in the Asia session and S&P 500 futures rose 0.7 per cent after Facebook owner Meta beat Wall Street profit forecasts and said it had eked out user growth, sending its shares up almost 20 per cent after hours.dollar and government bonds.A rally in Microsoft shares overnight also helped Wall Street indexes to a steady close.And even as companies scramble to keep up with soaring costs of everything from labor to raw materials, the Russian invasion of Ukraine and related Western sanctions have driven up energy prices.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.S.5 per cent, led by a 1 per cent bounce in Australian stocks from Wednesday's one-month trough.as they have more funding available, we would hope to be able to take advantage of that," Chief Executive Officer Allison Kirkby said in an interview.

Japan's Nikkei rose 0.News of Russia cutting gas supplies to Eastern Europe added to the sombre mood, sending the MSCI world equity index slumping to a 13-month low.3M, another American industrial giant, said on Tuesday that China's lockdowns, along with the Ukraine crisis, had slowed sales in April.6 per cent."The real question is, whether this really matters for a durable turnaround in otherwise fraught global circumstances," said Vishnu Varathan, head of economics at Mizuho Bank in Singapore.1 per cent to its lowest level since March 15."Volatility is still high.It's difficult to predict..8 per cent and 1.The company, which operates telecom networks in the Nordics and the Baltics, laid out plans last year to cut billions in costs through 2025, including shedding staff, divesting assets and streamlining operations to spur growth.

.even if not outright fear, the trepidation is hard to miss with on-going uncertainty from the war in Ukraine, which continues to threaten with more widespread economic pain.Chinese blue chips were flat after falling to their lowest in two years on Tuesday and the Hong Kong benchmark fell 0."In the smartphone market, demand growth is slowing especially in China, and mobile memory chip shipments are expected to increase in the early single-digit percentage, which is slightly lower than expected at the beginning of the year," Kevin Noh, Chief Marketing Officer at Hynix, said on a conference call on Wednesday." The most recent pressure point has been Russia's halt on gas supplies to Bulgaria and Poland on Wednesday, which sent tremors through European energy markets and whacked the euro.Benchmark European gas prices jumped 10 per cent overnight while the euro hit a five-year low of $1.Australian shares were also down 0.0514 and is headed for its worst month since early 2015.chipmaker Texas Instruments on Tuesday flagged disruptions at the factories of its customers and forecast current-quarter revenue below Wall Street estimates.20 billion Swedish crowns ($734 million) from a year earlier, beating the mean forecast of 7.

The currency is now perilously close to huge chart support levels stretching from $1.The catalysts for the latest declines"were yet more bellicose words from Russia over Ukraine, and the announcement that Bulgaria and Poland would see their gas supplies from Russia shut off from today," ING said in a note.0500 down to a trough from 2017 at $1.0344.The move, viewed as a major escalation, sent oil and gas prices higher.Source: Reuters.A break would take it to depths not seen since 2002 and risk a damaging decline below parity.The drop has sent the U.11, or 1.8095 Swedish crowns).

S.dollar index to a five-year high of 103.10 a barrel by 0019 GMT.28 and a further push above 103.82 would see it to levels not visited since late 2002.S."With Covid lockdown fears in China exaggerating upside risks for the dollar we recognise the possibility of a stronger-for-longer dollar," said Rabobank FX strategist Jane Foley, adding the bank was revising its forecast for a euro rebound.

U.8 per cent, to $102.S.growth data is due later on Thursday and could pause the dollar's advance, especially since overnight data showed a blowout in the U.China's central bank said this week it would support its economy as worries grew that Beijing's insistence on continuing with a"zero-COVID" policy would harm domestic and global growth while further intensifying supply snags.S.trade deficit and prompted forecast downgrades.34, as did gold, which edged higher to settle at $1,903 an ounce.

Elsewhere the Japanese yen was under pressure at 128.71 ahead of the Bank of Japan's policy meeting, also on Thursday, where focus will be on any sort of response to the yen's recent slide.96 and overnight enjoyed its best day on the struggling British pound in more than two years.Oil inched lower and Brent crude futures were last down 0.4 per cent to $104.Investors have also been fretting about volatile commodity prices in the wake of the Ukraine war, with the International Monetary Fund warning this week about stagflationary risks in Asia.95 a barrel on concern about Chinese demand as rising coronavirus cases suggest extended lockdowns.

Palm oil was supported by major producer Indonesia on Wednesday widening its export ban.After market close, Google’s parent Alphabet Inc reported its first quarterly revenue miss of the pandemic and was down about 3 per cent.(Editing by Shri Navaratnam).

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