Chinese stocks fell, underperforming their Asian peers as caution grows ahead of a key weekend briefing that may shed more light on Beijing’s fiscal stimulus. The CSI 300 Index dropped 1.9% before the lunch break, reversing Thursday’s gains. Elsewhere in Asia, stocks rose in Japan and South Korea, sidestepping losses on Wall Street following hotter-than-expected core inflation that heightened the focus on the Federal Reserve’s next move. Australian equities were flat. All eyes are on a Saturday briefing, where China’s finance minister will likely announce more support measures to revive a slowing economy. Investors and analysts expect Beijing to deploy as much as 2 trillion yuan ($283 billion) in fresh fiscal stimulus as authorities seek to boost growth and restore confidence. The declines in Chinese stocks partly reflect “the risk of another disappointment with tomorrow’s Ministry of Finance briefing,” said Kieran Calder, head of equity research for Asia at Union Bancaire Privee in Singapore. “The MOF doesn’t approve extra budget or bond quota so there is uncertainty whether Saturday’s briefing can deliver new details on additional stimulus.” US equity futures also edged higher, after the S&P 500 fell 0.2% and the Nasdaq 100 dropped 0.1% Thursday. Hong Kong markets are closed Friday for a holiday. Treasuries were steady in early Asian trading after the two-year yield fell six basis points and its 10-year counterpart dropped by one basis point Thursday. Data released Thursday underscored the challenge facing the Fed. Underlying US inflation rose more than forecast in September in a sign of stalling progress in the fight to bring prices to target. Separate data showed applications for US unemployment benefits rose last week to the highest in over a year. Swaps market pricing indicating a potential Fed rate cut next month was little changed. Traders are pricing in a roughly 80% chance that the Fed will cut by 25 basis point when it meets in November. That compared with a fully priced-in move prior to last week’s strong US jobs data. Fed policymakers John Williams, Austan Goolsbee and Thomas Barkin were unfazed by the higher-than-forecast consumer price index, suggesting officials can continue lowering rates. The outlier was Raphael Bostic of the Atlanta Fed who indicated in an interview with the Wall Street Journal that in projections released in September he had called for one additional quarter-point cut across the Fed’s two remaining meetings in 2024. In currency markets, the yen was little changed at around 148 per dollar after strengthening on Thursday while an index of the dollar was steady. The South Korean won held gains against the dollar after the Bank of Korea cut its key interest rate by 25 basis points to 3.25%, as expected.
Oil edged lower, trimming some of its gains from Thursday when West Texas Intermediate futures climbed 3.6% as traders awaited Israel’s response to Iran’s missile attack. Investors are also gearing up for third-quarter US earnings later Friday from JPMorgan Chase & Co., Wells Fargo & Co and Bank of New York Mellon Corp. JPMorgan’s outlook for net interest income will be a major focus, after company executives tried to tamp down expectations for the key revenue source. As for Wells Fargo, investors may look for updates on its asset cap. BNY Mellon’s revenue likely grew 4% last quarter, the fastest pace in more than a year, according to Bloomberg Intelligence. US After Hours Quiet fter hours session; AEHR +10% higher on earnings; Healthcare stocks on radar after C.M.S. releases 2025 Medicare Advantage and Part D Star Ratings
Nikkei +0.56% Hang Seng Closed CSI -2.10% Shanghai -1.85% Shenzen -3.10%
Eur$ 1.0936 CNH 7.0807 CNY 7.0716 JPY 148.72 GBP 1.3049 CHF 0.8571 RUB 96.8250 TRY 34.2895 WTI$ 75.71 Gold 2,645.72 BTC 60,717 +1?50% ETH 2,411 +2%
S&P -0.04% Nasdaq -0.06% EuroStoxx +0.10% FTSE +0.20% Dax +0.08% SMI -0.02%
Macro :
- *BOSTIC SAYS DOOR OPEN TO SKIPPING RATE CUT IN NOV.: WSJ
- Morgan Stanley’s Wilson Says ‘It’s a Great Stock-Picking Market’
- Morgan Stanley’s Wilson Says ‘It’s a Great Stock-Picking Market’
- UK Resumes Trade Talks With Switzerland in ‘Global Britain’ Push
- Renaissance Macro’s DeGraaf Says China Stocks Set to Surge 50%
- ONLY FANS SAYS IT PAID OUT $20 BILLION TO CREATORS SINCE 2016
Keep an eye on :
Keep an eye on :
- AIR FP : Airbus faces pressure over supplies from Spirit Aero, sources say
- ATRLJB SS : Atrium Ljungberg 3Q Rental Income Beats Estimates
- AMD US : AMD Shares Slide as Investors Wait for Signs of AI Payoff
- APOTEA AB IPO : Swedish Online Pharmacy Apotea Is Said to Weigh $300 Million IPO
- BAC US : Berkshire’s BofA Stake Falls Below 10% Disclosure Theshold
- BAYN GY : Bayer Jury Awards $78 Mln in Philadelphia Roundup Case: Lawyers
- BBVA SM : BBVA Sees Sustainability as Top Investment Opportunity
- BMPS IM : Finint’s Marchi May Head Investor Group for Paschi Stake: Stampa
- CENER BB : Cenergy Offer Price for Capital Increase Set at €9/Share
- CEG US : Constellation Energy Recieved Waiver to Import Russian Uranium
- COPN Sw : Cosmo Pharmaceuticals Names Svetlana Sigalova CFO
- EDF FP : Italy Eyes Westinghouse, EDF Partnership for Nuclear Power: Rtrs
- EDF FP : Italy Eyes Westinghouse, EDF Partnership for Nuclear Power: Rtrs
- EAPI FP : Euroapi, Sanofi Agree to €54M Product Capacity Reservation
- HAS LN : Hays 1Q Total Comparable Net Fees -14%
- ORSTED DC : Orsted Pulls Out of Danish Green Jet Fuel Project, Borsen Says
- ROG SW : FDA Approves Genentech’s Itovebi for Certain Cancer Treatments
- SBRY LN :Sainsbury Holder Qatar Holding Offers 109m Shares: Prices at GBp280/Share: Terms
- SRAIL SW : Stadler Rail to Start Temporary Short-Time Work in Altenrhein
- STLA US : Stellantis Ousts CFO in Effort to Stabilize Reeling Business
- TSLA US : SpaceX Launch Expansion Rebuffed By California Commission
- TSLA US : Musk Shows Tesla Cybercab, Sees Sub-$30,000 Cost and 2026 Debut
- TEVA IT : Teva Agrees to Pay $425 Million to Resolve Kickback Allegations
- THG LN : THG PLC 3Q Revenue GBP433.1M, PRICE AT 49 PENCE/SHR: TERMS
- THG LN : THG PLC 3Q Revenue GBP433.1M, PRICE AT 49 PENCE/SHR: TERMS
- TOM2 NA : TomTom 3Q Revenue Misses Estimates
- TGI US : Aircraft Parts Maker Triumph Group Is Said to Explore Sale
- TRYG DC : Tryg 3Q Insurance Service Result Beats Estimates
- ZAL GY : Zalando Boosts FY Adjusted Ebit Forecast, Beats Estimates
- FHZN SW : Zurich Airport Sept. Passenger Traffic +5%