Asian stocks set for best week in two months

News Image

MG News | July 22, 2022 at 09:15 AM GMT+05:00

0:00

July 22, 2022: Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of U.S. rate hikes eased.

Japan's Nikkei rose 0.24% on Friday and was on course to make gains for a seventh successive day. It's likely to be the index's best week since March.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.03%, but the index is still set for its best week in about two months.

The euro was trading at $1.019 and on course for its biggest weekly rise against the dollar since late May, after having dipped below parity last week.

The ECB raised interest rates by a bigger-than-expected 50 basis points to zero percent overnight, its first hike in 11 years and ending a policy of negative interest rates that had been in place since 2014.

"While the ECB was never going to move by more than 50 bps – as we have seen from many other central banks – the 50 bp lift still came as a surprise to many," said Susan Kilsby, an economist at ANZ, in a note. "But tightening rates quickly has now become the norm."

Hong Kong's Hang Seng index was up 0.14%, extending gains made the previous day after China's cybersecurity regulator fined Didi Global Inc $1.2 billion, potentially signaling an end to the regulatory crackdown and clearing a path for the ride-hailing giant to list in Hong Kong.

Tech companies are likely to weigh on U.S. stocks today, with Nasdaq futures down 0.68% after Snap Inc's poor earnings release sounded the alarm among investors.

Snap's accompanying warning of the effect of an economic slowdown on internet companies caused the share price to plummet nearly 27% in after-hours trade. Twitter Inc will release its earnings later today.

Leading cryptocurrency Bitcoin was down 0.48% at $23,017.15 on Friday but is up more than 10% on the week, which would be its best result since March.

Oil prices rose Friday and looked set for their first weekly gain in more than a month. Brent crude futures were up 1.53% to $105.45 a barrel, and U.S. WTI crude futures rose 1.45% to $97.75.

The U.S. Federal Reserve meets to set interest rates next week and expectations of a 100 bp hike have faded in favor of pricing for a 75 bp move.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,710.00 120,695.00
119,450.00
-525.00
-0.44%
BRENT CRUDE 69.01 69.17
68.98
-0.20
-0.29%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.75 66.99
66.70
-0.23
-0.34%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg