Wall Street, Consumer Confidence, Currency, Oil

I’m still optimistic about the 12-month outlook, but I think there are more downsides for the next 3-4 months.

Shane Oliver

AMP Chief Economist

Australian S & P / ASX 200 It was about 1% lower. Australian retail sales increased 0.9% in May compared to AprilSame increase from March to April.

The broadest index of MSCI Asia Pacific equities fell by about 1.21%.

Shane Oliver, chief economist at AMP, said the market remains fragile until it is more certain that a recession can be avoided.

“Even in the absence of a recession, global economic growth and Asian growth will slow significantly, which will put pressure on corporate profits, so I think there are more downsides,” he told CNBC. Told. Wednesday’s “Squawk Box Asia” added that the market may only bottom out in September or October.

“I’m still optimistic about the 12-month outlook, but I think there are more downsides for the next 3-4 months,” he said.

U.S. stocks gave up early rise as they fell overnight Following unfortunate economic data. The consumer confidence index fell from 103.2 in May to 98.7 in June. According to the Conference Board of the United States.

The Dow Jones Industrial Average fell 491.27 points (1.56%) to 30,946.99. The S & P 500 fell 2.01% to 3,821.55 and the Nasdaq Composite fell 3% to 11,181.54.

Stock Selection and Investment Trends from CNBC Pro:

Later today, Japan will release consumer confidence data.

Quarantine changes in China

Elsewhere in the area China shortened the quarantine period for international travelers on Tuesday. It’s a step away from the rigorous Covid management that has been in place for over two years.

People arriving from abroad need to be quarantined for 7 days on arrival and 3 days at home, compared to a maximum of 21 days in a centralized facility before.

Mainland China markets closed at highs on Tuesday, Shanghai Composite Slip 0.57%, Shenzhen component It decreased by 0.77% on Wednesday.

Trip.comUS-listed stocks surged nearly 11% on Tuesday, expanding profits in after-hours trading. Cathay PacificIn the news on Tuesday, the stock price rose 6.4%, but fell 1.28% on Wednesday.

China Eastern Airlines When China Southern Airlines Both airlines rose more than 5% on Tuesday, but fell on Wednesday.

Bloomberg also quoted people familiar with the matter and reported: The next administration in Hong Kong is considering reducing the forced quarantine of hotels to five days. Down from 7.


The US dollar indexTracking the greenback against the baskets of other companies in the same industry, was 104.418, which bounced from under 104 earlier this week.

The JPY After maintaining strength and stability in the last few sessions, it has once again weakened above 136 levels against the dollar. It finally changed hands at 136.11. The Australian dollar It was $ 0.6902.

Oil futures fell in the morning trade in Asia. US Crude Oil Futures At $ 110.90 per barrel, it was down 0.77%, but Brent crude oil It fell 1.01% to $ 116.79 a barrel.

— CNBC’s Evelyn Cheng contributed to this report.

Wall Street, Consumer Confidence, Currency, Oil

Source link Wall Street, Consumer Confidence, Currency, Oil

Back to top button