Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Asian Stocks Up, While Dim Tech Outlook Hits U.S. Futures

Stock Markets Apr 29, 2022 12:02
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Friday morning. U.S. equity futures fell after post-earnings falls in Amazon.com Inc. (NASDAQ:AMZN) and Apple Inc. (NASDAQ:AAPL) shares dampened some of the optimism from a Wall Street rally.

China’s Shanghai Composite gained 0.47% by 10:12 PM ET (2:12 AM GMT) while the Shenzhen Component was up 0.27%. The Caixin manufacturing and services purchasing managers indexes (PMIs), as well as the manufacturing and non-manufacturing PMIs, are due in the following week.

Hong Kong’s Hang Seng Index was down 0.30%.

South Korea’s KOSPI rose 0.86% and in Australia, the ASX 200 gained 0.78%. The Australian producer price index grew 4.9% year-on-year and 1.6% quarter-on-quarter in the first quarter of 2022.

Japanese markets are closed for a holiday.

The S&P 500 and Nasdaq 100 contracts retreated, with the tech-heavy Nasdaq falling over 1% after Amazon forecast sluggish sales growth and Apple warned of supply constraints. Amazon shares tumbled 9% in extended trading and Apple’s fell 2%, eclipsing the S&P 500’s best climb since early March 2022 in regular hours.

Meanwhile, the yen slowly clawed back its losses after tumbling past 130 per dollar to 20-year lows, and the yuan weakened at a pace comparable to China’s shock 2015 devaluation. The dollar fell but is set for its best week since 2021 as caution remains that the U.S. Federal Reserve will hike interest rates aggressively.

In commodities, oil remained near the $105 mark, as investors evaluate the possibility of a European Union ban on Russian crude due to the country’s invasion of Ukraine on Feb. 24. Concerns about the war in Ukraine, China’s latest COVID-19 outbreaks, and tighter U.S. monetary policy all continue to contribute to market volatility.

“The Fed’s record on soft landings is not that strong,” BMO Family Office LLC deputy chief investment officer Carol Schleif told Bloomberg.

“Markets are watching very, very carefully to see if we can thread that needle.”

The latest U.S. GDP, released on Thursday, unexpectedly contracted 1.4% quarter-on-quarter in the first quarter of 2022, the first time it has done so since 2020.

The GDP figure also emphasized the debate on how much the Fed can tighten monetary policy without impacting economic growth. Investors now await the Fed’s latest policy decision, which will be handed down during the following week.

U.S. Treasuries steadied on Thursday, with the benchmark 10-year U.S. yield at 2.82% and Treasury futures edging up. There is no cash trading due to the holiday in Japan.

“A year from now, 10-year yields are most likely going to be lower than where we are today,” Rockefeller Financial LLC chief investment officer Jimmy Chang told Bloomberg, in reference to Treasuries.

“I do believe at some point when the economy starts to weaken, the Fed will be less hawkish, perhaps even go into a pause mode by, say, early 2023.”

Asian Stocks Up, While Dim Tech Outlook Hits U.S. Futures
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email