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FINANCE Tuesday 24th May

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PHNOM PENH: The CSX Index is currently at 507.46 Points down 0.71 Points or 0.14%

The Daily Exchange Rate: is 4,062 KHR to the USD$

ASIA STOCKS SKID WITH U.S. FUTURES, EURO HOLDS GAINS.

Asian shares slid on Tuesday as relief at a rally on Wall Street was punctured by a retreat in U.S. stock futures, while the euro held near one-month highs as odds narrowed on a July rate rise from the ECB.

After ending Monday firmer, Nasdaq futures lost 1.5%, with traders blaming an earnings warning from Snap (SNAP.N) which saw shares in the Snapchat owner tumble 28%.

S&P 500 futures slipped 0.9%, surrendering some of Monday's 1.8% bounce. EUROSTOXX 50 futures fell 0.5% and FTSE futures 0.6%.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dipped 0.8% in hesitant trading. Japan's Nikkei (.N225) fell 0.8% and Chinese blue chips (.CSI300) 1.1%.

Markets had taken some comfort from U.S. President Joe Biden's comment on Monday that he was considering easing tariffs on China, and from Beijing's ongoing promises of stimulus.

Unfortunately, China's zero-COVID policy, with attendant lockdowns, has already done considerable economic damage.

That saw the euro at $1.0665, having bounced 1.2% overnight in its best session since early March. It now faces stiff chart resistance around $1.0756.

The dollar also retreated versus sterling and a range of currencies, taking the dollar index down 0.9% overnight. It was last up a fraction at 102.240.

Meanwhile the euro had jumped sharply to 136.05 Japanese yen , while the dollar faded a little to 127.65 yen .

WALL STREET RALLIES ON BACK OF BIG TECH, BANKS.

U.S. stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street's longest streak of weekly declines since the dotcom bust more than 20 years ago.

All three major U.S. stock indexes advanced between 1.6% and 2.0%, with the heftiest boost coming from rebounding megacap tech stocks Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O).

On Friday, the S&P 500 closed 18.7% below its record closing high reached on Jan. 3. If the benchmark index closes 20% or more below that record, it will confirm it has been in a bear market since then.

The Dow Jones Industrial Average (.DJI) rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 (.SPX) gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite (.IXIC) added 180.66 points, or 1.59%, to 11,535.28.

All 11 major sectors of the S&P 500 ended the session green, with financials (.SPSY) enjoying the largest percentage gain, advancing 3.2%

First-quarter reporting season is nearly a wrap, with 474 of companies in the S&P 500 having posted results. Of those, 78% beat expectations.

Advancing issues outnumbered declining ones on the NYSE by a 2.43-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and 31 new lows; the Nasdaq Composite recorded 27 new highs and 142 new lows.

Volume on U.S. exchanges was 10.93 billion shares, compared with the 13.36 billion averages over the last 20 trading days.

That is all the latest news on finance tune in (on Monday) tomorrow for more. 


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