“Asia’s Stock Markets Rise on Hopes for US Debt Ceiling Agreement and Strong Economic Data”

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(Il Sole 24 Ore Radiocor) – Allthe day after a session which lost its tone in the finale, le European stock exchanges try to close the week on positive notes, between the hope of an imminent agreement on raising the American debt ceiling and while their eyes remain focused on the trend of inflation (the latest data indicate that in Germany it scored a +0, 3% on month and +4.1% on year). In the background, attention remains high for the next moves of the central banks: the ECB is moving towards further hikes (Vice-President Luis de Guindos said that there will still be more, even if “most of the road has been covered”), while the The Federal Reserve may be taking a breather, although St. Louis Fed chairman James Bullard has called other hikes “insurance against inflation.”

Thus, in the wake of the session of increases for Asian markets (Tokyo, +0.9%, is at its highest level since 1990, while, among other things, the work of the G7 in Hiroshima), the indices of the Old Continent start the session up. Salt the FTSE MIBwaiting for Moody’s decisions on Italy’s rating, arriving late in the evening. Well also the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 in Madrid, l’AEX of Amsterdam and theFT-SE 100 from London.

Dollar at 2-month top, oil and gas prices rise

In terms of currency, the dollar reaches its highest level in two months and the euro weakens further and settles at 1.0788 dollars (1.0829 at yesterday’s close) and changes hands at 148.932 yen (from 148.31). The dollar/yen exchange rate is at 138.06. After the falls on the eve of the day, oil is on the rise: June WTI futures rise by 0.83% to 72.46 dollars a barrel, those of July Brent by 1.12% to 76.72 dollars. The prices of gas traded in Amsterdam, which yesterday fell below 30 euros for the first time since June 2021, after having scored a first position at 30 dollars per megawatt hour, rise by 1.5% to 30.25 euros.

Asian stocks rise, Tokyo at a 33-year high

Asian markets rallied as the dollar hovered near a two-month high on hopes of a US debt ceiling deal and solid economic data, while Japan’s Nikkei climbed to a nearly 33-year high. The broader MSCI Asia-Pacific stock index outside Japan rose 0.20% in choppy trading and is set to post a 0.6% gain for the week, the best in over a month. Australia’s S&P/ASX 200 index rose 0.66%, while Japan’s Nikkei continued its climb, reaching its highest since August 1990, at the time of the bubble. A string of solid corporate results, an economy showing signs of recovery and renewed interest from foreign investors on the back of Warrant Buffett’s investment ramp-up have boosted the Nikkei, with the index posting a soared 18% over the year, far outpacing other major Asian markets.

In China, this week’s data showed the economy lost momentum at the start of the second quarter, fueling concerns about its shaky post-COVID-19 recovery. China’s CSI300 blue-chip index rose 0.20%, while the Shanghai Composite Index rose 0.13%, reversing earlier losses. Hong Kong’s Hang Seng Index fell 1%, dragged down by technology stocks after Alibaba Group Holding Ltd reported a lower-than-expected 2% increase in quarterly revenue. The index is down 1.2% year over year.

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