Asian shares declined after China’s debt swap program looked insufficient to some investors and data showed persistent deflationary pressures in the world’s No. 2 economy. A gauge of the region’s equities dropped as much as 1.3%, led by heavyweights including Tencent Holdings and Meituan. China’s CSI 300 benchmark fell as much as 1.4%, before erasing those losses to trade slightly higher. An index of Chinese companies listed in Hong Kong shed 1.6%. The broad weakness reflects lingering concerns about the prospect of the world’s No. 2 economy, after Beijing unveiled a 10 trillion yuan ($1.4 trillion) program to defuse local governments’ debt risk but stopped short of unleashing new fiscal stimulus. In addition to anemic inflation, sentiment toward China is also faltering as foreign direct investment continues to slump. Investors had hoped for more potent stimulus measures that would directly boost demand from a key Chinese legislature meeting last week, especially after Donald Trump’s presidential victory injected fresh uncertainty over tariffs. To many economists, Beijing’s stance signals an intention to preserve room to better respond to a potential trade war when Trump takes office next year. UBS lowered its 2025 growth forecast for China following Trump’s election, expecting an “around 4%” expansion for 2025, and a “considerably lower” pace in 2026. Oil fell for a second day as a soft outlook for top importer China continued to plague the market, while iron ore declined toward $100 a ton. Elsewhere, Taiwan Semiconductor Manufacturing Co. slipped after a Reuters’ report saying the US told the firm to halt shipments of some advanced chips often used in AI applications to Chinese customers. Bitcoin surged past $81,000 for the first time, driven by the incoming president’s support for digital assets and the election of pro-crypto lawmakers. A bevy of smaller cryptocurrencies have also rallied. The dollar was broadly steady. The yen fell 0.6% against the greenback, ahead of the Japanese parliament’s vote later Monday that’s likely to keep Prime Minister Shigeru Ishiba in the job despite a national election setback. Meanwhile, Bank of Japan board members discussed the need for caution on raising its benchmark rate and offered no clear hint of a move next month, a summary of opinions from its October policy meeting showed. Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend the central bank could ease rates less than previously expected amid a strong US economy. Kashkari emphasized, however, that it’s too early to determine the impact of Trump’s policies. This week, traders will be parsing data from Australian jobs to Chinese retail sales and industrial production, inflation from the US and the Eurozone as well as growth readings in the UK and Japan. A swath of Federal Reserve officials are scheduled to speak which may help indicate the central bank’s thinking following the election result.
Nikkei +0.08% Hang Seng -1.43% CSI +0.51% Shanghai +0.34% Shenzen +1.66%
Eur$ 1.0714 CNH 7.2023 CNY 7.1862 JPY 153.53 GBP 1.2914 CHF 0.8767 RUB 97.6000 TRY 34.3844 WTI$ 70.05 -0.47% Gold 2,670 -0.57% BTC 80,900 +1.22% ETH 3,140 -1%
S&P +0.21% Nasdaq +0.28% EuroStoxx +0.52% FTSE +0.42% Dax +0.53% SMI +0.46%
Macro :
- Dogecoin Tops Bitcoin as Trump Spurs Burst of Crypto Speculation
- ECB’s Centeno Warns Against Politics Blocking M&A: Repubblica
- Bitcoin on Cusp of $80,000 for First Time on Optimism Over Trump
- China Price Growth Stays Near Zero as Deflation Persists
- Lina Khan Replacement to Be Vetted by This Oxford-trained Lawyer
- BlackRock’s Bitcoin ETF Surpasses Gold Fund: Financials Wrap
- Trump Eyes Doug Burgum as New ‘Energy Tsar’: FT
- Trump Eyes Doug Burgum as New ‘Energy Tsar’: FT
- EU’s Von der Leyen Suggests US LNG Could Replace Russian Supply
- Rokos Makes Almost $1 Billion in a Day on Rally After Trump Win
- Crypto Pins Hopes on Reshaped SEC for Deal Revival Under Trump
- WTO Chief’s Bid for Second Term Sets Up Clash With Trump
- Carry Makes a Comeback, Pushing Pay in Private Equity Higher
Keep an eye on :
Keep an eye on :
- AD NA : Ahold Delhaize Detected Cybersecurity Issue Within US Network
- ALC SW : Alcon AG to Report Results; Shares Up 18.5% YTD: Preview
- ALKB DC : ALK-Abello Pays $145m for Adrenaline Nasal Spray License
- ALM SM : Almirall 9M Normalized Net Income EU9.9M Vs. EU14.9M Y/y
- ANIM IM : Anima Nominates Goldman Sachs as Adviser After Banco BPM Offer
- ASML NA : ASML Was Hit by Global IT Outage on Friday, Spokesperson Says
- ASML NA : ASML Was Hit by Global IT Outage on Friday, Spokesperson Says
- ASML NA : ASML, Tokyo Electron Queried by US Lawmakers on Sales to China
- ATO FP : Atos Says Bull SA Issued Preferred Share to French State
- BSGR NA : B&S Group 9M Revenue EU1.71B Vs. EU1.60B Y/y
- BX US : Bain Is Said to Near Deal to Acquire Blackstone’s Avery Lodge
- BKNG US : Booking Intends to Cut Jobs, Seek Real Estate Savings
- BRBY LN : Moncler Poised to Take Over Burberry: Daily Mail
- CON GY : Continental Cuts FY Sales Forecast, Continental Adjusts Sales Outlook on Muted Industrial Demand
- CVC NA : CVC seeks €700mn for its Italian pharma outsourcer Genetic
- DHER GY : Delivery Hero Tees Up Mega Dubai IPO of Middle Eastern Unit
- DLG LN : Direct Line 3Q Motor Gross Written Premiums GBP426.2M
- ECV GY : Encavis Prelim 9M Revenue About EU321.6M
- ENI IM : KKR, Macquarie, Vitol Bid for Stake in Eni’s CCS Unit, Sole Says
- ENI IM : EIP Raises Stake in Eni Plenitude to 10% Via €209m Capital Hike
- EPIX US : Tang Files 13D on Essa, May Hold Acquisition Talks
- ENX FP : Euronext Oct. Total Cash Market Transaction Value M/M +7%
- EVT GY : Excalibur LuxCo SARL, Affiliates Report Stake In Evotec SE
- GAZP RM : Russia Weighs Plan to Merge Biggest Oil Companies, WSJ Reports
- GRF SM : Grifols Holder Mason Opposes Potential Brookfield Deal
- HNR1 GY : Hannover Re Sees 2025 Net Income About EU2.4B
- HYQ GY : Hypoport 9M Revenue EU331.9M Vs. EU267.1M Y/y
- LEHN SW : Lem FY Sales Forecast Misses Estimates
- LHA GY : Alitalia will lay off over 2,000 remaining employees as liquidation nears
- MONC IM : Moncler Poised to Take Over Burberry: Daily Mail
- NOVOB DC : Novo Nordisk Buys 6.31m B Shares for DKK4.74b From Novo Holdings
- 1913 HK : Prada Family Has a Plan in Place to Avoid Succession Drama
- SAABB SS : Brazil Plans to Increase Saab’s Jas 39 Gripen Contract by 25%
- SAZ GY : Salzgitter 9M Pretax Loss EU141.2M Vs. Profit EU254.3M Y/y
- STM GY : Stabilus FY Adjusted Ebit Margin Beats Estimates
- Stada IPO : Stada Said to Pick IPO Bookrunners, Eye Kickoff Early Next Year
- Standard Profil Automotive : Car Parts Maker Standard Profil Hires Adviser on Refinancing
- STLA US : Stellantis to Lay Off 400 Workers at Detroit Facility: Reuters
- TSLA US : Hedge Funds Shorting Tesla Just Lost More Than $5 Billion
- THULE SS : Sweden’s Thule Group Agrees to Buy Quad Lock for AUD500m
- WBD IM : Webuild JV Signs A$1.7B Contract on Rail Project in Melbourne