Asian stocks traded within tight ranges, as traders awaited US inflation data due this week for clues on the size of the Federal Reserve’s coming interest-rate cut. A key Asian equity index was steady, while shares in mainland China and South Korea declined. Tokyo and Sydney notched modest gains following a positive session in US equities that was fueled by renewed dip-buying. Benchmark Treasuries yields were little changed, while the dollar advanced to extend gains for a third session. The fluctuations in the market reflect investors’ caution as they look to balance US recession fears and the likelihood of a soft landing. Political uncertainties playing out in the backdrop will be on display when former President Donald Trump squares off in a debate with US Vice President Kamala Harris later Tuesday. In China, the CSI 300 Index is approaching its lowest close since January 2019 on deepening concerns about the country’s economic weakness, adding further pressure on policymakers to introduce additional support measures. Shares of some Chinese biotech companies such as Wuxi AppTec are down after the US House overcame a last-ditch lobbying effort and passed a bill that would blacklist some firms deemed foreign adversaries. Alibaba shares rose as much as 5.2% Hong Kong — the most since Aug. 16, with some 139.19 million shares traded — after joining the Stock Connect program that gives mainland investors easier access to investing in the Chinese tech giant. But a Bloomberg index tracking Chinese real estate stocks sank by as much as 5.3%, the biggest intraday decline since May, after some property companies were removed from the program. Some bonds sold by Chinese developers, including China Vanke Co., also fell as investors digest sluggish home sales data recently released. Meanwhile, China’s August exports in dollar terms rose 8.7% on-year, according to the Customs General Administration PRC. That beat estimates of 6.6%. Imports expanded just 0.5%, leaving a trade surplus of $91 billion for the month. Iron ore also will be closely watched on Tuesday, as it sank below $90 a ton in the previous session for the first time since 2022 before closing 1.1% higher. Industrial commodities are facing sustained pressure from tepid Chinese demand and gathering worries over global growth. On Wednesday, a US government report is expected to show the consumer price index rose 2.6% in August from a year earlier, according to the median forecast of economists surveyed by Bloomberg. That would be the smallest increase since 2021. There will be little new guidance from Fed officials, who are in the traditional blackout period ahead of the Sept. 17-18 meeting. Global equities were net sold for the eighth straight week led by North America, according to Goldman Sachs Group Inc.’s prime brokerage desk report for the week ended Sept. 6. The move is a continuation of a trend that, broadly speaking, started in May as funds began a big unwind of their positions in order to get more cash readily on hand for possible dislocations around the US presidential election. The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps.
Oil inched down after a one-day gain driven by the return of a risk-on tone to wider markets. Gold retreated after a small advance as traders look ahead to the US inflation data. Bitcoin fell below $57,000. US After Hours ORCL +9.4% adding significant gains following earnings; HPE -5.5% slides on convertible preferred stock offering; UAA -1.1% lower on update to FY25 restructuring plan.
Nikkei +0.32% Hang Seng +0.37% CSI -0.36% Shanghai -0.31% Shenzen -0.51%
Eur$ 1.1041 CNH 7.1229 CNY 7.1180 JPY 143.07 GBP 1.3076 CHF 0.8484 RUB 90.5500 TRY 34.0893 WTI$ 68.48 -0.33% Gold 2,504 -0.10% BTC 56,892 -0.24% ETH 2,343.70 +0.08%
S&P -0.16% Nasdaq -0.34% EuroStoxx +0.00% FTSE -0.43% Dax +0.09% SMI -0.18%
Macro :
- Citi Strategists Say Client Positioning Reflects ‘Bearish Tilt’
- *FED TO HALVE BIGGEST BANKS' CAPITAL HIKE IN LATEST BASEL PLAN
Keep an eye on :
Keep an eye on :
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- BA US : Boeing Delays Suppliers’ 737 Max Milestone by Six Months: Rtrs
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- HPE US : HP Enterprise Falls on Convertible Preferred Stock Offering,HPE Said to Offer 7.75%-8.25% Dividend for Mandatory Convertible
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- NHY NO : Norsk Hydro Buys Additional 20% of Vianode
- ORCL US : Oracle Gains After Profit Tops Estimates on Cloud Expansion
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- ROG SW : Roche Falls as Side Effects Data for Obesity Drug Raises Concern
- ROVI SM : Costco Cut to Neutral at Redburn; PT $890
- RWE GY : RWE Set to Benefit From Power Market Volatility, Citi Says
- SAP GY : Watch SAP and Software Stocks After Oracle Tops Estimates
- SMCP FP : SMCP Signs Distribution Partnerships in Philippines, Indonesia
- 2330 TT : TSMC’s August Revenue Climbs 33% as AI Chip Demand Holds Up
- IBSG SW : UBS Weighs Wealth Tie-Up to Compete in Cutthroat Indian Market
- UCG IM : UniCredit Addl Tier 1 Boosts Ratio ~35 BPs, Completes Funding
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