The S&P 500 index delivered its best one-day gain since May 2020 and completed the week with a rise of 6.5% after a consumer sentiment survey showed a slight moderation in inflation expectations.

Carnival Cruise reported its best quarterly bookings. FedEx quarterly results were mixed but held out for a stronger annual outlook. ZenDesk agreed to go private. LendingTree lowered its quarterly revenues outlook.

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The S&P 500 and the Nasdaq Composite indexes extended weekly gains after a tumultuous month of trading. The consumer sentiment level dropped to the lowest level on record but also showed moderate inflation expectations for the year.

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European markets extended gains after investors looked beyond elevated inflation and recession. Spain's economic growth in the first quarter slowed. UK retail sales eased after food prices surged.

Asian stock markets advanced on weaker commodities prices and earnings optimism for the current quarter. Consumer inflation in Japan stayed at 7-year high. Tech stocks in China and Korea led the gainers.



U.S. stocks accelerated gains in the final hour of trading after bond yields fell. Stocks advanced after the Fed Chairman talked tough on inflation and Fed officials called for aggressive rate increases. European markets fell more than 1% after a sharp decline in business activities.

Accenture reported strong revenues and earnings growth in the latest quarter and raised sales outlook for the fiscal year and narrowed earnings estimates.

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Darden Restaurants blended same store sales rose 11.7%. HB Fuller anticipates raw materials cost to rise 20% in the current year. Steelcase narrowed quarterly loss. Berkshire Hathaway lifted its stake in Occidental Petroleum to 16.3%. Worthington Industries quarterly sales soar 50%.

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Energy companies in Europe declined for the second day in a row. Siemens Energy and Air Liquid announced a venture to work on a green hydrogen project. Gamesa won a wind turbine order from the offshore project located off the coast of Scotland.

U.S. stocks advanced as investors set asides the recession and elevated inflation worries but European markets struggled after growth worries resurfaced in the region. The yield on U.S. Treasury yields edged lower but mortgage rates increased to 5.81%..

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European markets declined after growth worries in the region resurfaced. The manufacturing output contracted for the first time in two years and service sector growth slowed in June. Energy prices eased for the second day in a row.

Asian Markets Advance On Oil Weakness

Jun 23, 2022
Arjun Pandit
Markets across Asia advanced and indexes in China led the gainers in the region. Chinese authorities are likely to extend tax suspension on electric vehicles. Resource stocks led the decliners in Japan and the Nikkei closed up marginally.

KB Home sales in the latest quarter rose 19% and higher home prices exceeding the increase in construction costs lifted operating margins.

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Stocks ended lower after a day of volatile trading and the Fed Chairman reiterated the central bank's commitment in fighting inflation to Congress. Crude oil edged lower after president Biden's administration proposed to suspend federal fuel tax for three months.

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BASF said the second-half outlook is likely to be challenging. Clariant AG plans to review its business portfolio. Credit Agricole plans to ramp up its retail account acquisition. Carlsberg CFO decides to move on.



European markets declined after the UK inflation accelerated in May on rising food and energy prices. Crude oil declined 6% in London trading. BASF fell on a weak outlook. Frasers increased Hugo Boss stake. Clariant to review its business portfolio.