Asian stocks gave up much of their gains as traders weigh the potential for US inflation data due Wednesday to spur volatility across global markets. A gauge of Asia Pacific equities and US futures were flat, a sign that investors were holding back on taking new positions before the release of a data point seen as crucial for the next Federal Reserve policy decision. Treasury two-year yields remained above 4%, while the dollar held Tuesday’s loss. US headline inflation is expected to slow, with the core reading forecast to ease both on a monthly and yearly basis. Expect the S&P 500 index to drop at least 2% should the year-over-year inflation rate come in above the previous reading of 6%, Goldman Sachs Group Inc. partner John Flood wrote. Swap contracts are pricing in about three-in-four odds of another quarter-point Fed hike next month. Traders predict US rates will peak around 5%, with policymakers then cutting by at least 50 basis points by year-end. In currency markets, Group-of-10 currencies traded in a tight range against the dollar, while the yen fell into a fifth day. China’s 10-year bond yields fell to the lowest since November on expectations of more monetary easing. Japanese stocks led gains in Asia, with sentiment boosted by Warren Buffett saying that he’s mulling buying more equities in the country. The International Monetary Fund said in a report Tuesday it’s too soon to sound the all-clear from the turmoil that’s shaken the financial system, saying the banking breakdowns will likely be a drag on global economic growth. US banks on Friday will kick off what’s forecast to be the worst earnings season since the depths of the pandemic. Bitcoin dipped, after climbing above $30,000 on Tuesday for the first time in 10 months. Oil steadied as traders tracked supply constraints and gold edged higher. US After Hours Quiet after hours session; GTLS +4.1% higher on strong Q1 demand; PG flat after increasing dividend.
Nikkei +0,55% Hang Seng -0,67% CSI +0,05% Shanghai +0,42% Shenzen +0,31%
Eur$ 1,0928 CNH 6,8933 CNY 6,8872 JPY 133,77 GBP 1,2438 CHF 0,9026 RUB 81,8068 TRY 19,3030 WTI$ 81,56 Gold 2,019 +0,75% BTC 29,959 -0,70% ETH 1,869
S&P +0,07% Nasdaq +0,02% EuroStoxx -0,12% FTSE -0,04% Dax +0,06% SMI +0,24%
Macro :
- IMF Warns It’s Too Soon to Sound All-Clear on Financial Turmoil
- Meloni Unveils Italy 2023 Budget With Touch of Extra Stimulus
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