TheChek News Flow

Asian equities declined Thursday as the dollar’s sustained strength and weakness in China weighed on the region’s risk appetite. Japanese stocks climbed as the yen fell. The MSCI Asia Pacific Index slid as much as 0.5%, with shares in China and Taiwan trading lower while those in Australia edged up. Hong Kong shares dropped amid thin volumes as the market stayed open despite signs of severe weather. An index of dollar rose nearly 0.2% to its two-year high, while the 10-year US Treasury yield gained for a third day in Asian trading. US stocks futures fell.

Assets in the region have slumped since the US election as investors assess the impact of President-elect Donald Trump’s proposed tariff policies on the region’s growth, while the surging dollar pressures the region’s currencies. The MSCI’s Asia stock benchmark is on pace for its worst week since April, while a Bloomberg gauge of Asian currencies has dropped over 1% so far this week. Shares of the region’s chipmakers declined as investors continued to weigh the sector’s outlook after Trump’s win. Taiwan Semiconductor Manufacturing Co., a big component of the MSCI gauge, fell as much as 1%. SK Hynix, a South Korean chipmaker, sank as much as 6.1%.    Chinese equities may remain range-bound given signs from policymakers at last week’s legislative meeting that stimulus measures are probably not going to target a major reacceleration of growth, Kaanhari Singh, head of Asia cross asset strategy for Barclays, said on Bloomberg Television.  US consumer price data was in line with expectations on a headline basis, although the annualized three-month core rate picked up. Overall, the numbers were supportive of a potential Fed cut in mid-December, with swaps traders increasing the likelihood to around 80% from about 56% earlier Wednesday. The nuanced data led short-end bond yields to fall, with the two-year yield dropping five basis points to 4.29%. Treasury yields were slightly higher across the curve in Asian trading.  Traders will now shift their focus to US PPI data due later Thursday, which is expected to show headline and core producer prices for October rose year-over-year. The yen fell further against the dollar to the weakest level since July. The drop has taken the yen near levels when Japanese authorities last intervened to prop up its currency, with the nation’s top foreign exchange official warning about the one-sided, sudden moves.  Elsewhere in Asia, the yields on China’s new dual-part dollar bonds declined and were at a discount to comparable Treasuries on their secondary market debut Thursday, according to credit traders. China was able to draw more than $40 billion of bids for its first dollar bond issuance since 2021, or 20 times the bonds on offer. Shares of Tencent Holdings rose as much as 2.8% after the Chinese tech giant posted better-than-expected earnings and described green shoots in the economy. Geely Automobile Holdings shares climbed after reporting third-quarter net income growth of 92% from last year.  Australia’s unemployment rate held at 4.1% as expected, but the amount of jobs added in October was lower than expected.  Bitcoin notched another record high, climbing above $93,000 for the first time, with traders exuberant over Trump’s rhetorical support for crypto. The cryptocurrency was trading around $90,000 in early Asian trading. In other commodities, oil retreated after a Wednesday gain. Gold edged lower for a fifth session.

US After Hours DLO +10.7%, DGII +8.6%, BZH +8.5%, SONO +7.5% higher on earnings; HROW -21.2%, IBTA -15.9%, TSHA -12.7%, TTEK -7% lower on earnings; AEO +8.4% as Soros Capital discloses new position

Macro :
- Element Capital Held $2 Billion in S&P 500 ETFs Before Election

- Bitcoin Briefly Tops $93,000 on Trump Agenda, Fed Policy Outlook

Keep an eye on :

- AGFB BB ; Agfa-Gevaert 3Q Revenue Misses Estimates

- ALKB DC : ALK-Abello 3Q Ebitda Beats Estimates

- ALO FP : Alstom 1H Adjusted Ebit Beats Estimates, Alstom First-Half Results Beat, Guidance Maintained: Street Wrap

- ANIM IM : Anima Holding Buys 3% of Monte Paschi for EU219m

- ASML NA : ASML Keeps 2030 Sales Outlook Unchanged at EU44B to EU60B , ASML Upholds 2030 Sales Forecast in Bet on AI-Driven Demand

- AUSS NO : Austevoll Seafood 3Q Ebitda NOK1.19B Vs. NOK1.01B Y/y

- GBF GY : Bilfinger 3Q Sales EU1.28B Vs. EU1.12B Y/y

- BAMI IM : Italian Lender Banco BPM Buys 5% Stake in Monte Paschi

- BYW6 GY : BayWa 9M Ebit Loss EU77.6M Vs. Profit EU214.6M Y/y

- BOO LN : Boohoo 1H Gross Profit Misses Estimates

- BRBY LN : Burberry 1H Retail Comparable Sales Beats Estimates

- CWC GY : Cewe Stiftung 3Q Sales Meets Estimates

- CSCO US : Cisco 2Q Revenue Forecast Beats Estimates: Snapshot

- CVC ; CVC Capital 3Q Fee Paying AUM EU144.1B Vs. EU113.5B Y/y

- DMP GY : Dermapharm 9M Adjusted Ebitda EU240.3M Vs. EU243.8M Y/y

- DEME BB : Deme Group Sees 2024 Turnover Growth to Exceed 20%

- DTE GY : Deutsche Telekom Boosts FY Adj. EBITDA AL Forecast (1)

- EUZ GY : Eckert & Ziegler 9M Net Income EU23.4M

- EMBRACB SS : *EMBRACER AGREES TO SELL EASYBRAIN TO MINICLIP FOR $1.2B

- EMBRACB SS : Embracer 2Q Net Sales SEK8.55B Vs. SEK10.83B Y/y

- PRT IM : Esprinet 3Q Net Income EU3.35M

- EOAN GY : E.On 9M Adjusted Ebitda EU6.69B Vs. EU7.79B Y/y
- FGR FP : Eiffage 3Q Sales Meets Estimates, Eiffage Results Driven by Energy Systems Division: Street Wrap

- GFT GY : GFT Cuts FY Pretax Profit Forecast

- GCY GY : Grand City Properties 9M Adjusted Ebitda EU250M Vs. EU240M Y/y

- GLJ GY : Grenke Maintains FY Leasing New Business Volume Forecast

- HHHFA GY : Hamburger Hafen 9M Ebit EU93.2M Vs. EU75.6M Y/y

- HLAG GY : Hapag-Lloyd 9m Ebitda EU3.3B

- KESKOB FH : Kesko Oct. Total Sales EU1.13B

- KNIN SW : IMC Logistics Says Kuehne + Nagel to Buy 51% of Co.

- SDF GY : K+S FY Ebitda Forecast Misses Estimates

- LSG NO : Leroy Sees FY Harvest 190,000 Metric Tons

- MC FP : LVMH Names Cécile Cabanis CFO, Replacing Guiony

- MRK GY : Merck KGaA Beats Estimates on Boost From Life Science Unit

- MLP GY : MLP 9M Ebit EU66.4M Vs. EU45.2M Y/y

- AERO SW : Montana Aerospace Sees 2025 Adjusted Ebitda Above EU200M

- BMPS IM : Italy Sells 15% Stake in Monte Paschi Via Placing

- BMPS IM : Del Vecchio’s Delfin Buys 3.5% Stake in Monte Paschi: Ansa

- BMPS IM : Anima Holding Buys 3% of Monte Paschi for EU219m

- NKT DC : NKT Sees FY Oper Ebitda High End of EU310M to EU345M

- NVDA US : Nvidia Partner Quanta to Invest $230 Million in US on AI Demand

- OMV AV : OMV Wins €230 Million Award From Gazprom on 2022 Gas Dispute

- PSM GY ; ProSieben Sees FY Adjusted Ebitda Below EU575M, Saw About EU575M

- SPM IM : Saipem Gets New $1.9b Offshore Contract From Totalenergies Unit

- SNMO NA : SBM Offshore Boosts FY Adjusted Ebitda Forecast

- SU FP : Schneider Electric to Repay 2026 Convertibles Early

- SCR FP : Scor 3Q Net Loss EU117M, Est. Profit EU114.4M (1)

- SHLF NO : Shelf Drilling Boosts FY Adjusted Ebitda Forecast (1)

- SIE GY :

- SRAIL SW : Stadler Abandons Guidance After Valencia Floods

- STAN LN : StanChart Loses Four Financing Bankers in India Amid Revamp

- STR AV : Strabag Orders Surge on Energy-Transition Projects (1)

- S92 GY : SMA Solar Cuts FY Sales Forecast

- SN/ LN : Three Major Investors Call for Break-Up of Smith & Nephew: FT

- SON PL : Sonae 9M Net Income EU149M Vs. EU135M Y/y

- SLHN SW : Swiss Life 9M Premium Revenue CHF15.88B Vs. CHF15.47B Y/y

- SREN SW : Swiss Re 9M Net Income $2.19B

- TLX GY : Talanx Boosts FY Net Income Forecast

- TE FP : TechnipFMC Gets Deal for Total’s Granmorgu Offshore Project

- TIT IM : Telecom Italia 3Q Organic Ebitda Matches Estimates

- HO FP : Thales Targets 2024-2028 Organic Sales Growth Rate 5%-7%

- UU/ LN ; United Utilities 1H Revenue GBP1.08B Vs. GBP975.4M Y/y

- VEON US : Veon 3Q Revenue $1.04B Vs. $945M Y/y

- WAC GY : Wacker Neuson Cuts FY Revenue Forecast, Misses Estimates

- WLN FP : Worldline to Get Credem Merchant Acquiring Assets for €95M

- ZETA US : Zeta Shares Suffer Record Drop After Culper Short Call, Zeta Announces $100m Share Buyback