Shares in Asia climbed for a second session as markets shifted focus to key US data prints this week for further insight into the health of the world’s biggest economy. A gauge of stocks for the region rose Monday, following on from Friday’s 1.5% gain. Benchmarks in Australia and South Korea advanced, while a jump in the shares of Taiwan Semiconductor Manufacturing Co. on rising revenue helped lift the index in Taipei. Hong Kong stocks were little changed while those on the Chinese mainland fluctuated. Japanese markets were closed for a holiday. A semblance of calm returned after markets were ravaged early last week from fears the Federal Reserve is waiting too long to cut interest rates. The Cboe Volatility Index - Wall Street’s fear gauge - has reversed off its highest since the early days of the Covid-19 pandemic. The yen was weaker against the greenback on Monday. Elsewhere in Asia, traders will be focused on China’s retail sales and industrial production data this week to gauge whether the nation’s economy is finding traction. China is still battling bond market speculators, with state banks selling debt to buoy yields. Yields on the nation’s 10-year benchmark bond headed for their biggest one-day gain since February on a closing basis. The People’s Bank of China said in a quarterly monetary policy report published Friday that wealth management products based on bonds were exposed to interest-rate risk and could lead to losses. New Zealand’s central bank will also decide on policy this week, with the economy showing signs of entering its third recession in less than two years. Australian and New Zealand government bonds were little changed on Monday. Treasuries cash trading was shut in Asia due to the holiday in Tokyo. The yen surged last week as traders slashed bearish bets following the BOJ’s rate hike, forcing a negative feedback loop as investors dumped carry trades that ricocheted across markets, before ending last week little changed. The central bank won’t be able to raise rates again this year, given the market turmoil that followed its recent hike, according to a former board member. The BOJ and Fed are the biggest variables to drive trading, said Taosha Wang, a portfolio manager at Fil Asia Holdings Pte Ltd. For the US, “I don’t think the market has agreed — either a recession, which we think is excessive, or a soft landing,” she told Bloomberg Television’s Yvonne Man and David Ingles on Monday. A tumultuous week for global bond markets headed toward calm on Friday as angst over the potential US economic downturn — which spurred a Treasury rally and brief market meltdown — faded. The US consumer price index on Wednesday is expected to have risen 0.2% from June for both the headline figure and the so-called core gauge that excludes food and energy. The modest moves, however, may not be enough to derail the Fed from a widely anticipated interest-rate cut next month. At the weekend, Fed Governor Michelle Bowman said she still sees upside risks for inflation and continued strength in the labor market, signaling she may not be ready to support an interest-rate decrease when US central bankers next meet in September. Money markets have fully priced a rate cut in September and about 100 basis points of easing for the year, according to swaps data compiled by Bloomberg. In commodities, oil rose Monday, extending a 4.5% gain last week. Some of the top US oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of crude is forming. Gold traded lower.
Nikkei +0.56% Hang Seng +0.02% CSI -0.16% Shanghai -0.15% Shenzen -0.39%
Eur$ 1.0917 CNH 7.1827 CNY 7.1803 JPY 147.09 GBP 1.2761 CHF 0.8662 RUB 88.6002 TRY 33.5283 WTI$ 77.11 +0.35% Gold 2,431 BTC 58,492 ETH 2,542
S&P +0.04% Nasdaq +0.14% EuroStoxx +0.53% FTSE +0.41% Dax +0.55% SMI +0.60%
Macro :
- Bonds Are Back as a Hedge After Failing Investors for Years
- FDA Rejects Use of Psychedelic Drug MDMA to Treat PTSD Patients
- FDA Rejects Use of Psychedelic Drug MDMA to Treat PTSD Patients
- CFTC Positioning Update: Massive Yen Short Covering
- Oil Refiners in US Slow Down, Stoking Global Crude Glut Worries
- SNB INSIGHT: Carry Trade Spillover to Franc Means September Cut
Keep an eye on :
Keep an eye on :
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- ARES US : Ares Said to Weigh Takeover of Partners-Backed Form Technologies
- ARYN SW : Aryzta 1H Revenue EU1.06B; New Credit Facility
- SPRY US : ARS Pharma Rises on FDA Approval for Neffy Allergy Spray
- AOF GY : Atoss Software SE 1H Ebit EU29.7M Vs. EU24.2M Y/y
- BYND US : Beyond Meat Shares Turn Negative After Mysterious 42% Surge
- BORR NO : Borr Drilling Prelim 2Q Oper Rev. About $272M, Est. $242.6M
- DIS US : Streaming Sports Platform Venu to Launch in August, FOS Reports
- EQT SS : Eutelsat in Talks With EQT For its Passive Ground Segment
- ETL FP : Eutelsat in Talks With EQT For its Passive Ground Segment
- HNR1 GY : Hannover Re 2Q Net Investment Income Beats Estimates
- HE US : Hawaiian Electric 2Q Loss per Share $11.74 Vs. EPS 50C Y/y
- HYQ GY : Hypoport 1H EPS EU0.81 Vs. Loss/Shr EU0.32 Y/y
- PCRX US : Pacira Bio Plunges After Court Finds Exparel Patent Invalid
- PGHN SW : Partners Group Is Said to Weigh Techem IPO Launch in September
- PGHN SW : Ares Said to Weigh Takeover of Partners-Backed Form Technologies
- PFV GY : Pfeiffer Vacuum Maintains FY Ebit Margin Forecast
- REP SM : Repsol Says Fire Extinguished at Peru’s La Pampilla Refinery
- SZG GY : Salzgitter 1H Pretax Profit EU11.5M
- SDZ SW : Sandoz Gets FDA Approval for Aflibercept Eye Drug Biosimilar
- SLBEN PL : Benfica Shares Jump to One-Year High After Investor Interest
- SLBEN PL : Benfica Shares Jump to One-Year High After Investor Interest
- SBUX US : Starbucks Rises After Starboard Reported to Take Stake in Chain
- STLAM IM : Stellantis to Cut as Many as 2,450 Jobs at Michigan Truck Plant
- TALK LN : TalkTalk Set to Announce £400m Refinancing Deal Today: Sky
- TKA GY : WirtschaftsWoche: Thyssenkrupp CEO López attacks steel boss Osburg
- YPFD AR : YPF Moves to Sell Units as It Ramps Up Divestments in Shale Push