Saturday, July 2, 2022 – 5:47 PM
From Ramy Sameeh.
ABU DHABI, 2nd July / WAM/ The US and European stock markets declined during the trading week last week, for the second week in a row, as investors continued to fear a possible global recession due to the continuous hike in interest rates to control inflation rates that reached unprecedented levels for decades.
Meanwhile, the performance of Asian stock markets varied with the decline of Japanese stocks following the decline of the Japanese Nikkei index to its lowest level in two weeks with the decline of leading shares, including the shares of “Fast Retailing Group” and “Tokyo Electron”.
And according to the monitoring of the Emirates News Agency “WAM”, the Japanese Nikkei index fell last week on the Tokyo Stock Exchange by 2.1% to close at 25935.62 points, while the broader Topix index fell by 1.2% to reach the level of 1845.04 points.
While the Chinese Hang Seng Index rose 0.6% to close at 21,859.79 points, while the “ESI” Composite Index on the Shanghai Stock Exchange increased by 1.1% to close at 3,387.64 points, and the Bombay Synx Index rose 0.3% to 52907.93 points.
And the American Wall Street stock indexes fell for the second week in a row, as the benchmark “Standard & Poor’s 500” index fell during the week by 2.2% to close at 3,825.33 points, while the “Dow Jones” industrial index fell by 1.3% to 31,097.26 points, and the “Nasdaq” index fell, Which is dominated by technology shares by regarding 4.1% reaching the level of 11127.85 points.
In terms of European markets, the “Stoxx 600” index fell by 1.4% to 407.13 points, the British “FTSE 100” index fell by 0.6% to 7168.65 points, and the French “CAC” index fell by 2.3% to 5,931.06 points, while the “CAC” index declined by 2.3% to 5,931.06 points. The German DAX by 2.3% to close at 12813 points, and the “Euro Stoxx 50” index declined by 2.4% to 3448.31 points.
Financial markets around the world are awaiting the launch of the corporate results marathon for the second quarter of this year, in addition to the results of the monetary policy meeting of the US Federal Reserve, expected to be held during the month of July, amid expectations of more interest rate hikes to curb inflation that has reached its highest levels in several decades. .
US Federal Reserve officials expect the interest rate to rise to 3.4% by the end of 2022 and to 3.8% in 2023, which will affect companies and individuals as it contributes to higher borrowing costs for mortgages, cars, credit cards or any other debt.
Umm / Rami Samih / Assem Al-Khouli
