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FINANCE Wednesday 22nd June

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The CSX Index is currently at 485.15 Points UP 4.25 Points or 0.87%

The Daily Exchange Rate: is 4,065 KHR to the USD$

STOCK RALLY FIZZLES ON REVIVED INFLATION FEARS.

Asian stocks slipped across the board on Wednesday, failing to extend Wall Street's rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.39%, still up 1.02% on the more than five-week low it hit on Monday. Tokyo's Nikkei (.N225) gave up early gains and was flat.

The main U.S. share benchmarks rose 2% overnight on the possibility the economic outlook might not be as dire as thought during trade last week when the S&P 500 (.SPX) logged its biggest weekly percentage decline since March 2020.

But the lift in sentiment did not last long with S&P 500 and Nasdaq futures , both down nearly 1% on Wednesday while EUROSTOXX 50 futures lost 1.3% and FTSE futures shed 0.9%

Chinese blue chips (.CSI300) lost 0.44%, Hong Kong's Hang Seng Index (.HSI) fell 1.24% and South Korea's KOSPI (.KS11) was down 1.82%.

Other currency moves were more muted on Wednesday, with the dollar index, which tracks the greenback against six peers, a touch firmer at 104.62.

The yield on benchmark U.S. 10-year Treasuries was fairly steady at 3.2617%.

Oil prices fell with U.S. President Joe Biden expected on Wednesday to call for a temporary suspension of the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters.

Brent dropped 3.37% to $110.79 a barrel, while U.S. crude fell 3.71% to $105.46.

Spot gold dropped 0.32%, trading at $1,826.72 an ounce.

Bitcoin lost 6.54% from its Tuesday high, trading at $20,288 after falling as low as $17,592 last week.


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