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On Wednesday, Asian stocks managed to rally due to the fact that Fed Chair Jerome Powell came up with an upbeat assessment of the American economy at his congressional testimony.
The Dow ascended by 55.53 points overnight being worth 25,119.89. Additionally, the S&P 500 went up by approximately 0.4%, the Nasdaq reached a record maximum. As for Netflix as well as tech stocks, they rebounded.
Fed Chair stressed that the US major bank is about to gradually lift interest rates, although he warned that protectionism can affect economic surge.
Meanwhile, in Asia, the Shanghai Composite tacked on by 0.5% in China. The Shenzhen Component edged up about 0.1%. The Hang Seng Index went up by 0.3% in Hong Kong.
Financial markets are currently shifting their focus to how the Chinese government would react to soften the effects of the recent trade clash with America, after Monday’s data disclosed that output in the second quarter speeded down and factory activity decelerated more than anticipated.
Additionally, Japan and the European Union came to an agreement on Tuesday. The pact suggests greater movement of services and products between the two mighty economies. It’s because they are both concerned with working out effective countermeasures against the American protectionism. It’s believed that the Economic Partnership Agreement would help Japan’s car makers and EU farmers to sell their goods. The Nikkei 225 tacked on by 0.6% reacting to the news.
In South Korea, the KOSPI index managed to rally about 0.3%. As a matter of fact, the Bank of Korea had the country’s economic surge forecast for this year cut in its bi-annual economic policy report, citing a dismal labor market revival as well as global trade tension as the reason for this cut.
Aside from shipments of semiconductors, exports surge ceased and investment shrank between these two countries. That’s why both countries put a lot of value on this agreement.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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