Asian stocks rose to follow Wall Street higher after traders scaled back wagers on Federal Reserve rate hikes, with expectations of further China stimulus helping drive gains. A benchmark for Asian equities advanced for a fifth day, set for its longest winning streak since early September. Fed Bank of San Francisco President Mary Daly said tighter financial conditions may mean the central bank “doesn’t have to do as much,” the latest in a string of softer commentary that raised hopes interest-rate hikes may be done for now. Hong Kong equity gauges rallied, led by tech stocks, while mainland shares climbed following a Bloomberg report that China is considering raising its budget deficit as the government prepares to unleash fresh stimulus. South Korea’s Kospi benchmark led regional gains, rebounding from the brink of a technical correction. Samsung Electronics Co. gave the largest boost as traders focused on a narrower clip of profit drop from the chip giant. Ten-year Treasuries steadied after Tuesday’s gains when US government bond yields posted some of their biggest one-day declines all year. Fed swaps currently show more than 60% chance the Fed will stay on hold in December, compared with 60% odds on another hike by then, just a week ago. The Bloomberg dollar index was little changed after a fifth straight session of declines. Asia’s emerging market currencies gained, with the Korean won and Thai baht leading the advance. Investors will be watching for any hints in the September Fed meeting minutes due Wednesday that would suggest the central bank may not follow through with the last hike indicated in its economic projections, according to Anna Wong at Bloomberg Economics. Two critical upcoming economic indicators — Thursday’s consumer price index and Friday’s University of Michigan consumer-sentiment survey — may give a more definitive read, she noted. Global investors also kept a close eye on geopolitics. President Joe Biden said the US is “surging” military assistance to Israel in the wake of the Palestinian militant group Hamas’ surprise attack. The US will encourage Qatar to help facilitate conversations with Hamas about the return of American hostages seized during the weekend incursion into Israel, the White House said Tuesday. Billionaire investor Paul Tudor Jones told CNBC the current geopolitical environment is the “most threatening and challenging” he’s ever seen in the wake of Hamas’s attack on Israel over the weekend and predicted the US will enter into a recession early next year.
Oil held onto gains following its surge earlier this week as the Israel-Hamas war remained contained and Saudi Arabia pledged to help ensure market stability. Gold was steady near the highest this month. US After Hours NVO +2.8% to stop kidney related FLOW trial; AZZ +4.4% higher on earnings; ETWO -11.9% lower on earnings.
Nikkei +0.70% Hang Seng +1.84% CSI +0.38% Shanghai +0.29% Shenzen +0.54%
Eur$ 1.0605 CNH 7.2910 CNY 7.2943 JPY 148.89 GBP 1.2292 CHF 0.9049 RUB 100.2159 TRY 27.7277 WTI$ 86.22 Gold 1,860 BTC 27,123 ETH 1,562
S&P +0.02% Nasdaq +0.15% EuroStoxx -0.64% FTSE -0.25% Dax -0.28% SMI -0.38%
Macro :
- EU warns Musk 'X' spreading 'illegal' disinfo after Hamas attack
- European Luxury Faces Pressure From LVMH Sales Miss
Keep an eye on :
Keep an eye on :
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- AC FP : Accor Launches €400M Share Buyback Program (Oct. 10)
- ADYEN NA : Adyen to Publish 3Q Business Update on Upcoming Investor Day
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- APPS SM : Apollo Plans to Raise Applus Offer: Cinco Dias
- BYG LN : Big Yellow Group Plans to Raise Gross Proceeds of About £110M
- BNP FP : Scor says BNP Paribas to Ensure Liquidity After Exane Deal
- BP/ LN : BP Targets 25 Million Tons a Year of LNG Sales by 2025
- BP/ LN : BP Targets 25 Million Tons a Year of LNG Sales by 2025
- BRAV SS : Bravida Gets Stockholm Metro Contracts Worth About SEK1.3b
- BT/ LN : Sky and EE Seek Market-Share Gains With Fresh Promotional Push
- DUST SS : Dustin 4Q Ebit Misses Estimates
- EQT SS : EQT to Acquire VetPartners; No Terms
- KEMIRA FH : Kemira Boosts FY Oper Ebitda Forecast
- KKR US : KKR Said to Consider €4 Billion Sale of Car Park Operator Q-Park
- LHA GY : Lufthansa to Evacuate German Citizens from Israel: Spiegel
- MC FP : Birkenstock Confirms IPO Pricing at $46/Share
- MC FP : LVMH 3Q Fashion & Leather Organic Sales Misses Estimates
- MC FP : LVMH's FX Hit Is Bigger EPS Concern Than Luxury Slowdown
- NOVOB DC : *NOVO ADRS RISE 3.4%; KIDNEY TRIAL STOPPED EARLY FOR EFFICACY
- SCR FP : Scor says BNP Paribas to Ensure Liquidity After Exane Deal
- TEG GY : TAG Immo Repays Bridge Financing From Acquisition of Robyg
- TRST LN : Trustpilot Holder Northzone VI Offers Up to 12m Shares