by Raymond Chatlani
On Monday, Asian stocks rose led by South Korea and Japan as the U.S. job market showed further signs of recovery, highlighting a brighter outlook for its economy. European stockmarkets rose as miners and energy shares gained as copper hit a new record high. US markets rose on good earnings reports and takeover deals.
On Tuesday, Asian stockmarkets closed mixed where Japan, Australia, Hong Kong and Malaysia rose while the rest fell as China hiked interest rates by a quarter percent. European markets rose modestly on carmakers profits as both BMW and Audi both reported a double-digit increase in sales. US stocks rose as investors ignored the Chinese interest rate hike.
On Wednesday, Asian stockmarkets fell on China's interest rate hike. European indices fell as many european blue chips traded ex-dividend. US markets fell as commodity and material stocks were sold.
On Thursday, Asian markets fell although China rose higher. European and US stockmarkets fell as companies reported corporate profits below expectations although US jobless claims fell to a 31 month low.
On Friday, Asian stockmarkets fell as investors shunned risk on concerns about the pace of policy tightening within the region and escalating tensions in Egypt. European markets were slightly positive. US stocks were flat after embattled President Hosni Mubarak refused to step down, raising concerns that protests could intensify, and then it was reported that Mubarak left Cairo.
Markets rose early in the week but are giving up those gains on President Mubarak refusal to step down. Investors are concerned that the intensifying protests in Egypt may spread to other regions within the Middle East. This should continue to affect the markets next week.
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