ASIA MARKETS / Easing fears of recession on fuel markets | News

SHANGHAI / HONG KONG (Dow Jones) – East Asian stocks posted gains mid-week thanks to very positive Wall Street news. Easing fears of a recession saw Dow & Co record its highest daily profit in about a month. Reports of resumption of gas supplies via the Nord Stream 1 pipeline have brought relief to the US. It was argued that this could avoid a recession in Europe, which would also have positive global effects.

Technology equities in particular benefit from investors’ increased risk appetite. Against this backdrop, the Hong Kong Hang Seng index rose 1.5 percent in late trading, and the Shanghai Composite rose 0.8 percent. As we eagerly await Asia’s earnings season, rising energy prices and supply chain problems will impact corporate earnings, it said. However, investors may adopt a wait-and-see attitude in the near term as the economic recovery is progressing at a slower pace, according to market strategist IG Yeap Jun Rong.

China’s central bank keeps the benchmark interest rate for bank lending stable

As expected, the People’s Bank of China (PBC) left the benchmark interest rate for bank lending (LPR) for businesses and households unchanged amid rising key interest rates around the world. It also supports the mood. The PBOC also held its annual medium-term loan interest rate and thus the main interest rate last week.

Nikkei 225 saw the biggest increase, 2.7 percent. Again, it was primarily the semiconductor and technology stocks that drove the market. Tokyo Electron grew 4.9 percent and Renesas Electronics grew 4.4 percent. In Seoul, Kospi gained 0.7 percent. KB Financial Group (+ 4.8%) and Hana Financial Group (+ 2.7%) were sought. The companies will release quarterly data on Thursday and Friday.

In contrast, China Everbright shares fell 8.8 percent. The financial services provider assumes a loss of between HKD 2.60bn and HKD 2.80bn in the first half of the year. SK Bioscience shares increased by 1.1 percent. The American vaccine manufacturer Novavax announced an agreement with SK Bioscience to produce the Covid-19 vaccine, which also protects against the omicron virus variant. Production is to start next year.

The S & P / ASX 200 gained 1.6 percent, recording the largest one-day increase in three weeks. All sectors showed contributions. Megaport shares won, which increased by 23 percent. The company published quarterly results for the first time.

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Index (stock market) last +/-%% YTD end

S & P / ASX 200 (Sydney) 6,759.20 + 1.6% -9.2% 08:00

Nikkei-225 (Tokyo) 27 680.26 + 2.7% -7.0% 08:00

Kospi (Seoul) 2,386.85 + 0.7% -19.8% 08:00

Shanghai Comp. 3,304.72 + 0.8% -9.2% 09:00

Hang Seng (Hong Kong) 20,965.09 + 1.5% -11.0% 10:00

Taiex (Taiwan) 14,733.22 + 0.3% -19.1% 07:30

Strait times (Sing.) 3161.66 + 1.4% -0.2% 11:00

KLCI (Malaysia) 1,436.57 + 0.5% -8.8% 11:00

BSE (Bombay) 55,537.33 + 1.4% -4.7% 12:00

FOREX last + / -% 00:00 Tue 9:46% YTD

EUR / USD 1.0263 + 0.3% 1.0229 1.0212 -9.7%

EUR / JPY 141.76 + 0.3% 141.33 140.72 + 8.3%

EUR / GBP 0.8538 + 0.2% 0.8523 0.8513 + 1.6%

GBP / USD 1.2021 + 0.2% 1.2000 1.1996 -11.2%

USD / JPY 138.15 -0.0% 138.18 137.81 + 20.0%

USD / KRW 1,310.16 + 0.3% 1,305.67 1,310.11 + 10.2%

USD / CNY 6.7484 + 0.1% 6.7445 6.7466 + 6.2%

USD / CNH 6.7522 + 0.1% 6.7450 6.7512 + 6.3%

USD / HKD 7.8499 -0.0% 7.8500 7.8500 + 0.7%

AUD / USD 0.6917 + 0.3% 0.6899 0.6871 -4.7%

NZD / USD 0.6256 + 0.5% 0.6225 0.6207 -8.4%

Bitcoin

BTC / USD 23,694.26 + 0.1% 23 663.37 21 748.03 -48.8%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 102.82 104.22 -1.3% -1.40 + 42.5%

Brent / ICE 106.20 107.35 -1.1% -1.15 + 41.8%

GAS VT close +/- EUR

Dutch TTF 159.00 157.07 + 1.1% 1.78 + 38.1%

METALS last day before +/-% +/- USD% YTD

Gold (spot) 1,708.23 1,711.75 -0.2% -3.53 -6.6%

Silver (Spot) 18.82 18.75 + 0.4% +0.07 -19.3%

Platinum (spot) 884.19 878.00 + 0.7% +6.19 -8.9%

Future Miedź 3.35 3.29 + 1.7% +0.06 -24.6%

YTD at the end of the day

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Contact the author: maerkte.de@dowjones.com

DJG / DJN / ros / hru

(END) Dow Jones Newswires

July 20, 2022 4:12 AM ET (8:12 GMT)

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