Today’s Stock Exchanges, January 9th. Positive price lists: Investors are betting on China’s reopening
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MILAN – Western stocks should follow Asian stocks and move higher as trading reopens, ahead of tomorrow’s Fed chairman speech, Jerome Powell, which will be able to give indications on the central bank’s next moves on interest rate hikes. Investor sentiment remains one of how they add risk to their portfolio, supported by the bet on China: Beijing has come out of its zero-Covid phase in view of the Lunar New Year and the government has promised support to businesses and families for the return to normality. In the operating rooms there is also trust in one less aggressive monetary policy season. As evidence of this, Bloomberg cites the data from the MSCI Emerging Market Index, a reference index for emerging markets, close to entering a “bull” phase having now achieved +20% performance from the lows of October. According to Goldman Sachs, Chinese stocks have a 15% margin to appreciate in the foreseeable future.
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Alibaba soars on the stock market after Ma’s step back
Exchange rates, euro up against the dollar
Euro up against the dollar this morning on the currency markets: the single European currency is traded at 1.0678 dollars with an increase of 0.32% and at 140.8300 yen with a growth of 0.18%.
Wall Street, positive futures
Wall Street futures start the week positive after the fluctuations in the stock prices of the first days of 2023 linked above all to the macrodata on the continuation of the period of contraction of the US economy and to the below-expected production of the large technology companies. In the meantime, a speech by Fed chairman Jerome Powell is expected tomorrow who will be able to give indications on the next steps of the central bank on interest rate hikes. At the moment, contracts on the Dow Jones are up +0.19%, those on the S&P up 0.26%, while on the Nasdaq up 0.38%.
Oil up but below 80 dollars
Oil continues to rise on the Asian markets with prices still remaining below 80 dollars. Currently contracts on WTI are sold at 75 dollars a barrel, up by 1.59%, while those on Brent are sold at 79.5 dollars, up by 1.31%.
Asian stocks rise, Tokyo closed
The Asian stock markets are proceeding positive at the start of the week, despite the wave of new infections from Covid that has hit China in recent weeks and fears of a new slowdown in the production and distribution chains of goods. The Stock Exchange Tokyo today it is closed for the holiday of the elderly, the stock markets of Seoul and Taiwan are also closed. Chinese squares proceed positive with Shanghai up 0.66%, the Szse composite index of Shenzhen to +62%. Well the Hang Seng index of Hong Kong to +1.92%.
Alibaba soars on the stock market after Ma’s step back
Alibaba’s stock soars on the Hong Kong stock market after Jack Ma’s announcement that he is relinquishing control of the fintech giant Ant Group he created and the shares of groups listed on Chinese markets in which Ant has a stake of at least 5%. The shares of the Chinese e-commerce giant mark an increase of 8.07% after the first trading on the Hong Kong Stock Exchange, while the shares of Longshire Technology Group, Jilin Zhengyuan, Shanghai Golden Bridge are also up on the Chinese stock exchanges Infotech, Orbbec Inc and Hundsun Technology. On Saturday, Ant Group announced in a statement that Jack Ma had reduced his stake in Ant Group, which was undergoing restructuring and whose listing on the stock exchange was blocked by the Chinese authorities in November 2020, from 53.46% to 6.208%. , and that the Chinese billionaire “will no longer be the effective controller of Ant Group”, in an operation that will serve to “further improve the transparency and effectiveness of corporate governance” of the group.
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