Most Asian stocks dropped along with US equity futures Monday and the dollar jumped as the risk of more Covid curbs in China exacerbated overarching worries about the global economic outlook. An Asian equity gauge shed about 1% amid declines in Hong Kong and China. Japan was a bright spot, buoyed by the prospect of administrative stability after the ruling coalition expanded its majority in an upper house election. A dollar gauge was back around the highest level since 2020. The yen was the weakest Group-of-10 performer, possibly because investors viewed the poll result as an endorsement of Japan’s super-easy monetary policy. Shanghai reported its first case of the highly infectious BA.5 omicron sub-variant Sunday and warned of “very high” risks, stoking fears of more lockdowns given China remains wedded to stamping out the pathogen. Casino shares sapped Hong Kong after Macau announced the closure of almost all businesses for a week from Monday due to a virus outbreak. Commodity-linked currencies were under pressure and oil suffered losses. Treasuries were steady, leaving the US 10-year yield at 3.08%. Inversions along the yield curve are potential signs of economic retrenchment ahead. Price pressures, a wave of monetary tightening and a slowing global economy continue to shadow markets. A US inflation reading later this week is expected to get closer to 9%, a fresh four-decade high, buttressing the Federal Reserve’s case for a jumbo July interest-rate hike. Company earnings, meanwhile, will shed light on recession fears that contributed to an $18 trillion first-half wipeout in global equities.
the pound fell as the race to replace Boris Johnson as UK premier heats up. Over in Europe, the main conduit for Russian gas down for 10-day maintenance on Monday. Germany and its allies are bracing for President Vladimir Putin to use the opportunity to cut off flows for good in retaliation for the West’s support of Ukraine following Russia’s invasion. Bitcoin caught a downdraft from the cautious start to the week in wider markets, falling as much as 2.5% but holding above $20,000.
Nikkei +1.02% Hang Seng -2.85% CSI -2% Shanghai -1.52% Shenzen -1.88%
Eur$ 1.0149 CNH 6.7067 CNY 6.7089 JPY 137.05 GBP 1.1984 CHF 0.9783 RUB 61.13 TRY 17.2698 WTI$ 104 -0.75% Gold 1,742.35 +0.00% BTC 20,615 -1.70% ETH 1,152.31 -2.10%
S&P -0.69% Nasdaq -0.97% EuroStoxx -1.49% FTSE -0.95% Dax -1.33% SMI -0.78%
Macro :
- China’s Bumper Data Week Will Set Tone for Economic Stimulus
- Everything Bear Market is Fueling ETF Takeover of Wall Street
- Putin Is Set to Halt Gas and Germany Fears It’s Not Coming Back
- France Mulls Extending Energy Aid on Targeted Basis, Borne Says
- French Minister Says Russian Gas Cutoff Most Likely Scenario
- Greek Tourism Boom Means Growth May Top 3.2%, Stournaras Says
Keep an eye on :
- AKRBP NO : Aker BP Makes Gas Discovery Near Skarv Field in Norwegian Sea
- ALV GY : Allianz Outlook to Positive by Moody’s
- AGL IM : Switzerland’s Dufry to Buy Autogrill: M&A Snapshot
- CPINV BB : Care Property Buys Care Residence in Dorst for About EU22m
- DANSKE DC : Danske Bank Revises 2022 Net Profit Out-Look Downwards
- DANSKE DC : Danske Bank Cuts Outlook as Higher Rates Hit Market-Making Unit
- DUFN SW : Dufry to Buy Benettons’ Autogrill, Forming $6 Billion Group
- EDF FP : UK Nuclear Watchdog Boosts Monitoring Of French Utility EDF Amid
- ZIL2 GY : ElringKlinger Prelim 2Q Ebit Loss EU97.0M
- FCT IM : Fincantieri Gets Ultra-Luxury Cruise Ship Order Worth ~EU1.2b
- FORTUM FH : Finland Sees No Possibility for More Uniper Financing Via Fortum
- KINVB SS : Kinnevik: Earnings Day Ahead
- MC FP : Rare Scotch Whisky Cask Sells for Record £16 Million, FT Says
- MGNX US : MacroGenics Announces Closure of CP-MGA271-06 Study Evaluating Enoblituzumab plus Checkpoint Inhibition in Head and Neck Cancer
- KN FP : Natixis to Hire London Bankers in Plan to Build UK Client Base
- NDX1 GY : Nordex Seeks EU212 Million in Share Sale to Shore Up Finances
- STM FP : STMicro, GlobalFoundries Sign Deal for French Chipmaking Plant
- TSLA US : Tesla Shares Edge Higher After Musk Walks Away From Twitter Deal
- TWTR US : Twitter Assembles Legal Team to Sue Musk Over Dropped Takeover
- UNO1 GY : Germans Face ‘Enormous Wave’ of Energy Price Hikes, Uniper Says
- UN01 GY : Finland Sees No Possibility for More Uniper Financing Via Fortum
- VAR NO : Var Energi Still Sees FY Production 230,000 to 245,000 BOE/D
- VOW GY : Volkswagen Software Problems Delay New Models: Automobilwoche
- WIHL SS : Wihlborgs 2Q Rental Income Meets Estimates