Business News Asia
— The Dow closed more than 900 points lower, its worst one-day loss since 2020, as investors were disappointed with earnings releases from some publicly traded companies and worried about an acceleration in interest rate hikes after inflation in the United States was the highest since the 1980s.
- The Dow Jones Industrial Average closed at 32,977.21, down 939.18, or -2.77%.
- The S&P 500 closed at 4,131.93, down 155.57, or -3.63%.
- The Nasdaq closed at 12,334.64, down 536.89, or -4.17%.
— Crude oil contracts closed lower after trading was volatile and the contract had previously been up for three straight days. The oil market is under pressure as investors are concerned about the potential drop in oil demand amid the global economic slowdown and China’s lockdowns.
- WTI crude futures were down 67 cents, or 0.6%, at $104.69 a barrel. and rose 2.6% this week.
- BRENT crude futures were up $1.75, or 1.6%, at $109.34 a barrel. and this week, it rose 2.5%.
— Gold contract closed positive as investors buy gold contracts after the dollar weakens and the US stock market fell sharply.
- Gold futures were up $20.4, or 1.08%, to close at $1,911.7 an ounce, but were down 1.2% for the week and 2.1% in April.
- Silver was down 9.6 cents, or 0.41%, at $23.085 an ounce.
- Platinum was up 28.5 cents, or 3.13%, at $939.6 an ounce.
- Palladium was up $96.90, or 4.4%, at $2,307.00 per ounce.
— The US dollar weakened against the major currencies in a basket of currencies as investors sold the dollar to profit after the recent rally.
- The dollar index against the six major currencies in a basket of currencies was down 0.64% at 102.9580.
- The US dollar weakened against the yen at 129.45 yen from 130.88 yen.
- The dollar weakened against the Swiss franc to 0.9712 francs from 0.9719 francs.
- The US dollar strengthened against the Canadian dollar at 1.2831 Canadian dollars from 1.2806 Canadian dollars.
- The euro was higher against the dollar at $1.0578 from $1.0509.
- The pound rose to $1.2597 from $1.2462.
- The Australian dollar fell to $0.7083 from $0.7095.