June 5, 2023

Dubai Week

Complete Dubai News World

Emirates News Agency – In less than a week… US and European stocks fell, and their Asian counterparts differed in performance.

From Rami Sameeh.

ABU DHABI, 2nd July /WAM/ US and European stock markets fell in the trading week last week for the second week in a row, as investors continued to fear a global slowdown due to continued hikes in interest rates to curb inflation. Rates that have reached unprecedented levels in decades.

Meanwhile, performance in Asian bourses was mixed, with Japanese stocks falling after leading stocks including “Fast Retailing Group” and “Tokyo Electron” shares fell to a two-week low. “.

And according to monitoring by Emirates News Agency “WAM”, Japan’s Nikkei index fell 2.1% to close at 25935.62 points on the Tokyo Stock Exchange last week, while the broader Topix index fell 1.2% to 1845.04. points.

China’s Hang Seng index rose 0.6% to 21,859.79 points, the Shanghai Stock Exchange’s “ESI” composite index gained 1.1% to 3,387.64 points and the Bombay Syndicate gained 0.93.3% to 52907 points.

US Wall Street stock indexes fell for the second week in a row, as the “Standard & Poor’s 500” index fell 2.2% for the week to end at 3,825.33 points, while the “Dow Jones” industrial index fell 1.3. % 31,097.26 points, and the “Nasdaq” index fell, reaching 11127.85 points by about 4.1% in the dominance of technology stocks.

In terms of European markets, the “Stoxx 600” index fell 1.4% to 407.13 points, the British “FTSE 100” index fell 0.6% to 7168.65 points and the French “CAC” index fell 2.3% to 5,931 points. The “CAC” index fell 2.3% to 5,931.06 points. The German DAX ended 2.3% lower at 12813 points and the “Euro Stoxx 50” index lost 2.4% to 3448.31 points.

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Financial markets around the world are awaiting the start of the corporate results marathon in the second quarter of the year, and the outcome of the US Federal Reserve’s monetary policy meeting, which is expected to take place in July amid expectations. More interest rate hikes to control inflation, which has reached its highest level in decades.

US Federal Reserve officials expect interest rates to rise to 3.4% by the end of 2022 and to 3.8% in 2023, which will affect companies and individuals as they contribute to higher borrowing costs for mortgages, cars, credit cards or other loans.

Wham / Rami Sami / Assem El Gowli