July 25, 2022
United States:
Stocks Rise as Traders Weigh Earnings, Fed Outlook: Markets Wrap
Stocks rose as traders assessed the outlook for corporate earnings and Federal Reserve policy amid the looming threat of a recession.
The S&P 500 posted a mild gain after last week’s rally, while the technology-heavy Nasdaq 100 underperformed. Treasury 10-year yields topped 2.8% and a dollar gauge slipped. Oil climbed.
Investors are betting on another Fed hike of at least 75 basis points this week, which will probably inflict more pain on the economy as officials try to get inflation under control. The decision, along with earnings from the likes of Google’s parent Alphabet Inc. and Apple Inc., will help clarify the outlook for a sustained rebound in stocks.
Europe:
Germany ‘on Brink of Recession’ as Business Confidence Falls
German business confidence deteriorated to the worst level since the early months of the pandemic on growing concerns that record inflation and limited energy supplies from Russia will throw Europe’s biggest economy into a downturn.
A gauge of expectations released Monday by the Munich-based Ifo Institute fell to 80.3 in July from 85.8 in June. Analysts had predicted a drop to 83.0. An index of current conditions also dropped.
Asia:
Thai Life Edges Down in Debut After Biggest 2022 Bangkok IPO
Shares of Thai Life Insurance Pcl ended slightly lower in their debut in Bangkok, following Thailand’s biggest initial public offering this year.
The Bangkok-based life insurer’s stock finished a choppy first day of trading at 15.90 baht, down 0.6% from its IPO price. The company and two of its major shareholders sold a combined 2.32 billion shares, including a green-shoe option, to raise 37.1 billion baht ($1 billion).
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