June 7, 2023

Dubai Week

Complete Dubai News World

U.S. stocks are recording strong gains in the week of equilibrium recovery

U.S. stocks are recording strong gains in the week of equilibrium recovery

U.S. stock indices rose on Friday; Indicators of falling commodity prices helped calm the expectations of how the US Federal Reserve will raise interest rates to control inflation.

The Dow Jones Industrial Average rose above 800 points on Friday, recovering from its bear market slump last week and hitting its first weekly improvement since May.

The Dow rose 823.32 points, or 2.68%, to 31,500.68, gaining in the last hour of trading. The Standard & Poor’s 500 Index was up 3.06% at 3,911.74. The Nasdaq Composite Index was up 3.34% at 11,607.62.

Key indices ended the week with a large recovery in stocks. The S&P 500 is up about 6.5% for the week, while the Nasdaq is up 7.5%. The Dow Jones is up 5.4%. The moves come after S&P’s worst weekly slump since 2020. Last week, the broader market index fell 5.8% for the week. According to a survey conducted on Friday, US consumer confidence fell sharply in June, but Americans saw some improvement in inflation expectations. Data released last Thursday indicates a slowdown in US business activity in June. The sharp fall in commodity prices this week helped ease inflation fears. The Refinitiv / Commodity Index, which measures prices for energy, agriculture, metals and other commodities, fell to a two-month low on Thursday, almost two months after reaching a multi-year high in June.


In European markets, the “Stoxx 600” index was up 2.8% at 3,533.17 points, the British “FTSE 100” was up 2.7% at 7208.81 points and the French “CAC” was up 3.2% at 607. The German DAX rose 0.1% to close at 13,118.13 points. On Friday, European markets rose sharply, ending a volatile week, and investors around the world are still assessing their concerns about the potential for inflation and recession.

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pan-European Stoxx 600 Index closed up 2.6%, its best day in more than three months, with technology stocks gaining 3.8%; All its fields ended in the positive area.

As for the movement of personal stock prices, the London-based British security firm “Ultra Electronics” rose more than 12% as the British government advanced with the process of acquiring its rival Anger.

Finnish oil refining and marketing company Neste fell more than 7% below the European blue-chip index.

Last week, central banks took strong measures to control inflation, and investors are now hoping to control higher consumer prices, especially as commodity prices – especially oil and economic output – have plummeted in recent days, with energy and food being the mainstay. Drivers of inflation around the world.

Nevertheless, this far-reaching policy trend has raised fears of a recession, which US Federal Reserve Chairman Jerome Powell told Congress on Wednesday was “possible”; He stressed that the central bank is committed to reducing inflation.

Eurozone trading data on Thursday was weaker than expected, adding to fears that European stocks could fall into a new slump in 2022 and go into a recession.

On the continent’s data lead, UK retail sales fell 0.5% m / m in May (slightly lower than expected by Reuters poll -0.7%), while revised monthly sales fell sharply in April. 1.4% to 0.4%

Consumer confidence in the United Kingdom has plummeted to its lowest level since its inception, new data from research firm GfK revealed on Friday as the country faces a 40-year high inflation rate, sluggish growth and a deeper cost of living crisis. Families.

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The IFO Institute’s Business Climate Index for Germany fell to 93.3 in June from 93.0 in May, while trading conditions and expectations fell slightly, and Friday’s data showed the Spanish economy expanding 0.2% in the first quarter of the year. 2022, declining from a growth rate of 2.2% in the fourth quarter of 2021. (Agencies)


Japanese stocks rose on Friday, highlighting technology sector gains following huge gains on Wall Street in the evening, and sentiment supported by the Bank of Japan’s compliant monetary policies.

The Nikkei index was up 1.23% at 2,6419.97 points. The index reached a weekly increase of 2.04%, but is down 2.89% since the beginning of this month.

The broader topics index was up 0.81% at 1866.72 points. And recorded a weekly increase of 1.68%.