International Market Overview 23 March 2022

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

 

International Market Update

  • European stocks closed higher Tuesday as investors continued to monitor the war in Ukraine and economic developments in the United States. The pan-European Stoxx 600 closed 0.9% higher, with banks leading the gains with a 2.5% gain, while most sectors and major bourses closed in positive territory. Investors continued to monitor the situation in Ukraine, as the ongoing peace talks between Moscow and Kiev make no progress.
  • U.S. stocks rallied on Tuesday as traders digested Federal Reserve Chairman Jerome Powell’s recent comments on raising interest rates. Bank stocks rose Tuesday along with interest rates. JPMorgan rose 2.1% and Bank of America rose 3.1%. Technology stocks, which struggled Monday after Powell’s comments, rebounded Tuesday. Major tech stocks Alphabet, Meta and Amazon all rose more than 2%, supporting the indexes.
  • Stocks in Japan and Hong Kong advanced in morning trading today as investors watched oil prices and continued to assess the outlook for Federal Reserve monetary policy. Shares of Chinese tech giant Tencent rose 3.35% ahead of its fourth-quarter and full-year earnings announcement. Shares of Xiaomi rose 6.76% after the company announced Tuesday that it plans to buy back shares on the open market “from time to time” for a total maximum price of 10 billion Hong Kong dollars ($1.28 billion).

 

In International news

 

Boeing jets under ‘surveillance’ after crash in China

The Civil Aviation Authority of India has placed the country’s Boeing 737 fleet under “enhanced surveillance” after a jet crashed in China. The agency said it had dispatched teams “to monitor flight procedures, airworthiness and operations.” On Monday, a China Eastern Airlines Boeing 737-800 with 132 people on board crashed in southern China. Rescue teams are working at the crash site, but it is not yet known what caused the crash. The plane was en route from Kunming to Guangzhou when it crashed to the ground and caught fire. China Eastern Airlines has grounded all of its 737-800 aircraft.

Chinese construction company Kaisa delays profit figures due to ban, shares soften

Cash-strapped Chinese construction company Kaisa Group said that due to a lockdown in Shenzhen, audit work could not be completed and the company will not be able to release its financial results by March 31. Due to the delay, the company’s shares will be suspended from trading starting April 1, as per Hong Kong Stock Exchange rules, it said in a statement late Tuesday night. Shares fell 4% this morning. Kaisa, the second-largest issuer of dollar bonds among China’s property developers after China Evergrande Group, is restructuring its $12 billion in offshore debt after failing to service some bonds last year.