Stocks in Asia declined ahead of the Federal Reserve’s last decision this year, led by selling in China after a top leadership meeting disappointed investors with a lack of strong economic support measures. A regional gauge slipped as much as 0.4% as shares fell across the board in both Hong Kong and mainland China, with property developers among the biggest losers. The losses came after China’s annual economic work conference this week prioritized industrial policy and indicated little desire for large-scale stimulus. Japan’s Topix index turned flat after an earlier advance, while stocks in Australia pared gains. US stock futures edged up after the S&P 500 hit the highest since January 2022 on Tuesday. Wall Street’s “fear gauge” — the VIX — slid toward a four-year low. Globally, the focus is on the conclusion of the Fed’s policy meeting later Wednesday. While the central bank is widely expected to be on hold, the latest US inflation data raised doubts about the likelihood of an aggressive pivot toward policy easing. Markets have trimmed bets on rate cuts next year, with the first one projected to occur in May. The dollar was little changed and Treasuries were steady. Long-term Treasuries swung to a small gain Tuesday after solid demand in a $21 billion sale of 30-year bonds. Following the last Fed decision, Chairman Jerome Powell reminded investors that inflation progress will “come in lumps and be bumpy.” The fact that Tuesday’s consumer price index was roughly in line with estimates — and ticked up a bit — underscored the choppy nature of getting prices back to the 2% target — especially in the service sector, which the Fed has zoned in on as the last mile in its inflation fight. With the Fed widely expected to keep its target rate range steady for the third straight meeting at 5.25% to 5.5%, traders will carefully scrutinize any signals from Powell on the path for policy and the update to the central bank’s quarterly forecasts. Signs of disinflation helped drive the US bond market last month to its biggest gain since the mid-1980s, with yields tumbling sharply on speculation the Fed will cut its benchmark rate by over a full percentage point in 2024. US Treasury Secretary Janet Yellen said Tuesday she doesn’t believe the “last mile” in returning inflation to the Fed’s 2% goal will be especially difficult. How the Fed frames its outlook for rate policy ending next year and 2025 via its “dot plot” could inject some uncertainty into a market that has run ahead of the central bank’s current forecast. Argentina devalued the peso by 54% after the close of local markets on Tuesday and announced a swath of spending cuts, in the first steps of President Javier Milei’s shock-therapy program to revive the nation’s troubled economy. The nation’s central bank now targets a 2% currency devaluation per month. Oil extended a decline after plunging to the lowest level in five months Tuesday as signs of robust supplies piled up. Gold was flat as investors awaited the Fed’s rate decision. US After Hours UGI CEO steps down; ORRF and CVLY to merge; AMGN increases dividend.
Nikkei +0.25% Hang Seng -1.04% CSI -1.33% Shanghai -0.84% Shenzen -0.88%
Eur$ 1.0789 CNH 7.1971 CNY 7.1834 JPY 145.59 GBP 1.2556 CHF 0.8756 RUB 90.2730 TRY 29.0485 WTI$ 68.41 -0.30% Gold 1,977 BTC 41,035 -0.12% ETH 2,171 -0.03%
S&P +0.10% Nasdaq +0.12% EuroStoxx -0.06% FTSE -0.01% Dax -0.09% SMI +0.11%
Macro :
- EU to Create Anti-Money Laundering, Anti-Terror Financing Body
- Europe Real Estate Facing €176 Billion Debt Refinance Shortfall
- Balyasny Shuts Klavdianos’ Trades After $100 Million Loss
- Balyasny Shuts Klavdianos’ Trades After $100 Million Loss
- BofA Clients Post First Outflows From US Equities Since October
- Syensqo’s Gains Bolster Case for Spinoffs in Europe: ECM Watch
- Cocoa May Stay at $4,000 in 2024 on Deficit: Commodity Outlook
Keep an eye on :
Keep an eye on :
- ACC NO : Aker Carbon Capture Wins PDP for Uniper’s Grain Power Station
- AAPL US : Apple Tightens Passcode Security on iPhones to Thwart Thieves
- AAPL US : Apple Tightens Passcode Security on iPhones to Thwart Thieves
- ASML NA : South Korea’s President Visits ASML to Strengthen Tech Ties
- BME LN : B&M Holder SSA Investments 27.8m Offers Shares: Terms
- BG AV : Bawag Says Norges Bank Has Reported 4% Share Stake
- COK GY : Cancom Names Klaus Weinmann Chairman of Supervisory Board
- CG US : Carlyle Said to Mull $4.6 Billion Exit for Switzerland’s Acrotec
- COLR BB : Colruyt 1H Gross Margin Beats Estimates
- DTE GY : T-Mobile Poised to Gain Access to More Airwaves as US House Acts
- DFDS DC : DFDS Targets ROIC Above 10% in 2024-2026 in New Financial Plan
- Eleda Group : Bain Capital Buys Controlling Stake in Infrastructure Firm Eleda
- ETL FP : Eutelsat OneWeb Signs Distribution Agreement With Rawafed Libya
- FLOW NA : Flow Traders in Pact With DWS, Galaxy to Launch AllUnity
- HSHP NO : Himalaya Shipping Offers $17.5 million Shares
- ITX SM : Inditex 9M Ebit Beats Estimates, Zara Owner Inditex’s Revenue Growth Ebbs as Demand Weakens
- BAER SW : Julius Baer Hires, Promotes Leaders for Greater China Wealth
- KBC BB : KBC Says Fully Loaded CET1 Requirement Rose to 10.92%
- MC FP : Carlyle Said to Mull $4.6 Billion Exit for Switzerland’s Acrotec (Acrotec is the leading independent supplier of mechanical movement components to the Swiss watch industry)
- MTRO LN : Metro Bank Suspends Bid for BOE Sign-Off on Risk Models: FT
- NEL NO : Nel Says HyCC Cancels 40 MW Buy Order Due to Market Conditions
- NEOEN FP : Neoen Extends Losses as JPMorgan Cuts PT on Limited Upside
- NOVOB DC : Novo Outshined by Smaller Obesity Rival on Danish Stock Market
- NZYMB DC : Novozymes, Chr. Hansen to Sell Lactase Enzyme Business to Kerry
- PAGERO SS : Vertex Makes SEK36/Shr Cash Bid For Pagero
- PHM SM : Pharma Mar Up as Partner Able to Sell Zepzelka in Hong Kong
- RIEN SW : Rieter Nominates Oetterli as Chairman as Jucker Will Step Down
- SHEL LN : Uruguay Signs Offshore E&P Contracts With APA, Shell and YPF
- SHEL LN : Shell to Deliver Three Wells in Great White Unit at Perdido
- S92 GY : SMA Solar Eyes Sales, Margin Boost From New US Factory: React
- SW FP : Sodexo Says Michaud-Daniel to Be Executive Chair of Pluxee Board
- SOLB BB : Syensqo and Solvay’s $1.7 Billion Surge Makes Case for Spinoffs
- STB NO : Storebrand Raises Return on Equity Target to 14% From 10%
- TSLA US : SpaceX Value Jumps Closer to $180 Billion in Tender Offer, FCC Affirms It Won’t Grant $886 Million Subsidy to SpaceX
- TSLA US : Tesla Gets Permits to Build Gigafactory in Mexico: Expansion
- TOBII SS : Tobii to Buy AutoSense Unit From Xperi for Minimum $45m
- UN01 GY : Aker Carbon Capture Wins PDP for Uniper’s Grain Power Station