X

This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.



Nearly there! Create a password to finish up registering with us:


Please enter your password or get a login link if you’ve forgotten


Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Stocks in Asia, US futures rise as oil snaps Slide: mar...

Business Maverick

Business Maverick

Stocks in Asia, US futures rise as oil snaps Slide: markets wrap

A pedestrian crosses a road in front of an electronic stock board outside a securities firm in Tokyo, Japan. (Photo: Kiyoshi Ota/Bloomberg)
By Bloomberg
05 Aug 2022 0

Stocks in Asia climbed along with US equity futures on Friday, helped by gains in technology shares and as investors took some comfort from corporate earnings.

MSCI’s Asia-Pacific equity index added about 0.5%, with Japan, China and Hong Kong in the green. S&P 500, Nasdaq 100 and European contracts made modest gains after the S&P 500 ended little changed. The dollar edged up.

Treasuries were steady, leaving the 10-year yield at about 2.68%. The inversion between two-year and 10-year yields remained around the deepest since 2000, indicating worries about a recession amid tightening monetary policy.

Cleveland Federal Reserve Bank president Loretta Mester on Thursday reiterated the US central bank’s determination to quell price pressures. The Bank of England earlier unleashed its biggest interest-rate hike in 27 years and warned of a prolonged economic contraction.

Tighter policy is fanning economic angst and sapping assets like oil, which snapped a slide but remained below $90 at levels last seen before Russia’s war in Ukraine.

A global equity index is set for a third weekly advance in a recovery from bear-market lows, helped by resilient company profits in the US. The durability of the bounce remains in doubt because of central bank rate rises to tackle punishing inflation.

“It’s a little too early to say the risk is off the table,” Carol Schleif, deputy chief investment officer at BMO Family Office, said on Bloomberg Television. “Significant slowing” is starting to come in parts of the US economy, she said.

US payrolls on Friday are the next key data point for markets. Hiring likely softened in July but the labour market remains consistent with an expanding rather than recessionary economy and the Fed will press on with rate hikes, according to Anna Wong, chief US economist for Bloomberg Economics.

Investors are also continuing to monitor the aftermath of US House Speaker Nancy Pelosi’s visit to Taiwan. China, which regards the self-ruled island as part of its territory, reportedly fired missiles over Taiwan during military drills on Thursday. If confirmed, that would mark a major escalation. BM


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted