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FINANCE Thursday 28th April

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PHNOM PENH: The CSX Index is currently at 529.43 Points. Down 0.91 Points or 0.17%

 The Daily Exchange Rate: is 4,044KHR to the USD$

 U.S., European shares advance as euro dives to lowest since 2017.

Key U.S. equity indexes ended higher after choppy trade on Wednesday on a boost from strong earnings from Microsoft and Visa, as commodity stocks lifted European shares to their first gain in four sessions.

The euro dropped to its weakest since 2017 after Russia halted gas supplies to Bulgaria and Poland, and investors fretted more about the region's economy.

The dollar continued its surge, on course for its biggest monthly gain since January 2015 as expectations mounted that the U.S. Federal Reserve will hike interest rates aggressively in coming months and the American economy will be stronger than the euro zone.

The Dow Jones Industrial Average (.DJI) rose 0.19% to end at 33,301.93 points, while the S&P 500 (.SPX) gained 0.21% to 4,183.92.

The Nasdaq Composite (.IXIC) dropped 0.01% to 12,488.93.

Microsoft Corp (MSFT.O) jumped 4.8% % and Visa Inc (V.N) surged 6.5%% on strong earnings, helping boost the S&P 500.

Some of Wall Street's biggest names have reported results this week, with investors seeking a counterweight to the deluge of negative news that has pounded stocks.

There was more selling in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down 0.82% after hitting its lowest since mid-March. Tokyo's Nikkei (.N225) fell 1.17%.

Australian shares (.AXJO) lost 0.78% as inflation hit a 20-year high, bringing interest rate raise closer.

Battered Chinese stocks (.CSI300) bucked the trend, gaining almost 3% as data showed faster profit growth at industrial firms in March than a year earlier.

US stocks mostly edge higher as investors buy the dip after big sell-off and brace for more tech earnings.

US stocks largely edged higher on Wednesday, while the Nasdaq ended flat, after falling more than 2% on Tuesday as investors continue to digest a slew of first-quarter earnings results.

Mega-cap tech giants Microsoft and Alphabet offered mixed signals late Tuesday, with Microsoft beating estimates while Alphabet missed income estimates but beat revenue estimates. Shares of Microsoft were up about 5% on Wednesday, while Alphabet sold off about 5%.

Investors now await earnings results from Amazon, Apple, and Meta Platforms, which are set to be released after the bell on Wednesday.

Of the 155 companies that have reported earnings results so far, representing 31% of the S&P 500, overall results are beating income estimates by a median of 7%, according to data from Fundstrat. On the top line, overall results are beating revenue estimates by a median of 3%.

META RISES

Facebook rebounded from a drop in users early this year and its parent Meta (FB.O) posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 20%.

Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools to improve recommendations and ads, a sign Meta is buckling down to make money while working on its long-term ambitions to build the metaverse.

Its stock rose 19% in after-hours trade on Wednesday.

Meta's profit soundly beat Wall Street targets at $2.72 per share, compared with an average analyst estimate of $2.56, according to IBES data from Refinitiv. The earning beats were tempered by Meta recording its slowest revenue growth in a decade.

Oil edges lower as mass COVID testing begins in China

Oil prices edged lower in early Asian trade on Thursday as concerns about rising coronavirus cases in China, the world's biggest oil importer, weighed on futures markets.

China's capital Beijing reported 48 new symptomatic and 2 new asymptomatic COVID-19 cases for April 27, state broadcaster CCTV reported on Thursday.

The city recorded 31 symptomatic cases a day earlier and three asymptomatic ones, as it began a mass testing program aimed at containing a new outbreak.

Brent crude futures fell 37 cents, or 0.4%, to $104.95 a barrel by 0006 GMT. U.S. West Texas Intermediate crude futures fell 27 cents, or 0.3%, to $101.75 a barrel.

Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland.

British major Shell said it would no longer accept refined oil blended with Russian products, according to trading documents, while Exxon Mobil said it had declared force majeure on its Sakhalin-1 operations in the far eastern part of Russia.


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