Asian shares retreated as traders await key US inflation data for clues on whether the Federal Reserve will cut or hold interest rates next week. The dollar steadied after a three-day gain. Stocks in Hong Kong and mainland China fluctuated as an annual economic meeting begins in Beijing on Wednesday, while those in Taiwan and Australia dropped. South Korean equities rose for a second session, continuing a recovery after last week’s short-lived martial law event that thrust the country into political turmoil. A Bloomberg index of dollar strength was steady in the runup to American consumer price index data. S&P 500 contracts were little changed on Wednesday. Wednesday’s CPI will offer Fed officials another look at inflation ahead of their next meeting. Swap trading projects about an 85% chance of a quarter-point rate reduction this month. Meanwhile, China’s two-day Central Economic Work Conference is expected to map out policies for next year, with traders emboldened by stimulus signals from top leaders. China may raise its budget deficit to the highest in three decades and make the deepest interest-rate cuts since 2015, according to economists. At least seven Chinese brokerages forecast that next year’s fiscal deficit target could reach 4% of gross domestic product, the widest since a major tax reform in 1994. Beijing has historically kept its budget deficit ratio at or below 3%. Chinese and Hong Kong shares were positive through much of the Asian morning, then erased gains. With little follow-through from China’s politburo announcements, “it may be a case of once bitten, twice shy for investors, who are becoming more skeptical and less willing to buy into stimulus, given the lack of follow through with past policy promises,” said Kyle Rodda, a senior market analyst at Capital.com. Treasury 10-year yields rose slightly. In Japan, the yen strengthened slightly after inflation in corporate goods prices accelerated to the fastest pace in 16 months, an outcome that points to growing inflationary pressure in the economy and supports the central bank’s further normalization of policy. Yet, the local currency remained weak as traders dialed back their bets on a December rate hike. Overnight indexed swaps priced in about a 20% chance of a December rate increase, tumbling from 60% at the beginning of last week. Meanwhile, the bid by Nippon Steel Corp. to buy United States Steel Corp. looks to be entering its endgame, with President Joe Biden to formally block the $14.1 billion sale on national security grounds once the deal is referred back to him later this month, people familiar with the matter said. Chinese President Xi Jinping opened a probe into Nvidia Corp. and banned the export of several rare materials with military applications, getting a head start on a looming trade war with the US. Beijing has also limited sales to the US and Europe of key components used to build drones. Oil gained ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market. Gold fell for the first time in four days. US After Hours GM +3.2% to no longer fund Cruise's robotaxi development work; SFIX +20.4%, GME +2% higher on earnings; PLAY -9.8%, GEV -2.8% lower on earnings/guidance.
Nikkei -0.17% Hang Seng -0.64% CSI -0.45% Shanghai -0.07% Shenzen +0.15%
Eur$ 1.0527 CNH 7.2548 CNY 7.2497 JPY 151.73 GBP 1.2767 CHF 0.8835 RUB 103.1118 TRY 34.8633 WTI$ 69.06 +0.70% Gold 2,689 BTC 97,546 +0.66% ETH 3,661 +0.56%
S&P +0.07% Nasdaq +0.10% EuroStoxx -0.20% FTSE -0.42% Dax -0.24% SMI
Macro :
- China to Restrict Visas to US Officials for Threatening HK Curbs
- Watch French Stocks as Macron Plans to Name New PM Within Days
- *ITALY MAY SEEK ADDITIONAL EU400M FROM BANKS, INSURERS: CORRIERE
Keep an eye on :
Keep an eye on :
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