U.S. markets had a largely flat day. The positive outcome of today’s proceeding is the avoidance of yesterday’s sell-off that drove the Nasdaq Composite to new 2022 lows. Today’s recovery for the index failed, as it closed down 0.01 percent. The Russell 2000, a U.S. small-cap benchmark, closed today down 0.34 percent as Solid Biosciences Inc., Extreme Networks Inc., and Citius Pharmaceuticals Inc. closed the day over 16 percent down.
European markets took a break from a three-day losing streak, returning positive daily gains on April 27, 2022. The UK FTSE 100 index closed up 0.53 percent, while the German DAX closed 0.27 percent higher than yesterday. Anglo American PLC led gainers, closing the day 5.89 percent up in the U.K. France’s CAC 40 was 0.48 percent higher by the day’s close. Software solutions company, Dassault Systemes S.E., led gainers, closing at +4.68 percent.
China registered a positive day on the equities front as the Shanghai Composite closed the day up 2.49 percent. But other Asian markets continued to tread in the red territory a day after a selling spree in the U.S. markets. The Kospi index epitomized another somber day in Seoul, closing the day 1.10 percent in the red, while the Nikkei 225 index was in the same region, down 1.17 percent. The Hang Seng index was relatively flat as it closed the day’s proceeding 0.06 percent higher.
In Australia, the S&P/ASX 200 was down 0.78 percent. Earlier in the day, the country reported rising inflation. Australia’s YoY inflation was 5.1 percent in Q1 2022, up from 3.5 percent in the previous quarter.
African markets were essentially flat, albeit on the positive side. South African investors took a break from the market as the country celebrated its Freedom Day on April 27, 2022. The Zimbabwe Stock Exchange’s All Share index returned +2.17 percent, as both big and small caps returned positive returns on the day. The country’s top 10 index was up 2.05 percent, while the small caps returned 5.19 percent. The All Share Index was up 0.37 percent in Mauritius, to 2,053.96 points.
What’s moving the markets?
World economic pressures continue to weigh a heavy cloud on the markets. Rising inflation, supply chain fears, and geopolitical tensions are some of the factors that investors are keeping an eye on. Rising heating costs in western countries could be a medium-term problem if it persists until the next winter.
The U.S. earnings season is upon us, and the not-so-upbeat forecasts from popular stocks such as Facebook and PayPal are casting a gloomy picture on the markets. Facebook’s parent company, Meta Platforms Inc., reported the slowest sales growth in ten years, while PayPal had to cut its earnings outlook as the lukewarm economy continues to bite.