Stocks fell in Asia Friday but came off session lows as investors assessed China’s outlook and girded for the latest US inflation data. An Asian equity index shed less than 1%, sapped by Japan. European futures retreated and US contracts edged up after the S&P 500 lost 2.4% on Thursday. Chinese technology shares including Alibaba Group Holding Ltd. reversed an early-session swoon. Investors are weighing up speculation about whether the initial public offering of Jack Ma’s Ant Group Co. could be revived as Beijing loosens a regulatory crackdown on internet companies.
Mainland bourses rose after the latest Chinese data showed some moderation in price pressures, potentially boosting scope for monetary easing. Short-dated US Treasury yields hovered near 2022 highs following a euro-area bond-market selloff after the European Central Bank opened the door to a half-point interest-rate hike in the fall.
A dollar gauge slipped from a three-week high. The dollar-yen pair was steady but still in sight of the 2002 peak of 135.15 per dollar. The US inflation print on Friday is the next test for markets. The figures will provide clues about how aggressively the Federal Reserve must raise rates. The data are expected to show annual consumer-price gains of more than 8%. In commodities, oil edged lower in part on concerns about demand as Shanghai prepares to lock down seven districts this weekend to conduct Covid testing. Chinese President Xi Jinping called on his government to adhere “unwaveringly” to its Covid Zero policy, while at the same time striking a balance with the needs of the economy. US After Hours DOCU -24.1% falls sharply on earnings, billings guidance; CMTL -14.8%, SFIX -14.8% also lower on earnings; ILMN -6.6% falls on CFO departure
Nikkei -1.36% Hang Seng +0.10% CSI +1.00% Shanghai +0.99% Shenzen +1.67%
Eur$ 1.0631 CNH 6.6972 CNY 6.6910 JPY 134.05 GBP 1.2497 CHF 0.9792 RUB 57.8063 TRY 17.2301 WTI$ 120.78 -0.60% Gold 1,845.43 -0.14% BTC 30,050 -0.37% ETH 1,787.86 -0.31%
S&P +0.14% Nasdaq +0.34% EuroStoxx -0.81% FTSE -0.79% Dax -0.74% SMI-0.77%
Macro :
- Einhorn Declares at Sohn ‘We Have an Inflation Problem’
- Druckenmiller Warns ‘Bear Market Has a Ways to Run’ as Fed Hikes
- Yellen Says Crypto Is ‘Very Risky’ Option for Retirement Savers
- Germany’s IG Metall Union Demands 7% Wage Increase: Sueddeutsche
- El-Erian Warns Inflation Has Yet to Peak as Energy Prices Rise
- Ukraine Likely to Win Initial EU Backing for Path to Membership
- European Car-Sales Growth Only Due in 2H on Easier Comparisons
Keep an eye on :
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- ASR IM : AS Roma Bid Document Approved by Italy’s Consob
- ATO FP : Atos Shares Slump on Report of Disagreement on Strategic Options
- BAYN GY : Bayer Defeats Cancer Victim’s Claims in Missouri Roundup Trial
- BELU BB : Chainius Solutions Plans EU3.40/Share Offer for Belgium’s Beluga
- BIO GY : Biotest Achieves Milestone in Phase III Fibrinogen Trial
- CARM FP : *CARMILA JOINS SBF 120 & CAC MID 60
- DBV FP : DBV Tech ADRs Jump by Most on Record With High Volume
- FGR FP : Eiffage Consortium Wins Contract for Senegal Desalination Plant
- ERICB SS : Ericsson’s Corruption Scandal in Iraq Sparks US Probe by SEC
- EURN BB : Frontline Buys 3.82% Of Euronav Stock Issuing 10.8M New Shares
- RACE IM : Ferrari Plots Expansion of Italian Factory for Electric Vehicles
- GMAB DC : Genmab Starts New Arbitration Under License Pact With Janssen
- GVOLT PL : Greenvolt to Raise EU100m in Offering of Shares at EU5.62 Each
- MNTC SS : Mentice Offering of 800,000 Shares Prices at SEK75/Share3 Govt
- OX2 SS : OX2 Holder Altor Equity Partners Offers 10m Shares
- IPS FP : Ipsos Names Dan Levy as Group CFO
- REP SM : Repsol Sells 25% of Renewables Unit for $965 Million
- RET BB : Retail Estates Offering of 859,375 Shares Prices at EU64/Share
- SGO FP : Saint-Gobain Invests About C$90M in Plasterboard Plant in Canada
- SAN SM : *SANTANDER IN TALKS WITH ECB OVER CEO APPOINTMENT: CONFIDENCIAL
- SHOT SS : Scandic Prelim 2Q Adjusted Ebitda SEK1.00B to SEK1.10B
- TKWY NA : Apollo Said to Be Among Possible Suitors for Just Eat’s Grubhub
- OR FP : L’Oreal China CEO Says Consumer Sentiment Improves in Shanghai
- ROG SW : Roche Presents Positive Data From Blood Cancer Portfolio at EHA
- SAS SS : SAS Could Lose $8-9 Million a Day From Pilot Strike: Sydbank
- SCYR SM : Sacyr, Acciona Energia to Join Spain’s IBEX 35 Benchmark
- SHEL LN : Workers Say to Begin Strike at Shell’s Prelude LNG Facility
- URW NA : Simon Property Sees Growth in Retail Brands Amid Outlet Focus
- VAR1 GY : Varta Says No Decision Made On Battery Plant in Romania
- VOW GY : Volkswagen Plans to Sell First Electric Car in India in 2023