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FINANCE Friday 6th May

PHNOM PENH: The CSX Index is currently at 507.65 Points up 3.61 Points or 0.712%

The Daily Exchange Rate: is 4,052KHR to the USD$


Asian shares tumbled to their lowest in seven weeks on Friday but the dollar stood tall as investors globally shunned riskier assets over fears that higher U.S. interest rates and China's reinforcement of its zero-COVID policy could hit growth hard.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) shed 2.54% on Friday morning and fell to its lowest level since March 16, the day when Chinese vice premier Liu He boosted shares by pledging to support markets and the Chinese economy.

The benchmark is down 3.6% from last Friday's close, which would be its worst week since mid-March. Japan's Nikkei (.N225) bucked the trend, rising 0.8% on its return from a three-day holiday.

Chinese blue chips (.CSI300) shed 2.6%, the Hong Kong benchmark (.HSI) lost 3.6%, and China's yuan tumbled to an 18-month low in both onshore and offshore markets.

Overnight the Dow Jones Industrial Average (.DJI) and the S&P 500 (.SPX) both fell more than 3%, and the Nasdaq Composite (.IXIC) shed 4.99% in its biggest single-day plunge since June 2020.

Things looked slightly better in Europe, however, where regional share futures fell 0.14% and FTSE futures lost 0.2%. U.S. futures were flat. ,


U.S. stocks ended Thursday sharply lower amid a broad sell-off, as investor sentiment cratered in the face of concerns that the Federal Reserve's interest rate hike the previous day would not be enough to tame surging inflation.

All three main Wall Street benchmarks erased gains made during a relief rally on Wednesday, with the Nasdaq posting its biggest one-day percentage decline since June 2020 and its lowest finish since November 2020.

The Dow's decline was its worst daily performance since October 2020.

Technology megacaps slumped. Google-parent Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O), Microsoft Corp (MSFT.O), Meta Platforms (FB.O), Tesla Inc (TSLA.O) and (AMZN.O) all fell between 4.3% and 8.3%.

However, it was not just high-growth stocks, which have struggled in 2022 as the prospect of rate rises had investors questioning their future earnings potential. The selloff hit all areas of the market, as traders headed for the exits.

The Dow Jones Industrial Average (.DJI) fell 1,063.09 points, or 3.12%, to 32,997.97, the S&P 500 (.SPX) lost 153.3 points, or 3.56%, to 4,146.87 and the Nasdaq Composite (.IXIC) dropped 647.17 points, or 4.99%, to 12,317.69.

Only 19 of the S&P 500's constituents closed in positive territory, one of which was Twitter Inc (TWTR.N), which ended 2.6% higher.

Elon Musk revealed on Thursday that Oracle's co-founder Larry Ellison and Sequoia Capital were among investors that would back his takeover of the social media giant with $7.14 billion of financing.

All of the 11 major S&P sectors declined, with consumer discretionary (.SPLRCD) leading the way with a 5.8% drop. The index was dragged by Etsy Inc (ETSY.O) and eBay Inc (EBAY.O), down 16.8% and 11.7% respectively, after both forecast Q2 revenue would be below Wall Street's estimates.

The technology sector (.SPLRCT) was the next biggest loser, down 4.9%, with Intuit Inc (INTU.O) among those weighing the heaviest. It slipped 8.5%, to its lowest finish in a year, a day after agreeing to pay a $141 million settlement centered on deception claims around its TurboTax product.


The dollar was headed for a fifth winning week versus major peers on Friday, ahead of closely watched U.S. jobs report that's likely to back the case for aggressive monetary policy tightening.

The greenback was up for a ninth week against the yen, as benchmark U.S. Treasury yields resumed their climb - topping 3.1% overnight - after a blip lower immediately after the Federal Reserve raised interest rates by half a percentage point mid-week, placing it at the vanguard of hawkish global central banks.

Economists predict a solid 391,000 U.S. jobs were added last month, according to a Reuters poll.

The dollar index - which tracks the currency against six rivals - edged 0.02% higher to 103.59 on Friday, putting it up 0.35% for the week. It touched 103.94 in the previous session for the first time in two decades.

The greenback added 0.22% to 130.46 yen , gaining 0.46% on the week, and taking it closer to last week's 20-year top of 131.25.

The dollar initially dropped back sharply on Wednesday, as Fed Chair Jerome Powell said following the rate hike that a 75 basis point increase is not under active consideration.

NAB revised its currency forecasts on Friday, predicting the dollar to strengthen to $1.02 per euro and $1.20 versus sterling by end-September, but easing slightly to 125 yen by that time.

The euro slipped 0.11% to $1.0529 on Friday, keeping it down 0.12% for the week, but the currency has mostly traded sideways since sliding to a five-year trough of $1.04695 last week.

Sterling edged 0.05% lower to $1.23475, off 1.81% for the week. It tumbled 2.22% overnight, the most in two years, after the Bank of England warned of the risk of recession as it raised interest rates by half a percentage point.

Cryptocurrency bitcoin lost 0.84% to $36,225, extending the 7.94% tumble in the previous session, when it touched a low of $35,579.40, a level not seen since late February.

The Aussie dollar retreated 0.27% to $0.7093, but bucked the trend for the week, on course for a 0.52% rally against the greenback - snapping a five-week losing run - after the central bank raised rates by more than expected and signalled further moves ahead.

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