Asian currencies were in focus on Monday, with the Japanese yen rallying following remarks by the Bank of Japan governor that were seen as hawkish. The Chinese yuan appreciated after authorities there sent another forceful signal. The yen extended gains to 1% against the greenback after BOJ Governor Kazuo Ueda told the Yomiuri newspaper there may be sufficient information by year-end to judge if wages will continue to rise, which is a key factor in deciding whether to pare back its super-easy policy. The yield on the government’s 10-year bond jumped to 0.7%, the highest since 2014. The BOJ said it will conduct funds-supplying operations on Sept. 14 to curb the gains in yields. Ueda’s hawkish comments may be intended to keep yen depreciation in check, Naomi Muguruma, chief fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo, wrote in a note. China’s onshore yuan rose for the first time in seven sessions after falling to its weakest since 2007 last week. Monday’s daily fixing was stronger-than-expected by a record margin. The strong growth outlook in the US and hawkish risks around its Fed-on-hold call led strategists at JPMorgan Chase & Co. to raise their year-end forecast for Treasury yields, with the target on the 10-year increased to 4.20% from 3.85%. Asian equities traded mixed amid a lack of positive drivers. Shares in Hong Kong fell as trading resumed after a closure on Friday and property stocks there sank following disappointing earnings at Sun Hung Kai Properties Ltd. Equities in mainland China climbed to snap a four-day loss, with easing deflationary pressure and a report on more cities relaxing mortgage rules helping stabilize sentiment. US stock futures ticked marginally higher following small moves in shares at the end of the week, with the S&P 500 edging higher after a three-day drop. The dollar fell against all of its Group-of-10 counterparts after its recent rally drove the currency to a record streak of weekly gains. The greenback has been bolstered recently by bets the Fed will keep interest rates higher for longer. Elsewhere, Arm Holdings Ltd. is considering raising the price range of its initial public offering after meeting investors for what would be the world’s largest listing this year, according to people familiar with the matter. Oil declined after a two-week rally and gold ticked higher.
Nikkei -0,46% Hang Seng -0.90% CSI +1.12% Shanghai +1.11% Shenzen +1.17%
Eur$ 1,0730 CNH 7,2949 CNY 7,2714 JPY 146.21 GBP 1,22517 CHF 0,8903 RUB 97.9534 TRY 26,8474 WTI$ 87,08 -0.50% Gold 1,926 +0.35% BTC 25,850 ETH 1,615
S&P +0,22% Nasdaq +0,36% EuroStoxx +0,24% FTSE +0,32% Dax +0,16% SMI +0.07%
Macro :
- Taiwan Envoy Sees ‘Alarming’ Signs in China’s Economic Slowdown
- REIT M&A on Ice Due to Falling Property Values, Leverage Stress
- Italy Could Amend Windfall Tax on Bank Profits, Corriere Says
- The Big Bet on Luxury Stocks Stumbles on Inflation, China Woes
- PIF-Backed Driller, Holders Seek up to $1.2 Billion in Saudi IPO
- Bitcoin ETFs With a $100 Billion Promise Put Old Funds in Danger
- Ueda’s Policy Musings Send Yields and Yen Climbing: Macro Squawk
Keep an eye on :
- ADJ GY : Adler Group Sells Berlin-Based Rental Portfolio for €130M
- AGS BB : Ageas Gains as BofA Lifts to Buy on Already Priced-In Challenges
- AIR FP : Vietnam Air, Boeing Near $10 Billion Deal for 50 737 Max Planes
- ARM LN : Arm Is Said to Consider Raising IPO Price Range
- AZN LN : AstraZeneca Lung Cancer Drug Works Better With Chemotherapy
- BARC LN : Barclays to Cut Hundreds of Jobs Across Trading, Investment Bank
- BMPS IM : Italy Could Amend Windfall Tax on Bank Profits, Corriere Says
- BB FP : BIC Sees 5%-7% Annual Net Sales Growth In Updated Horizon Plan
- ALBPS FP : Biophytis Gets FDA Authorization to Start SARA-31 Phase 3 Study
- BNP FP : BNP, UniCredit, ING M&A, Buyback Goals Curbed by Earnings, Taxes
- 1COV GY : Covestro Agrees to Start Talks With Adnoc on Possible Takeover
- DAI GY : Daimler, Paccar, Cummins JV Set to Cut Truck Battery Costs: BNEF
- ECV GY : Encavis in Deal With Greengo Energy for 500 MW Solar Pipeline
- EXO NA : *AGNELLIS' EXOR DENIES GIORNALE REPORT ON PLAN TO SELL JUVENTUS
- GAM SW : Finma Reviews NewGAMe’s Appeal Against Takeover Board’s Ruling
- GIMB BB : Flemish Govt to Start Selling €328M Stake in Gimv: Tijd
- ISP IM : Italy Could Amend Windfall Tax on Bank Profits, Corriere Says
- JUVE IM : *AGNELLIS' EXOR DENIES GIORNALE REPORT ON PLAN TO SELL JUVENTUS
- KSP ID : Kingspan Said to Make Rebuffed Proposal For Tie-Up With Carlisle
- LHA GY : Italy’s Meloni Urges Europe to Clear Lufthansa-ITA Airways Deal
- MC FP : Bernard Arnault Has Spent €215 Million Buying Dip in LVMH Stock
- MC FP : Birkenstock May Announce IPO Plan Next Week: Handelsblatt
- MC FP : Chinese Billionaire Said to Invest in Frette Buyout (Correct)
- NOVOB DC : Novo Nordisk to Cap Insulin Price at $35/Mo. for Uninsured NYers
- SAN FP : Sanofi Treatment Granted Orphan Drug Status by FDA
- SESF FP : Intelsat Invests in Lower Orbits as Musk’s SpaceX Upends Sector
- SESL FP : Vistry Group, SES-Imagotag: Earnings Day Ahead
- GLE FP : SocGen, Brookfield Partner to Launch €10B Private Debt Fund
- STLA IM : Stellantis Says Second Tranche of Share Buyback Is Complete
- TSLA US : Tesla to Surge Thanks to Dojo Supercomputer, Morgan Stanley Says
- UBSG SW : Merrill Lynch Loses Advisors With More Than $3.4 Billion to UBS -- Barrons.com
- URW FP : REIT M&A on Ice Due to Falling Property Values, Leverage Stress