Early trading bullish on news of progress in Russia-Ukraine peace talks
Alibaba and JD.com rose by 30%
Europe, Vietnam rise, China fall
[Global Market Indicators / As of March 17, 6 am]
[Closing market conditions in the US stock market]
The New York Stock Exchange rose on the 16th. On the New York Stock Exchange, the Dow closed at 34,063.10, up 518.76 points from the previous trading day. The S&P 500 index rose 95.41 points to 4357.86, and the Nasdaq index, which focuses on technology stocks, finished trading at 13,436.55, up 487.93 points.
New York stocks rose early in the morning as news of progress in peace talks between Russia and Ukraine broke out.
Russian Foreign Minister Sergei Lavrov said on the same day that Russia was “seriously discussing the neutralization of Ukraine” and that “some provisions were close to an agreement.” “The two sides have very different positions, but they have started a compromise,” said Mikhail Podolyak, adviser to the Ukrainian presidential office.
After the US Federal Reserves FOMC meeting results were announced, major indexes returned their gains, but the Feds aggressive tightening efforts turned to an uptrend, bolstered by the interpretation that it meant a strong economy and easing inflationary pressures.
Markets were watching the results of the Feds March Federal Open Market Committee meeting.
The Fed raised its benchmark interest rate target by 25 basis points to 0.25% to 0.5% for the first time since December 2018.
Fed Chairman Jerome Powell said the U.S. economy is still strong, citing uncertainties in Ukraine and upside risks of inflation. He said he could speed up rate hikes if stronger austerity measures are needed.
Kathy Jones, chief fixed income strategist at Schwab Financial Research Center, told the Wall Street Journal that the Fed appears to want to send a message that the Fed is fighting inflation and wants to fight it quickly and get it under control.
Since the Feds announcement, the 10-year Treasury yield rose to 2.24%, the highest since 2019.
[Features]
■ Tech stock
Nvidia jumped 6.6% and Tesla jumped 4.7%. Amazon rose 3.8%, Apple 2.9% and Microsoft 2.5%.
■ Bank stock
JP Morgan and Bank of America rose 4.4% and 3.1%, respectively.
■ Chinese sake
Chinese stocks listed in New York, Alibaba and JD.com, rose 36% and 39%, respectively.
This is because the Financial Stability and Development Committee of the State Council of China said that good communication is underway between the supervisory bodies of both sides regarding the issue of Chinese stocks listed in the United States, and that active progress has already been made.
■ Boeing
Shares of Boeing jumped 5.06% on the day after US investment bank Baird added Boeing to its buy recommendation list saying that delivery of Boeing 737-Max aircraft to China is expected to resume.
■ Starbucks
Starbucks shares rose 5.16% on the same day after JP Morgan raised its target price.
[European stock market closing conditions]
Stock markets in major European countries rose all at once on the 16th.
The London Stock Exchanges FTSE 100 index rose 1.62% from the previous trading days closing price to 7,291.68, while the Paris Paris Stock Exchanges CAC 40 index rose 3.68% to close at 6,588.64.
Germanys Frankfurt Stock Exchanges DAX 30 index rose 3.76 percent to 14,440.74, and the pan-European Euro Stoxx 50 index also rose 4.05 percent to 3,889.69.
[Closing market conditions in the Chinese stock market]
The Chinese stock market ended lower on the 16th. The Shanghai Composite Index fell 3.48% to 3170.71P, the Shenzhen Component Index fell 4.02% to 12000.96P, and the Startup Edition Index fell 5.20% to close at 2635.08P.
Looking at the trading situation by stock, the travel, hotel, and securities sectors showed strong gains, but the COVID-19 diagnostic kit, COVID-19 treatment, and medical machinery sectors recorded large declines, leading the decline.
[Vietnam Stock Market Closing Market]
Vietnam stocks ended higher. The VN index closed the market in an uptrend at 1,459.33p, up 6.59p or 0.45% from the previous trading day.
The VN30 index, a basket of the top 30 stocks by market capitalization in Vietnam, also rose 3.80p to close at 1,472.69p, with 15 stocks rising and 12 stocks falling.
The Hanoi Stock Exchange, which focuses on small and mid-cap stocks, also rose 2.66p to 446.18p, and the UPCoM index of the unlisted company market rose 0.48p to 116.04p, ending the day.
In the stock market status by industry, 22 out of 25 sectors rose and 3 sectors fell.
Banking industry 0.57%, securities industry 0.70%, insurance industry 1.67%, construction/real estate industry 0.31%, information and communication industry 0.81%, wholesale industry 1.03%, retail industry 0.22%, machinery 0.86%, logistics industry -0.36%, health/medical industry 0.30%, F&B industry 0.34 %, and the mining and oil industry recorded -1.11%, respectively.
Foreign investors net sold VND96 billion and continued net selling for eight consecutive days.
[International Oil Price]
International oil prices fell.
On the New York Mercantile Exchange, the price of West Texas Intermediate crude for April delivery fell 1.5% to close at $95.04 a barrel. This is the lowest figure since the 25th of last month. It was the third consecutive day of decline.
[gold]
Gold prices fell.
On the New York Mercantile Exchange, April gold futures closed at $1909.20 an ounce, down $20.50 from the previous day.
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