Equity markets in Asia edged lower Thursday following a tech-led sell-off on Wall Street as investors await US monthly inflation data that will help shape the outlook for the Federal Reserve’s next steps. Shares in South Korea, mainland China and Hong Kong declined, with the Hang Seng technology index falling 1.5% in the morning session. Hong Kong-listed Techtronic Industries Co Ltd tumbled by almost a fifth after the company reported a slump in net income. A region-wide gauge of equities headed for its fourth consecutive daily drop. Japanese and Australian shares posted modest gains after initial declines. US equity futures also advanced, retracing declines on underlying benchmarks on Wednesday. The S&P 500 fell 0.7%, while the Nasdaq 100 dropped 1.1%, weighed down by a 4.7% drop for Nvidia Corp., as investors rethink the artificial-intelligence frenzy that has helped propel tech shares higher this year. Long-dated Treasury yields edged slightly higer in Asia after falling in the previous session as investors showed fresh demand for 10-year paper. On Wednesday, a $38-billion auction for 10-year Treasuries was awarded at 3.999%, the third straight new issue to pay a fixed rate of less than 4%. The two-year yield, which is more sensitive to interest rates, rose six basis points. Australian and New Zealand bond yields traded higher. In China, US restrictions on Chinese investments are expected to be narrower than some had feared, as President Joe Biden imposed limits that would regulate US investments in some Chinese semiconductor, quantum computing and artificial intelligence firms. Alibaba Group Holding Ltd will deliver corporate results, while investors are also focused on Country Garden Holdings Co. after the Chinese developer missed a do. US consumer price index data for July is due later Thursday. Economists anticipate a slight increase in the headline figure, in part linked to higher oil prices, while core inflation is expected to fall, extending a downward trend that Bloomberg Economics believes will support a rate pause when the Fed next meets in September. Most currencies in a group of G-10 counterparts strengthened against the greenback, led by the New Zealand and Australian dollars. The offshore yuan gained for a second day while the yen weakened.
Investors were also focused on rising energy prices. Oil traded flat after two days of gains greater than 1% that pushed crude to a nine-month high. Attention was also fixed on surging European natural gas prices after a 28% rise Wednesday that was attributed to the possibility worker strikes in Australia could reduce supply. Citigroup Inc. analysts predict this could cause European gas and Asian LNG contracts for January to double. The price of rice also surged to the highest level in almost 15 years, as dry weather threatens Thailand’s crop. gold edged higher after falling to its lowest level in a month with the precious metal trading at around $1,917 per ounce. US After Hours DIS +2.9%, APP +23.2%, SONO +10.2%, ALRM +9.8%, WYNN +1.7% higher on earnings; STKL -20.9%, MGNI -15.2%, ILMN -6.1%, TTD -3.9% lower on earnings; KVUE +1.7% to join S&P 500.
Nikkei +0.78% Hang Seng -0.60% CSI +0.01% Shanghai +0.15% Shenzen -0.02%
Eur$ 1.0984 CNH 7.2244 CNY 7.2119 JPY 144 GBP 1.2724 CHF 0.8767 RUB 96.8528 TRY 27.0353 WTI$ 84.562 Gold 1,918 BTC 29,535 +0.18% ETH 1,850.84 -0.04%
S&P +0.38% Nasdaq +0.41% EuroStoxx +0.69% FTSE +0.42% Dax +0.61% SMI +0.33%
Macro :
- Luxury and Travel Stocks May Gain as China Boosts Group Tours
Keep an eye on :
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- ALV GY : Allianz Profit Jumps as Insurance Outshines Asset Management
- ALO FP : Connecticut in $315M Pact With Alstom for 60 Rail Cars
- POST AV : Austrian Post 2Q Ebit Beats Est., Confirms 2023 Targets (1)
- CEC GY : Ceconomy 3Q Sales Misses Estimates
- COP GY : CompuGroup 2Q Adjusted Ebitda Meets Estimates
- CRBN NA : Corbion 1H Adjusted Ebitda Meets Estimates
- CTPNV NA : CTP 1H Adj. EPRA EPS EU0.36 Vs. EU0.30 Y/y
- PBB GY : Deutsche PBB Plans Job Cuts; FY Earnings Outlook Affirmed
- DTE GY : Deutsche Telekom Raises Profit Outlook With Growth Outside of US
- DMRE GY : DEMIRE Sees Investment Properties Fair Value to Fall 5.5% to 6%
- DEZ GY : Deutz 2Q Adjusted Ebit EU30.4M Vs. EU26.8M Y/y
- EUZ GY : Eckert & Ziegler 1H EPS EU0.52
- EVK GY : Evonik 2Q Adjusted Net Income Misses Estimates
- FLTR LN : DraftKings, Flutter Drop on Penn-ESPN Competition Concerns (2)
- FFARM NA : ForFarmers 1H Revenue EU1.61B Vs. EU1.60B Y/y
- GAM SW : NewGame, Bruellan Group Withdraws All GAM EGM Proposals
- G1A GY : GEA Group 2Q Adjusted Ebitda Beats Estimates
- GFT GY : GFT Cuts FY Revenue Forecast
- GLJ GY : Grenke 2Q Net Income Beats Estimates
- HLAG GY : Hapag-Lloyd 1H Revenue EU10.04B Vs. EU16.97B Y/y
- HEN3 GY : Henkel Boosts FY Adjusted Ebit Margin Forecast
- HFG GY : HelloFresh 2Q Adjusted Ebitda Beats Estimates
- HEX NO : Hexagon Composites’ Agility Gets $54M Order for Mobile Pipeline
- INS GY : Instone Real Estate 1H Adjusted Ebit EU43.3M
- ISS DC : ISS Boosts FY Organic Revenue Forecast
- ISS DC : ISS Intends to Divest Most of Its French Business
- JUN3 GY : Jungheinrich 2Q Ebit Misses Estimates
- SDF GY : K+S 2Q Revenue Misses Estimates
- KBC BB : KBC Sees FY Net Interest Income EU5.6B, Saw About EU5.7B,*KBC LAUNCHES EU1.3B SHARE BUYBACK
- KBX GY : Knorr-Bremse Boosts FY Revenue Forecast
- 973 HK : L’Occitane Listing Would Boost Europe as Consumer Hub: ECM Watch
- LEG GY : LEG Immobilien 1H FFO I EU226M Vs. EU241.4M Y/y
- MC FP : Luxury and Travel Stocks May Gain as China Boosts Group Tours
- METN SW : Metall Zug 1H Ebit CHF7.6M Vs. CHF23.5M Y/y
- MLP GY : MLP 2Q Ebit EU5M Vs. EU9.5M Y/y
- MUV2 GY : Munich Re 2Q Profit EU1.15B Vs. EU1.59B Y/y
- MUSTI FH : Musti Group 3Q Operating Profit Beats Estimates
- NOVOB DC : Novo Says Lower-Strength Wegovy Doses Remain Restricted in US
- RABO NA : Rabobank 1H Profit €2.53B Vs. €1.28B Y/y
- RHM GY : Rheinmetall 2Q Op. Profit Misses Estimates; FY View Confirmed
- RYA ID : Ryanair Says New Italy Decree on Airfares ‘Illegal’ (Correct)
- RWE GY : RWE 1H Adjusted Ebitda EU4.54B Vs. EU2.12B Y/y
- SBMO NA : SBM Offshore 1H Adjusted Ebitda Misses Estimates
- SBBB SS : SBB Publishes Clarification Regarding 2Q 2023 Report After Error
- SIE GY : *SIEMENS 3Q INDUSTRIAL BUSINESS PROFIT EU2.75B, EST. EU2.93B
- ENR GY : Siemens Profit Weighed Down by China Decline, Wind-Turbine Loss
- SIGN SW : SIG Names Ann-Kristin Erkens as CFO
- S92 GY : SMA Solar 1H Ebitda EU125.3M Vs. EU15.9M Y/y
- SPM IM : Saipem Gets Contract in Libya Worth About $1B
- TRN IM : Terna Names Francesco Beccali as CFO
- TRN IM : Terna Names Francesco Beccali as CFO
- TKA GY : Thyssenkrupp Raises FY Adj. Ebit Outlook
- VSAT US : Viasat 1Q Adjusted EPS Beats Estimates
- VTSC GY : Vitesco 2Q Adjusted Ebit Beats Estimates
- WIE AV : Wienerberger 2Q Revenue Meets Est.; Cost Steps Balance Slump (1)
- ZURN SW : Zurich Ins. 1H P&C Gross Written Premiums $24.56B