Asian Shares Mixed As Snap Unveils Plans To Slow HiringJuly 29, 2022
Asian stocks ended mixed on Friday but logged their best week in months on receding concerns over the Federal Reserve’s aggressive interest rate hikes.
The euro fell from a more than two-week high reached on Thursday after the European Central Bank surprised markets by lifting policy rates by 50 basis points – marking its first hike in 11 years and ending a policy of negative interest rates that had been in place since 2014.
U.S. futures fell as the earnings optimism came to a pause following disappointing earnings results from Snapchat owner Snap.
After missing on the top and bottom lines in its second quarter earnings report, the social media giant unveiled plans to “substantially” slow recruitment.
Oil prices rose in Asian trading and were on course for their first weekly gain in more than a month on concerns of tight supply amid lower OPEC output.
Chinese stocks ended on a flat note as the country’s cyberspace regulator fined Didi Global just over 8 billion yuan ($1.2 billion) for violating cybersecurity and data laws. Hong Kong’s Hang Send Index closed 0.2 percent higher at 20,609.14.
Japanese shares advanced for a seventh straight day on hopes for solid corporate earnings. The Nikkei 225 Index rose 0.4 percent to 27,914.66 and added more than 4 percent for the week. The broader Topix edged up 0.3 percent to settle at 1,955.97.
Shipping firm Kawasaki Kisen surged 11.3 percent after raising its fiscal year earnings guidance. Similarly, Mitsui O.S.K. Lines jumped 2.9 percent and Nippon Yusen climbed 4 percent after announcing upward revisions to their full-year profit forecasts.
Japan’s core consumer inflation remained above the central bank’s 2 percent target for a third straight month in June, while a measure of manufacturing slowed to a 10-month low in July, separate reports showed.
Seoul stocks ended notably lower after data showed producer prices rose at a faster pace in June. The Kospi fell 0.7 percent to 2,393.14, after having ended at over a three-week high the previous day. Tech stocks dragged, with SK Hynix losing 2.4 percent.
Australian markets finished marginally lower after the release of weak manufacturing and business confidence readings, as the economy faced pressure from high global raw material prices.
Across the Tasman Sea, New Zealand’s NZX-50 Index ended little changed with a negative bias after a choppy session. Cancer diagnostic company Pacific Edge jumped 5 percent after announcing record numbers for its Cxbladder tests.
U.S. stocks finished higher for a third straight session overnight as investors assessed a slew of earnings and disappointing economic data.
While jobless claims rose for the third straight week to hit a fresh eight-month high, regional manufacturing activity unexpectedly contracted at a faster rate in July, separate reports showed.
The tech-heavy Nasdaq composite surged 1.4 percent in the wake of Tesla’s remarkable quarterly results and the S&P 500 added 1 percent to close at its highest level since June 9, while the Dow gained half a percent.
Source: Read Full Article