Stocks rallied across Asia after China stepped up support for its struggling property sector, heightening speculation that more aid is on the way. The yuan strengthened while the dollar dropped. A gauge of regional equities advanced more than 1%, halting a four-day decline, with the biggest gains in Hong Kong and Taiwan. Investors welcomed news that two Chinese regulators stepped up pressure on financial institutions to ease terms for property companies by encouraging negotiations to extend outstanding loans. Benchmark indexes also gained in Japan, South Korea and Australia. Asian chip stocks rose after Taiwan Semiconductor Manufacturing Co. reported better-than-expected sales and their US peers climbed Monday, further buoying sentiment. US stock futures were little changed after the S&P 500 Index edged up 0.2% Monday. The dollar weakened against all of its Group-of-10 peers, extending losses made Monday when Treasury yields declined. Government bonds gained in Australia and New Zealand. The yen advanced beyond 141 per dollar to its strongest level in more than three weeks. Investors in Asia continue to expect more concrete steps from Beijing to bolster the nation’s tepid recovery. China’s stuttering economy is already having a wide-ranging impact on markets, with the chairman of mining giant Rio Tinto Group this week warning of knock-on effects to demand for industrial metals. The offshore yuan extended gains into a fourth day as state-run financial newspapers in China ran reports Tuesday flagging the likely adoption of more property support policies, along with measures to boost business confidence. China’s economic troubles come as many other countries contend with a different issue — stubbornly high inflation and rising interest rates. In Monday’s session on Wall Street, traders sifted through remarks from a slew of Federal Reserve speakers while awaiting Wednesday’s consumer price index data that will help determine the path for rate hikes. China’s economic troubles come as many other countries contend with a different issue — stubbornly high inflation and rising interest rates. In Monday’s session on Wall Street, traders sifted through remarks from a slew of Federal Reserve speakers while awaiting Wednesday’s consumer price index data that will help determine the path for rate hikes. US After Hours WDFC +4.7% up on solid MayQ results; VRDN -18.4% lower on trial data; PSMT -3.8% edging lower following earnings.
Nikkei -0,05% Hang Seng +1,53% CSI +0,63% Shanghai +0,48% Shenzen +0,55%
Eur$ 1,1016 CNH 7,2074 CNY 7,2055 JPY 140,70 GBP 1,2879 CHF 0,8844 RUB 90,9425 TRY 26,0900 WTI$ 73,46 Gold 1928,70 BTC 30,477 ETH 1,879
S&P +0,08% Nasdaq +0,08% EuroStoxx +0,30% FTSE -0,08% Dax +0,39% SMI
Macro :
- Citi’s Montagu Says Investors Cut Leverage to US Stocks Slightly
- Rally in Bitcoin Mining Stocks Sets Shorts Up for Squeeze
- Chinese Miner in Talks to Tap Argentina Lithium for EV Batteries
- US May Consumer Credit Rose $7.2b; Est. Up $20b
- London Bank Bonuses Plunged Across Board in 2022’s Deal Drought
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- NOD NO : Nordic Semiconductor 2Q Ebitda Beats Estimates
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- PEUG FP : Peugeot Invest Owns 14.4% of LISI After Capital Reorganization
- RNO FP : Renault, China’s Geely Move Forward With Powertrain Tie-Up
- SENS SW : Sensirion Cuts FY Revenue Forecast, Misses Estimates
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