Stock Market Today: European and Asian Stocks are surging

The European stock markets have started their session on Tuesday, pending the publication of preliminary GDP for the first quarter of the year in the eurozone.

After 9 am, the Frankfurt Stock Exchange grew by 0.72%, Milan gained 0.71%, London increased by 0.69%, and Paris added 0.55%.

The Euro Stoxx 50 index, which groups the fifty largest capitalization European companies, also gained 0.72%.

The European stock exchanges will also be pending Tuesday the decision of the German Constitutional Court. It will decide whether its decision a year ago (5/5/2020) on the ECB’s pandemic emergency purchase program (PEPP) has been sufficiently complied with.

In the debt market, the interest of the German bond, considered the safest, falls and is around -0.114%.

Sensex gains 671 points to cross 50,250

The Sensex opened up 405.95 points at 49,986, and the Nifty started with a gain of 144.05 points at 15,067 at the beginning of the trading day. 

The Indian stock market has been seeing gains for the second consecutive day on Tuesday. Earlier on Monday, the Sensex settled with an increase of 848.18 points at 49,580.73. At the same time, the Nifty closed at 14,923.15 with a rise of 245.35 points.

 

The Sensex is trading up 671 points at 50,252, and the Nifty is trading with an increase of 190 points at 15,113. Investors are doing all-around buying in the market, with auto and banking stocks leading the way.

M&M shares climbed by 5%

Mahindra & Mahindra’s stock has gained 4.74%. On the other hand, Bharti Airtel shares dropped by 2.19%, and ITC shares slipped by 1%. Reliance, TCS, Infosys, and others have profited over 1%.

The total market cap of the listed companies on the BSE rose to Rs 216.37 lakh crore as against Rs 213.64 lakh crore yesterday.

 

The Hong Kong Stock Exchange continues its upward trend

Technology, energy, and real estate companies today boosted Hang Seng, the main benchmark index of the Hong Kong Stock Exchange. It closed with gains for the second day in a row, with an increase of 1.42%.

Selective Hong Kong finished at 28,593.81 points. Meanwhile, the Hang Seng China Enterprises hiked by 1.43%.

The four sub-indices of the Hong Kong stock closed in green. Real Estate gained 1.86%, Commerce and Industry added 1.71%, Services profited 1.07%, and Finance increased by 1.03%.

Tech continued the positive trend started on Monday. Meituan rose by 2.28% today, Tencent gained 1.17%, and the Alibaba group added 1.07%.

Energy companies also stood out, with advances of 4.78% for Petrochina, 4.43% for Sinopec, and 3.16% for CNOOC.

The financial sector saw more moderate gains. The conglomerate HSBC hiked by 1.34%, ICBC added 1.21%, and China Construction Bank advanced by 0.96%.

Shenzhou International registered the best result of the day. It surged by 5.78% today.

The equipment manufacturer AAC Technologies also rebounded by 5.26%. Sino Biopharm, the pharmaceutical company, gained 5.22%.

 

Seoul gains 1.23% thanks to technology

The Seoul Stock Exchange closed with a rise. The Kospi, its main indicator, increased by 1.23% thanks to the momentum of technological stocks.

The South Korean selective Kospi gained 38.53 points on Tuesday to stand at 3,173.05 units, while the Kosdaq technology stock index advanced 0.69%, or 6.06 points, to close at 969.1 units.

Traders in Seoul today ignored the new setback on Wall Street the day before, driven by inflation expectations. They went hunting for bargains, especially in the tech and semiconductor sector, which benefited from the rebound experienced today by the Taiwan Stock Exchange.

In turn, the rise in the price of steel pushed Posco, the main company in the sector in South Korea. It increased today by a significant 5.04%.

The benchmark in Seoul, Samsung Electronics, closed flat today. Meanwhile, SK Hynix, the world’s second-largest memory chip maker, gained 2.98%.

Biopharmaceutical Samsung Biologics advanced 2.29%, and its competitor, Celltrion, gained 0.93%.

Naver, the operator of the largest South Korean internet portal, climbed 1.6%. On the other hand, Kakao, the country’s main instant messaging application, improved its price by 2.26%.

Hyundai Motor, the largest national car manufacturer, increased its gains by 1.76%.

 

Dow Jones losses 0.16 on fear of inflation

Wall Street closed this Monday in red, and its main indicator, the Dow Jones, fell 0.16%. The market is still worried about the data that point to an increase in inflation in the US.

At the close of the New York Stock Exchange session, the Dow Jones dropped by 54.34 points to 34,327.79. The selective S&P 500 fell by 0.25% or 10.56 points, to 4,163.29.

The Nasdaq composite index, listing the main technology companies, lost 0.38% or 50.93 points to 13,379.05.

By sectors, the most significant losses were for communications companies, sinking by 0.88%. Besides, public services dropped by 0.86%, and technology yielded 0.7%.

Energy companies advanced a notable 2.3%, followed by basic materials with a 0.9% increase and financials with a profit of 0.13%.

Tesla fell off by 2%

The New York stock market experienced a volatile day. The inflation data for April still weighs heavily, which have especially dragged highly valued technology companies like Apple (-0.93%) and Microsoft (-1.20%).

Richard Clarida, Federal Reserve’s vice president, insisted that it is early for the central bank to initiate talking about the withdrawal of stimulus. It is something that investors fear.

Among the 30 listed on the Dow Jones, today the declines of Walt Disney (-2.12%), Verizon (-1.24%), and Salesforce (-1.22%) stood out.

Merck, known as MSD outside the US, finished in green. It advanced 1.98%, along with Dow Inc with a 1.53% gain and Chevron, which profited 1.16%.

Outside of that group, AT&T declined by 2.64% after announcing that it will merge its WarnerMedia division with Discovery, creating a streaming giant. Discovery shot up nearly 14%.

Tesla dropped by 2% after revealing that the investor Michael Burry, who inspired the movie “The Big Short,” owned bearish puts against the company as of March 31.