Stocks slipped on Friday, paring the week’s advance as a surge in China cooled and concern resurfaced that rising coronavirus cases will hurt the global economic recovery. Treasuries and the dollar rose.
Hong Kong bore the brunt of losses, falling more than 2%, as a spike in new infections left the government set to close schools. Shares in China were also lower as selling by state-backed funds signaled authorities wanted to slow of the pace of gains following the Shanghai Composite’s eight-day winning run. Japanese shares slipped along with those in South Korea. Contracts on the S&P 500 Index fell, while the yield on benchmark Treasuries dipped below 0.6%.
“Optimism is giving way to de-risking into the weekend,” said Stephen Innes, chief global market strategist at AxiCorp. “The more uncertainty grows around the economic recovery front, the more cause for investors wanting to book profits even if volatility is not picking up that much.”
US After Hours SLP +7.6% and PSMT +6.6% up on earnings; WDFC -4.2% weak on earnings; IDC report says traditional PC market grew 11.2% yr/yr in Q2
Nikkei -0.69% Hang Seng -2.03% CSI -1.31% Shanghai -1.37% Shenzen +0.26%
Eur$ 1.1270 CNH 7.0102 CNY 7.0075 JPY 106.90 GBP 1.2583 CHF 0.9420 RUB 71.0893 WTI$ 39.06 -1.41%
S&P -0.69% NAsdaq -0.49% EuroStoxx -0.37% FTSE -0.35% Dax -0.30% SMI -0.04%
Macro :
- China Drives First Inflows to EM Funds in 21 Weeks, Citi Says
- Dutch Banks Provided EU19b in Capital Relief to Companies: NVB
- China Rally Halted After State Funds Start Selling: Macro Squawk
- Citadel Securities Says Retail Is 25% of the Market During Peaks
Keep an eye on :
- ADP FP : ADP Starts Talks With Trade Unions to ‘Adjust’ Economic Model
- ATL IM : Benettons Open to Ceding Control of Autostrade in Cap Hike: Sole
- ATRLJB SS : Atrium Ljungberg First Half Rental Income SEK1.23 Bln, -4.1% Y/y
- BAYN GY : Bayer Accused of Underreporting Contraceptive Issues to FDA (1)
- 1COV GY : Covestro 2021 Estimates Still Too Ambitious, Baader Downgrades
- DVT FP : Devoteam Founders Backed by KKR Plan EU98/Shr Bid for Devoteam
- EDPR PL : EDP Renovaveis Says First-Half Electricity Production Falls 9%
- EMSN SW : EMS-Chemie First Half Ebit CHF229 Mln, -28% Y/y
- GFS LN : G4S Leads Bids to Run U.K. Prison for GBP300m Over 10 Years: BBC
- HUBN SW : Huber+Suhner Sees 1H Net Sales 16% Below Prior-Year Period
- INGA NA : ING to Close Quarter of Dutch Bank Branch Offices: Telegraaf
- ITP FP : Interparfums Sees ‘Measured Recovery’ in Sales in 2H
- MCHN SW : MCH Group to Propose CHF104.5m Capital Raise at Aug. 3 EGM
- NOVN SW : Novartis: Enerzair Breezhaler Didn’t Meet Key Secondary Endpoint
- QIA GY : Qiagen Prelim Second Quarter Adjusted EPS Beats Highest Estimate
- RHK GY : Tele Columbus to Replace Rhoen-Klinikum in Germany’s SDAX Index
- SOA FP : Sopra Steria to Buy 94% of Sodifrance, Plans Delisting Offer
- SPI LN : Spire Healthcare Profit Restrained, But Long-Term Value, MS Says
- TC1 GY : Tele Columbus to Replace Rhoen-Klinikum in Germany’s SDAX Index
- TIT IM : Italy Said to Be In Talks to Buy Stake in Telecom Italia Network
- VIV FP : Vivendi’s Canal+ Condemned to Pay Fine for Forced Sales
- VOW3 GY : VW South Africa Head in Line to Be Skoda CEO: Automobilwoche
- WDI GY : Police Search Wirecard’s Dublin Office: FT
- WDI GY : Wirecard Bank Said Courted by 17 Parties Beyond Deutsche Bank