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Saturday, June 10, 2023
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Asian tech shares jump, China property stocks rally

Asian tech shares jump, China property stocks rally

Tech stocks climbed in Asia, following U.S. peers higher. The Chinese property stocks rallied following a surprise interest payment by debt-ridden property developer China Evergrande Group. Also, the cyclical stocks dragged amid worries that central bankers will need to tighten monetary policy into slowing growth in order to tackle persistent inflation. Regional bond yields rose with those on U.S. Treasuries. This is where the market priced in higher inflation by narrowing the spread between short- and long-term yields.

The dollar held gains from overnight. This is because of the better jobs and housing data boosted the case for a faster tapering of Federal Reserve stimulus. Japan’s Nikkei rose 0.7% led by technology shares. The broader Topix added 0.3%, with a 0.6% jump in the Topix growth index. Chinese blue chips gained 0.3%. This is with the CSI300 Real Estate Index rising 2.5%. Hong Kong’s Hang Seng rose 0.4%. Australia’s benchmark index slipped 0.2%.

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China Evergrande Group wired funds to a trustee account for a dollar bond interest payment. The stock jumped 5.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1%. S&P 500 E-minis futures slipped 0.1%. This is after the cash index posted a record closing high overnight. The S&P 500 added 0.3%. The Nasdaq Composite rallied 0.6%. The so-called FAANG giants report earnings such as the Facebook, Apple, Amazon, and Google-owner Alphabet. Netflix diluted earnings-per-share came in at $3.19.

Kyle Rodda, a market analyst at IG Australia stated that the narrative over the last couple of days has been earnings focused and tech stocks have led the charge. There’s momentum there, simple as that. Also, concerns over growth and inflation has raised speculation. Oil prices resumed their climb, after dropping back from multi-year highs reached earlier in the week.

Brent crude added 0.2% to $84.77. The number of Americans filing new claims for unemployment benefits dropped to a 19-month low. Yields on benchmark 10-year Treasury notes were at 1.6922%. The dollar index, which gauges the greenback against six major rivals, was largely flat at 93.730. The Fed has signaled it could start to taper stimulus as soon as next month.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

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Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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