Asian equities advanced Wednesday as investors wagered that the worst of the global fallout from the American banking sector has passed. Financials were among the biggest gainers in Tokyo and Hong Kong, where the Hang Seng Index rose more than 1%. US stocks rallied into the close Tuesday, helping set the scene for the shift in sentiment in Asia. Futures for the S&P 500 edged higher. Traders were digesting a slew of economic data from China, where retail sales rose as much as estimated while factory output was fractionally lower than projected. The People’s Bank of China added more liquidity than expected while holding a key lending rate unchanged. Rising housing sales provided one clearly positive signal, reflected in a rally in a mainland property index. A gauge of dollar strength fell slightly, extending its run of declines to a fifth day. The two-year Treasury yield rose five basis points following a 27 basis point recovery in the rate on Tuesday. It still remains well below levels of mid last week after its biggest three-day slump in decades. Japan’s 10-year yield inched up while the 20-year rate surged 16 basis points after the central bank offered to buy fewer longer-dated bonds than planned in Wednesday’s operations. Swaps pricing is back to positioning for the Federal Reserve to lift rates by a quarter percentage point next week after the odds of an increase had slipped to nearly 50-50 on Monday. The closely-watched core consumer price index increased 0.5% in February, slightly ahead of the median estimate of 0.4% and enough to keep pressure on policy makers to hike rates. Moody’s Investors Service cut its outlook on the sector on the heels of the trio of banking collapses over the past few days. First Republic Bank triggered a volatility halt after S&P Global Ratings placed the company on watch negative. oil rose from its lowest close in three months as traders took stock of the outlook for demand. Gold held a drop that took some of the shine off a three-day surge of more than 5%. US After Hours SMAR +11.5% higher on earnings; GES -7.1% lower on earnings; FRPT -11.2% falls on convertible offering.
Nikkei -0,12% Hang Seng +1,09% CSI +0,26% Shanghai +0,64% Shenzen +0,36%
Eur$ 1,0738 CNH 6,8855 CNY 6,8849 JPY 134,47 GBP 1,2157 CHF 0,9140 RUB 75,75 TRY 18,9875 WTI$ 72,12 +1% Gold 1901,21 BTC 24,838 +0,10% ETH 1,707
S&P +0,08% Nasdaq +0,10% EuroStoxx +0,12% FTSE +0,07% Dax +0,12% SMI
Macro :
- Banks and Hedge Funds Hold a Lot of Risky MBS
- Goldman’s Rubner ‘Shocked’ by Big Market Moves, Blames Liquidity
- UAE Spy Chief’s Firm Buys Into ByteDance at $220 Billion Value
Keep an eye on :
- AC FP : Accor CEO Says China Leisure Travel May Top 2019 Level This Year
- BMW GY : BMW Sees 2023 Automotive Ebit Margin 8% to 10%, Est. 8.67%
- BMW GY : BMW Says EVs, High-End Models to Drive Steady Profit in 2023
- BOL FP : Bollore FY Revenue Misses Estimates
- BOL FP : Bolloré Offers to Buy Up to 9.78% of Capital at €5.75/Share
- CARLB DC : Carlsberg Agreed to Sell Russia Units to Anadolu Efes: Vedomosti
- CAV1V FH : Triton’s Crayfish Supplements Caverion Tender Offer
- ACA FP : Credit Agricole Immobilier to Buy Sudeco From Casino Immobilier
- DFDS DC : DFDS Shares Jump After Betaville ‘Uncooked Alert’
- DSV DC : Flying Tiger Seeks DKK500 Million From DSV in Court, Finans Says
- EOAN GY : EON Targets Adjusted Ebitda of About €9B Until 2027
- EOAN GY : EON Names Erich Clementi as New Chairman of Supervisory Board
- EOAN GY : Germany’s EON Sees Steady 2023 Earnings Amid Exit From Nuclear
- FALG FP : Fermentalg Finalizes €6.3M Convertible Bond Issue
- GN DC : GN Store Nord Board Withdraws DKK7b Capital Raise Proposal
- HEX NO : Hexagon Purus Signs Long-Term Pact With Hino for Trucks in US
- HOLN SW : Caterpillar CEO Says US Construction Shows No Signs of Slowdown
- ILMN US : Icahn Says Illumina Should ‘Get Rid Of’ Grail in Tax-Free Spin
- IMCD NA : IMCD Nominates Valerie Daile-Braun as New CEO
- ITX SM : Inditex FY Ebit Meets Estimates
- ICOS IM : Intercos FY Revenue EU835.6M Vs. EU673.7M Y/y
- LXS GY : Lanxess 1Q Adjusted Ebitda Forecast Misses Estimates
- NEL NO : Nel Signed ~EU34M Contract With HH2E for 120 MW of Equipment
- NTEL NO : Nortel to Start Strategic Review After Getting Buyer Interest
- NOVOB DC : Novo Nordisk Slashes Insulin Cost by 75%: Health Wrap
- PRU LN : Prudential FY New Business Profit Misses Estimates
- PRU LN : Prudential Exposure to SVB, US Small Banks Insignificant: CFO
- SRAIL SW : Stadler Rail FY Ebit Misses Estimates
- TLX GY : Talanx 2023 Net Income Forecast Beats Estimates
- TIT IM : Italy’s Open Fiber Accelerates Fiber Push Targeting Rural Areas
- TikTok IPO : TikTok US Listing or Deal Could Be Around $40-$50 Billion: React
- UNVR US : Apollo to Buy Univar in $8.1 Billion Deal, Including Debt
- WAL US : Ken Griffin’s Citadel Reports 5.3% Stake in Western Alliance