August 10, 2022

Dubai Week

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Wall Street indices rise as central bank chairman points out interest rate hike this month

Wall Street indices rise as central bank chairman points out interest rate hike this month

Federal Reserve Chairman Jerome Powell has indicated that the bank will begin raising interest rates this month despite the uncertainty surrounding the Ukraine crisis, with key Wall Street indices rising open yesterday.
The Dow Jones Industrial Average rose 84.56 points, or 0.25 percent, to 33,379.51 points, according to Reuters. The Standard & Poor’s 500 Index was up 16.30 points, or 0.38 percent, at 4,322.56 points, while the Nasdaq Composite was up 65.07 points, or 0.48 percent, at 13,597.53 points.
On the other hand, European stocks recovered from the slump in early trade and ended higher yesterday, with rising commodity prices leading to a rise in shares of energy and mining companies. Russia’s intervention in Ukraine.
The pan-European Stoxx 600 index ended 0.9 percent higher yesterday. The oil and gas index rose 4.1 percent after Brent crude crossed $ 110 a barrel for the first time since 2014.
Mining stocks also rose 2.3 percent as prices of metals, including copper and aluminum, rose.
The Stoxx 600 index fell more than 2 percent yesterday, losing about 8 percent so far this year amid concerns about the global economic impact of Western sanctions on Russia.
The euro zone banks’ index rose 1.4 percent after falling to its lowest level in almost 11 months.
Shares of automakers fell 1.6 percent after the Russian invasion, which forced them to shut down suppliers in western Ukraine and cut production, causing difficulties in obtaining vital electrical connectors.
In Asia, Japanese stocks fell yesterday after a three-session meeting, amid fears that the impact of Western sanctions on Russia would increase after the intervention in Ukraine.
The Nikkei index was down 1.68 percent at 26,393.03 points and the broader topic index was down 1.96 percent at 1859.94 points.
Global sanctions on Russia prompted a group of large corporations to announce their suspension or exit from the country.
ExxonMobil said it was withdrawing from its operations in Russia, including in oil-producing sectors, following similar decisions by companies such as PP, Shell and Norway’s Equinor.
In Tokyo, technology stocks fell sharply on the Nikkei index, while electronic chip maker Tokyo Electron fell 1.99 percent, while robotics maker Fanuc fell 3.64 percent. Daikin Industries fell 3.75 percent.
The insurance companies sector was one of the worst performing in the subsidiary sector, as U.S. Treasury revenue fell to its lowest level in eight weeks.
T&D Holdings fell 6.31 percent, while Toy-Ichi Life Holdings fell 5.21 percent.
The oil export companies sector rose 7.06 percent after the price of a barrel of oil crossed $ 100.

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