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Now a look what else is happing in finance around the world.
Wall Street Ends Higher As Earnings Optimism Outshines Rising Yields:
U.S. stocks ended higher on Tuesday (April 19), as investors used positive earnings to advance Wall Street's main indexes and took relief from two U.S. Federal Reserve officials offering more dovish comments on interest rate rises than one of their counterparts.
“We're expecting the (U.S. stock) market to be a little bit higher, let's call it 6, to 7%; 4800 (S&P500 Index) is our target for the end of the year. So, we think the market's going to be higher. But, of course, between now and then and certainly the next Fed meeting when they're probably going to hike 50 basis points will be some uncertainty there. So, in the short term, I think it is going to be choppy, but by the end of the year, we think will be moderately higher than where we are right now.”
The S&P 500 gained 70.79 points, or 1.61%, to end at 4,462.48 points, while the Nasdaq Composite gained 287.29 points, or 2.15%, to 13,619.65.
The Dow Jones Industrial Average rose 499.51 points, or 1.45%, to 34,911.20.
Rising Bond Yields, Ukraine Crisis Weigh On European Shares:
European shares posted their worst day in two weeks on Tuesday as rising bond yields, worries about the war in Ukraine and a batch of upcoming earnings kept investors on edge, while energy shares outperformed despite plunging oil prices.
The pan-European STOXX 600 (.STOXX) lost 0.8% with defensive stocks including healthcare (.SXDP) and consumer staples leading declines. All major regional equity markets were in the red.
But the index ended well off session lows as energy shares (.SXEP) rose 0.5% despite a 5% slump in crude prices, and as Wall Street opened strongly on an earnings boost.
"It's a general concern about rising yields,"
Bond yields in Europe and the United States surged on Tuesday on expectations for tighter monetary policy.
World Bank, IMF Cut 2022 Global Growth Forecast Amid Russia-Ukraine Conflict:
The World Bank and the International Monetary Fund (IMF) have both slashed their global growth forecasts for 2022 following the Russia-Ukraine conflict.
Against the backdrop of elevated inflation, expected rate hikes and the Russia-Ukraine conflict, the World Bank has lowered its projected 2022 global growth rate to 3.2 percent, down from 4.1 percent projected in January, said World Bank Group President David Malpass on Monday.
Due to high debt and deficit levels, 60 percent of low-income countries are already in debt distress or at high risk of it and the debt crisis is expected to "continue to worsen" in 2022, Malpass said at a Spring Meetings media roundtable.
The other big problem for global growth is inflation, which is causing immense strain, noting that policies need to be adjusted to enhance supply, not just increasing demand.
Amid the Ukraine crisis, the World Bank chief said he is deeply concerned about developing countries, which are facing sudden price increases for energy, fertilizer and food, as well as the likelihood of interest rate increases.
IMF on Tuesday released a new World Economic Outlook report, in which it downgraded its global growth forecast for 2022 to 3.6 percent, down by 0.8 percentage points from its January projection.
The financial institution also lowered global growth forecast for 2023 from 3.8 percent to 3.6 percent. Profound and lasting impacts of the Russia-Ukraine conflict on global economy will exacerbate price pressures and policy challenges, according to the IMF report.
As a result of Western sanctions, the Russian economy is estimated to decline by 8.5 percent in 2022 and 2.3 percent in 2023, according to the report.
Meanwhile, the Ukrainian economy is expected to contract by 35 percent in 2022, said IMF.
The Fund has also lowered its projected 2022 economic growth rate in the United States from 4 percent to 3.7 percent and that in the Eurozone (unofficial name for the 19 EU countries that use the euro) from 3.9 percent to 2.8 percent.
Netflix Subscribers Fall For First Time In A Decade, Shares Plunge 23%
Global streaming giant Netflix on Tuesday 19th April reported losing subscribers for the first time in more than a decade and predicted more contraction in the second quarter, a rare miss for a company that has been a reliable growth engine for investors.
The company's stock plunged 23% in after-market trading, erasing $30 billion in market value.
Netflix lost 200,000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers.
Its decision in early March to suspend service in Russia after it invaded Ukraine resulted in the loss of 700,000 members.
The company's poor results pummeled other video streaming-related stocks, with Roku dropping over 6%, Walt Disney falling 3% and Warner Bros Discovery down 2%.
