The stock markets in New York are positive in the new week.
(Photo: AP)
Frankfurt The US stock exchanges started the stock market week with fresh momentum on Monday. On Wall Street, the Dow Jones gained 0.1 percent to 32,915.78 points. The tech-heavy Nasdaq advanced 0.4 percent to 12,061.37 points and the broad-based S&P 500 gained 0.3 percent to 4,121.43 points.
Investors were encouraged by the end of the corona lockdowns in the Chinese capital Beijing and the economic metropolis Shanghai. They are counting on a revival of the ailing world economy. Stockbrokers also reacted with relief to a report by the Wall Street Journal, according to which the Chinese authorities are about to complete their investigations into Uber’s rival Didi and are about to lift the ban on taking on new customers. The government in Beijing had accused the transport service provider, among other things, of misusing user data.
“The prospect of a more lenient regulatory environment for Chinese tech stocks is boosting sentiment,” said Hargreaves Landsdown analyst Susannah Streeter. “This is a sign of Beijing’s will to stimulate the economy. However, inflation concerns have not disappeared. Oil prices continue to rise and there are fears that the US Federal Reserve will hike rates more aggressively given the strong labor market.
Meanwhile, the takeover of Twitter remains in limbo. Elon Musk has now accused the group of breaching the conditions for the billion-dollar takeover of the short message service.
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In an open letter from Musk’s lawyers, it was said that Twitter refused to release data requested by the Tesla founder about spam and fake user accounts on the platform. According to the terms of the takeover deal, however, Twitter is obliged to provide data and information that Musk requests in relation to the transaction. Contrary to what is shown by Twitter, this obligation to provide information does not only apply to very limited purposes.
According to the information, Musk also reserves the right to call off the takeover project. However, investors have long doubted that the deal will go through. Twitter shares ended up down 1.5 percent.
Individual values in focus
Chinese companies: Thanks to loosened regulatory reins, Didi shares rose 24.3 percent to $2.30. Shares in Chinese tech companies listed in New York also benefited overall from hopes of less strict regulation in their home country. Pinduoduo and JD.com topped the Nasdaq 100 with gains of 5.6 and 6.5 percent, respectively. Investors on the Alibaba trading platform were pleased with an increase of a good 6 percent.
Apple: Apple shares were in demand at the annual developer conference. They increased 0.5 percent to $146.14. Apple is penetrating the car industry with its software and will also be offering installment payments in the future.
Amazon: Amazon’s shares rose by around two percent. In the case of the papers of the online trading group, the decided share split at a ratio of 20:1 came into force. This means that one share has now become 20 and the price looks lower as a result.
Oil: Saudi Arabia raised the official price for its crude oil exports. This helped the US variety WTI to increase in price by almost one percent to $118.94 per barrel (159 liters). Saudi Arabia’s rate hike was overdue, said Commonwealth Bank of Australia analyst Vivek Dhar. However, it does not adequately reflect the expected increase in demand and the bottleneck in supply caused by the EU embargo on Russian imports.
More: The central banks will also keep investors in suspense in the new week. Above all, the interest rate decision by the European Central Bank should move the stock and bond markets.