The talks between Ukraine and Russia remain conflicting but go on, President Volodymyr Zelensky explained in the past few hours, while the West plans to announce further sanctions against the Kremlin in the midst of a humanitarian crisis. After the Wall Street rally, Asia is doing well. At 7:05 am in Italy the Nikkei jumped by 3% thanks to technology stocks, the Hang Seng by 1.5% with Alibaba (+ 7%, yesterday announced a buyback of 25 billion dollars), Shanghai by 0, 4%.
Gold travels sideways at $ 1,921 an ounce, US WTI crude oil drops 1.4% to $ 110.22 a barrel, while the euro is trading at 1.1038, the yen slips 0.25% to 121.11, the pound 0.14% to 1.328. The markets sell the US T bond, the yield of which goes from 2.38% at the beginning of the Asian session, to 2.4%, with futures on Wall Street above par.
Shanghai does not shine after the main steel-producing city, Tangshan (the urban area has about 3.7 million inhabitants), has started the lockdown with the increase in Covid cases (another 50 million Chinese are under restriction from several days). Today the South Korean authorities explained that Coronavirus infections have exceeded 10 million, almost 20% of the population, with a parallel increase in serious cases and deaths that are putting the crematoria and the crematoria increasingly to the test. funeral home nationwide.
China Evergrande has assured investors that it is on track to submit a preliminary restructuring proposal to creditors by the end of July. The real estate group, on the verge of default, has asked investors not to issue an order for payment so that it can proceed with its debt repayment plan. Meanwhile, the real estate services subsidiary is investigating why 13.4 billion yuan ($ 2.1 billion) of deposits were pledged and seized by banks.
The Central Bank of Argentina raised the Leliq interest rate by 200 basis points to 44.5% from the previous 42.5%, the third increase this year explaining that it will seek to put the benchmark rate on a path to “positive real yields. on local currency investments and to preserve monetary and currency stability “, suggesting that further increases will come with inflation above 52%. The central bank added that the global context of rising grain and energy prices had a major impact on Argentina’s annual inflation, which accelerated to a five-month high of 52.3% in February from 50 , 7% of the previous month. Argentina recently reached an agreement with the International Monetary Fund for a ‘
U.S. stock futures are stable above par today, with investors gauging the potential speed and magnitude of future rate hikes after Federal Reserve Chairman Jerome Powell announced larger hikes than traditional hikes. by a quarter of a point to curb inflation. Last week, the Fed raised interest rates for the first time since 2018 and reported six more hikes this year.
Meanwhile, the Dow rose by 0.7% yesterday and the S&P 500 by 1.1%. The Nasdaq Composite jumped 2% along with the largest groups including Apple (2.1%), Amazon (2.1%) and Meta Platforms (2.4%). Tesla climbed 7.9% after delivering its first German-made cars to customers at its Grunheide gigafactory. (All rights reserved)
