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FINANCE Friday 29th April

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INTERNATIONAL: The CSX Index is currently at 529.05 Points. Down 1.24 Points or 0.23%

 The Daily Exchange Rate: is 4,046KHR to the USD$

Now a look what else is happing in finance around the world.

Global shares rise as earnings boost, U.S. dollar hits 20-year high.

he U.S. dollar touched a two-decade high against rivals on Thursday, as Wall Street rallied and European shares rose from six-week lows with strong earnings reports offseting gloomy U.S. economic data.

The yen dropped to a 20-year low after the Bank of Japan vowed to buy unlimited amounts of 10-year bonds daily to defend its yield target. The bank's strengthening of its commitment to ultra-low interest rates sent the U.S. dollar to a fresh high, weakened emerging market currencies and pushed borrowing costs for U.S. dollars in currency derivatives markets sharply higher.

Oil prices settled higher on the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, which could further tighten supplies in the already-stressed global crude market.

The S&P 500 (.SPX) climbed 2.47% to end the session at 4,287.50 points. The Nasdaq (.IXIC) gained 3.06% to 12,871.53 points, while Dow Jones Industrial Average (.DJI) rose 1.85% to 33,916.39 points.

Technology stocks gained on strong earnings. Shares of Facebook parent Meta Platforms Inc (FB.O) surged after the company reported a larger-than-expected profit on Wednesday.

Apple Inc (AAPL.O), the world's most valuable company, and e-commerce giant Amazon.com Inc (AMZN.O) both rallied ahead of their quarterly reports, though Amazon tumbled about 10% in extended trade after the company forecast current-quarter sales below estimates.

China tech rally takes Asia shares to best day in six weeks in tense markets

Asian shares were set for their best day in six weeks on Friday led by Chinese tech stocks after reports of a possible resolution to the Sino-U.S. audit dispute, giving investors much needed respite from worries of a global economic slowdown.

Still, a key regional share index was set for its worst month in nine as the Ukraine war and expectations for aggressive U.S. rate hikes in coming months have added to the anxieties, propelling the safe-haven dollar to near 20-year peaks.

Hong Kong listed tech stocks (.HSTech) rose as much as 10% on Friday as trading resumed after the lunchtime pause. Ecommerce players JD.com (9618.HK) and Alibaba (9988.HK) each rose as much as 15% and Meituan (3690.HK) gained around 12%.

All three are listed in both the U.S. and Hong Kong bourses. They and their peers' stock prices had been affected by U.S. moves to delist Chinese companies because Beijing restricted the U.S. audit regulator's access to their audit documents.

Reports on Friday that a resolution to the dispute was in sight had driven the sharp gains, said Steven Leung executive director of institutional sales at brokerage UOB Kay Hian in Hong Kong.

The gains from Chinese index heavyweights sent MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) 1.9% higher, which would be its best day since March 17.

Also helping was the Politburo, the top decision-making body of China's Communist Party, saying China will step up policy support to stabilise the economy, and a strong Wall Street after robust earnings from Facebook parent Meta Platforms (FB.O) had driven the Nasdaq (.IXIC) 3% higher overnight.

Wall Street ends sharply higher, lifted by Meta and Apple

 Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the U.S. economy's contraction in the first quarter.

The Facebook parent (FB.O)surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users. read more Communication services (.SPLRCL) and technology (.SPLRCT) were among the strongest of 11 S&P 500 sector indexes, jumping 4.04% and 3.89%, respectively.

Apple Inc (AAPL.O), the world's most valuable company, and e-commerce giant Amazon.com Inc (AMZN.O) both rallied more than 4% ahead of their quarterly reports later in the day.

In extended trade, Amazon tumbled about 10% after the company forecast current-quarter sales below Wall Street estimates

Investors have been dumping high growth stocks for weeks, due to worries about inflation, rising interest rates and a potential economic slowdown. Even with Thursday's strong gain, the tech-heavy Nasdaq was down almost 10% in the month of April, on track for its deepest one-month decline since March 2020.

The S&P 500 has gained or lost 2% or more in a day some 32 times so far in 2022, compared to 24 such days in all of 2021.

The U.S. economy unexpectedly contracted in the first quarter as COVID-19 cases surged again, and government pandemic relief money dropped.



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