Asian technology stocks slumped Friday, echoing declines on Wall Street as slowing US inflation sparked a rotation out of Big Tech. The yen was volatile. A gauge of Asian tech stocks fell as much as 3.2%, with losses concentrated in Japan and South Korea. That came after Nasdaq 100 dropped 2.2% as inflation data supported the case for rate cuts, fueling an exit from the long-favored safety trade of tech megacaps. The yen whipsawed Friday as the Bank of Japan conducted so-called rate checks with traders, reinforcing perceptions that authorities intervened in the market on Thursday to prop up the currency. Chinese equities trading in Hong Kong rallied, supported by some expectations of policy support from the upcoming Third Plenum on the mainland. A gauge of Chinese property developers jumped more than 6%. Despite the latest setback, global stocks are set for their sixth weekly advance, the longest such stretch since March, as Fed easing bets aid overall risk sentiment. Treasury yields edged higher after the prospect of lower US interest rates had sent 10-year yields seven basis points lower to 4.21% in the prior session. Australian and New Zealand government bonds rallied taking cues from their US peer. A gauge of the dollar was steady after falling Thursday by the largest margin since May. Fed Bank of Chicago President Austan Goolsbee described the CPI data as “excellent,” saying the report provided the evidence he’s been waiting for to be confident the central bank is on a path to its 2% goal. To Chris Larkin at E*Trade from Morgan Stanley, Thursday’s “Fed-friendly CPI” was another step toward a September rate cut. A lingering question is whether this high-flying stock market has already priced in multiple cuts, he noted. In key Asia data, China’s trade surplus soared to the highest since at least 1990 in June, as exports jumped more than expected while imports unexpectedly weakened. Other reports due Friday include Japan industrial output and Indian inflation. China money supply and new loans data may also be released as soon as Friday. West Texas Intermediate oil rose for a third day Friday, helped along by the CPI. Gold fell after a sharp rally on Thursday. US After Hours Quiet after hours session; BKH +0.8% to power META's newest data center; NRIX -4.6% lower on earnings and corporate update.
Nikkei -2.42% Hang Seng +2.25% CSI -0.01% Shanghai -0.12% Shenzen -0.35%
Eur$ 1.0870 CNH 7.2758 CNY 7.2642 JPY 159.16 GBP 1.2910 CHF 0.8964 RUB 87.7097 TRY 32.9781 WTI$ 82.90 +0.34% Gold 2,410 -0.24% BTC 56,955 -1% ETH 3,082 -1%
S&P -0.01% Nasdaq -0.16% EuroStoxx -0.02% FTSE +0.17% Dax +0.06% SMI +0.01%
Macro :
- Closed-Door M&A Talks Turn ‘More Prominent’ in BCG Boss’s View
- China Says It Firmly Opposes Germany’s Decision on Its 5G Firms
- China Unlikely to Offer Major Policy Pivots in Key Events: MS
- Jefferies Hires Goldman’s Stefani Silverstein for Technology M&A
Keep an eye on :
- AAPL US : Foxconn factories in China on hiring spree ahead of Apple’s AI-compatible iPhone 16 launch
- AKRBP NO : Aker BP 2Q Revenue Beats Estimates
- AKSO NO : Aker Solutions Sees FY Revenue +40%, Saw +30%
- ARJOB SS : Arjo 2Q Adjusted Ebitda Meets Estimates
- ASHM LN : Ashmore 4Q Net Outflows $2.0B
- ATEA NO : Atea 2Q Ebitda Misses Estimates
- AXFO SS : Axfood 2Q Operating Profit Misses Estimates
- AZA SS : Avanza 2Q Operating Income Misses Estimates
- BFF IM : BFF Says RWA Up by €1.78b After Reclassification Due to Probe
- BA US : Boeing Warns Customers of Further Delays on 737 Max Amid Crisis
- BA US : Boeing Nears Deal to Sell 20 to 30 777X Jets to Korean Air: Rtrs
- BRAV SS : Bravida Working on ‘Several’ Potential Acquisitions, CEO Says
- BC IM : Brunello Cucinelli 1H Net Revenue Meets Estimates
- CABK SM : CaixaBank Plans to Buy Back Up To EU500m Shares
- CLAB SS : Cloetta 2Q Net Sales Misses Estimates
- COOR SS : Coor 2Q Ebit Misses Estimates
- CVC NA : CVC Said to Prep French Football Loan as Clubs Weigh Media Deal
- ELK NO : Elkem 2Q Ebitda Beats Estimates
- EMSN SW : EMS-Chemie 1H Ebit Beats Estimates
- ENGI FP : SMA orders urgent and transitory measures to Engie for a project under construction in the north - DiarioFinanciero
- ENTRA NO : Entra 2Q Net Operating Income Beats Estimates
- ERICB SS : Ericsson 2Q Adjusted Ebit Beats Estimates (1)
- GLEN LN : Bunge’s $8 Billion Deal for Viterra Said to Face Risk of Delays
- GRNG SS : Granges 2Q Net Sales Misses Estimates
- IMPN SW : Implenia Gets More Than CHF100M Railway Contract in Sweden
- KESKOB FH : Kesko June Comparable Sales -7.5%
- LRE SM : Hines, Grupo Lar Offers to Buy Lar Espana For €8.10/Shr Cash
- LIFCOB SS : Lifco 2Q Net Sales Beats Estimates
- LHA GY : Lufthansa Slashes Costs Amid Fare War, Less Business Travel
- MC FP : LVMH Has Already Won Gold at the Paris Olympics: Andrea Felsted
- MSFT US : U.S. Lawmakers Seek Probe of Microsoft's $1.5B Deal With Abu Dhabi AI Firm
- MYCR SS : Mycronic Boosts FY Net Sales Forecast
- NEON FP : Australia’s ACCC Starts Informal Review on Brookfield/Neoen Deal
- NAS NO : Norwegian Air 2Q Ebit Beats Estimates
- NORION SS : Norion Bank AB 2Q Operating Profit Beats Estimates
- NSKOG NO : Norske Skog 2Q Ebitda Beats Estimates
- PNDXB SS : Pandox 2Q Ebitda Beats Estimates
- PKTM AV : Pierer Mobility, KTM CFO Viktor Sigl Leaves Post
- RHM GY : Rheinmetall CEO Predicts 40% Sales Growth This Year, FAZ Reports
- RHM GY : US, Germany Foiled Russian Plot to Kill Rheinmetall’s CEO: CNN
- SKAB SS : Skanska Gets SEK6.7B Contract With Railroad Client in US
- SHF GY : Software Provider SNP Said to Weigh Sale Amid Takeover Interest
- STLA US : Italy Warns Stellantis as Carmaker Unveils Serbian-Made Fiat
- STB NO : Storebrand 2Q Pretax Profit Beats Estimates
- TSLA US : Tesla Launches Model 3 Long Range Rear-Wheel Drive in US
- TSMC : TSMC’s $420 Billion Stock Rally Rests on More Valuation Upgrades
- TOP DC : Topdanmark Boosts FY Combined Ratio Forecast
- VIV FP : Vivendi Rises as Canal+ Explores London Listing: EMEA Tech Wrap
- XXL NO : XXL 2Q Ebitda Misses Estimates