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Italys FTSE MIB index rose by 1% on the day.European chip stocks rose, with ASML, Infineon, and ASM Pacific Technology all gaining between 0.6% and 2.8%.On Tuesday, June 9th, the German DAX 30 index opened down 60.32 points, or 0.24%, at 24,581.53; the UK FTSE 100 index opened down 29.31 points, or 0.28%, at 10,343.89; the French CAC 40 index opened down 19.89 points, or 0.24%, at 8,179.40; the Euro Stoxx 50 index opened up 0.36 points, or 0.01%, at 6,062.65; the Spanish IBEX 35 index opened up 29.69 points, or 0.16%, at 18,252.79; and the Italian FTSE MIB index opened up 92.37 points, or 0.18%, at 50,300.50.On June 9th, ahead of the upcoming second and third quarter inspections, a working symposium for the heads of the Central Safety Production Assessment and Inspection Teams was held in Beijing on June 8th. The meeting emphasized that during these inspections, the Central Safety Production Assessment and Inspection Teams should go directly to the sites and conduct thorough investigations. Any typical and significant accident hazards discovered in key industries such as mining, chemicals, fireworks and firecrackers, construction, fire safety, industry and trade, and special equipment should be transferred to provincial Party committees and governments, urging local authorities to organize verification and rectification, investigate accountability, and deal with the issues seriously. Special inspections on regulatory and enforcement issues should be carried out, adhering to the principle of integrated investigation and rectification, and severely punishing illegal and fraudulent activities related to safety production, as well as prominent problems such as corruption in the safety production field.Lenovo Group (00992.HK) rose more than 5%.

Hang Seng Index, ASX200, Nikkei 225: Markets Find Brief Relief

Jimmy Khan

Feb 28, 2023 15:37


Industry Snapshot

Tuesday's early trading period for the Hang Seng Index and the larger Asian markets was positive. This morning, the Asian markets followed the Dow and the NASDAQ Composite Index into the green.


Riskier assets received support from US economic data on Monday, as the crucial Goods Orders Non-Defense Ex Aviation increased by 0.8% in January, correcting a 0.3% decline from December.


The recent decline in crude oil prices has given rise to expectations that US inflation will experience a brief hiccup in January. However, with the US jobless rate at 3.4% and high US inflation, the Fed's conservatives will have a strong influence in the upcoming sessions. Anxiety of making a mistake would prefer an over-tightening and a gentle landing over abandoning the fight against inflation, which would support a more aggressive direction for interest rates.


Growing global conflict between the US and China has dampened expectations for a strong first quarter for the Hang Seng Index based on the China reopening narrative. Russia-China relations over Ukraine continue to be of worry.


Mixed regional economic data this morning limited the gains due to persistent challenges in the global stock markets. Consumer purchasing pleased, continuing a pattern seen in Europe and the US, while industrial sector statistics showed warning.


The NASDAQ Composite Index increased by 0.63% on Monday, while the Dow Jones and S&P 500 both saw increases of 0.22% and 0.31%, respectively. The US Futures provided assistance this morning. The NASDAQ mini increased by 41 points while the DJI mini gained 50 points.



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