Early Morning Call - March 29, 2023

Описание: US stocks ended Tuesday’s session lower, led by a nearly 0.45% decline in the Nasdaq as higher Treasury yields hit technology-related shares. Overnight, indices recorded gains. Hong Kong’s Hang Seng led gains, boosted by Alibaba’s performance. Alibaba shares soared as much at 16% after the company announced a major restructuring plan.

Micron shares were very volatile in extended trading after the group published its second quarter earnings and forecast for the current quarter. The chipmaker posted a loss of $1.91 per share, much wider that the 66 cents loss anticipated by the market. Revenue also fell short of expectations at $3.69Bln, but its CEO said he was confident about the long-term. He expects memory chip industry to hit a record in terms of market size in 2025, helped by the expansion of AI, which is boosting demand for data centres.

Oil prices continue to climb on Wednesday, rising for a third straight session after the latest API data showed big declines in stocks. This data adds to the recent news that lifted the prices by nearly $5 since the start of this week. A dispute involving Kurdish authorities halted around 400,000 barrels a day of oil exports from a port in Turkey.

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