International Market Overview 11 April 2022

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!

 

International Market Update

  • European markets closed higher Friday, ending a volatile trading week as investors assessed the pace of the Federal Reserve’s monetary tightening plans and news from Ukraine. The pan-European Stoxx 600 index provisionally closed up 1.2%, with oil and gas stocks leading the gains with a 3.2% gain, as almost all sectors and major bourses were in positive territory. Among individual stocks, German digital marketplace Scout24 saw its share price rise by around 14% following a media report on a possible takeover bid.

     

  • U.S. equity markets posted losses on Friday as investors braced for tighter monetary policy from the Federal Reserve and both the S&P 500 and Nasdaq retreated after three consecutive weeks of gains. Technology stocks led the day’s losses as investors dumped riskier stocks in anticipation of higher interest rates that could limit the group’s future earnings growth. Chipmakers such as Nvidia and Micron, which are struggling with supply shortages and concerns about an impending recession, fell 4.5% and 1.4%, respectively, while shares of Tesla, Alphabet, and Apple slid 3%, 1.9%, and 1.2%, respectively.

     

  • Chinese stocks led losses in Asia-Pacific markets this morning as investors reacted to Chinese inflation data for March. Hong Kong’s Hang Seng Index fell 2.4%. Hong Kong-listed shares of Chinese electric vehicle maker Nio plunged more than 8% after the company announced a suspension of production due to disruptions at its supply chain partners as a result of Covid. Chinese consumer inflation rose more than expected in March, with the consumer price index rising 1.5% year-on-year. This was above expectations in a Reuters poll, which expected a 1.2% increase.

 

In International News

 

Children’s chocolate factory forced to close due to salmonella cases

A children’s chocolate factory in Belgium must close after being linked to dozens of salmonella cases. The Belgian Food Safety Authority has also ordered the recall of all children’s products made at the Arlon factory, which is owned by Ferrero. Suspected cases of salmonella linked to children’s chocolate have been reported in the U.K., Germany, France and Belgium, among other countries. Ferrero has apologised and acknowledged “internal failings.” Belgium’s food safety authority, the AFSCA, said the closure of the factory was ordered after Ferrero was unable to provide complete information for its investigation.

 

Tesla’s China vehicle deliveries up 16% in March – industry association

U.S. electric carmaker Tesla delivered 65,814 vehicles manufactured in China in March, up 16% from the previous month, according to data released Monday by the China Passenger Car Association. However, production at Tesla’s Shanghai factory of 55,462 vehicles was only 154 units higher than in February, a shorter month when workers are usually off because of the Lunar New Year holiday. The association said electric car makers in China produced far fewer cars overall than expected in March due to nationwide measures to control COVID -19.