Stocks and currencies in Asia rallied after an unexpected inflation slowdown bolstered bets that the Federal Reserve’s aggressive hiking cycle is over. Treasuries extended their advance. MSCI Inc.’s Asia Pacific Index jumped about 2%, with all markets in the green. Futures for US stocks also advanced after the S&P 500 climbed the most since April. South Korea’s won led gains among Asian currencies. The offshore yuan strengthened to its highest since August. Traders are now gearing up for what may be a fundamental shift in the investment landscape. Fed swaps indicate the odds of another hike have fallen to almost zero — with the market pricing in a 50 basis-point rate cut by July. Fed officials welcomed the latest data showing receding inflation, while adding that there’s still a ways to go before it reaches the central bank’s 2% target. Sentiment was further supported by the Chinese central bank’s decision to inject the largest amount of cash since 2016 into the banking system as it sought to boost growth, while maintaining the rate on one-year policy loans. The latest economic report pointed to a mixed recovery in China, with retail sales beating estimates but the contraction in property investment deepening. The meeting between Chinese President Xi Jinping and his US counterpart Joe Biden is also closely watched for potential thawing of tensions. Tencent Holdings Ltd. reports earnings later in the day. The ten-year Treasury yield fell another 2 basis points, adding to Tuesday’s 19 basis point plunge. Australian and New Zealand bonds rallied while Japan’s 10-year yield slipped to the lowest level in a month. The dollar extended its weakness in Asia after declining 1.2%, its biggest drop in a year. The yen fell, partly unwinding its strong rally seen in the previous day. The Japanese currency remained on the back foot after the nation’s third-quarter economic growth shrank. Equities have rallied in November on bets the Fed is done with rate hikes, with the S&P 500 up more than 7% in the span — and heading toward its best month since October 2022. Tesla Inc. led gains in megacaps on Tuesday and Nvidia Corp. rallied for a 10th straight session. Investors also turned the most bullish on bonds since the global financial crisis amid “big conviction” that rates will move lower in 2024, according to the latest Bank of America Corp. fund manager survey. Meanwhile, US Houselawmakers overcame partisan animosity Tuesday to pass a temporary government funding bill that greatly lowers the risk of a shutdown. The legislation now goes to the Senate where majority Democrats are expected to back it, even though it doesn’t include the Ukraine and Israel aid they support. Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlooks. Gold edged higher. US After Hours Pretty quiet after hours; ALC -4.6% lower on earnings, also VREX -10.3%, GETY -6.3%, NU -2.7%; ARCT +14.2%, DADA +2.7% higher on earnings.
Nikkei +2.52% Hang Seng +3.59% CSI +0.61% Shanghai +0.47% Shenzen +0.58%
Eur$ 1.0875 CNH 7.2469 CNY 7.2434 JPY 150.69 GBP 1.2489 CHF 0.8888 RUB 90.6067 TRY 28.6464 WTI$ 78.62 +0.46% Gold 1,967 +0.13% BTC 35,620 +0.10% ETH 1,985 +0.16%
S&P +0.31% Nasdaq +0.35% EuroStoxx +0.12% FTSE +0.24% Dax +0.10% SMI +0.27%
Macro :
- Elliott’s Top London Trader Bayliss Left Firm This Month: FT
- Hedge Funds Add Amazon, Meta, Cut TSMC: 13F Wrap
- Plans for London’s Largest Development Project Shrink Again
- European Travel, Leisure EPS Momentum Faces Myriad Challenges
Keep an eye on :
Keep an eye on :
- AGFB BB : Agfa-Gevaert 3Q Revenue Misses Estimates
- AIR FP : Airbus Nears Accord with Ethiopian for Widebody Aircraft
- AIR FP : Airbus Nears Accord with Ethiopian for Widebody Aircraft
- AKSO NO : Aker Solutions Wins Norfolk Vanguard East Offshore Wind Contract
- ALB US : Billionaire Lithium Crashers Hamper Australian Deals, Miners Say
- ALKB DC : ALK-Abello 3Q Ebitda Beats Estimates
- ALSN SW ; Also to Buy Target Holding GmbH; No Terms
- ALO FP : Alstom Charts Cost-Cutting Course to Slash €2 Billion in Debt
- ALL LN : Atlantic Lithium Rejects Major Holder Assore’s Non-Binding Bid
- ASML NA : Samsung Electronics Sold 1.17m Shares of ASML in 3Q (Nov. 14)
- AUSS NO : Austevoll Seafood 3Q Ebit NOK592M
- BARC LN : Barclays Starts Marketing Dollar AT1 Bond After UBS Issuance
- BONAVA SS : Bonava 3Q Adjusted Operating Profit SEK32M
- CLI LN : CLS Holdings Sees Earnings in Line With Expectations
- COFA FP : Coface 9M Revenue Misses Estimates
- DMP GY : Dermapharm 9M Adjusted Ebitda EU243.8M
- DFDS DC : DFDS Narrows FY Ebitda Before Significant Items Forecast
- ENEL IM : Italy’s Enel Picks HSBC to Sell India Green Portfolio: Mint
- FCT IM : Fincantieri 9M Revenue EU5.38B Vs. EU5.32B Y/y
- GLEN LN : Canada to ‘Carefully’ Review Glencore Deal for Teck’s Coal
- GCY GY : Grand City Properties 9M Adjusted Ebitda EU240M
- HOLN SW : Holcim Agrees to Divest Businesses in Uganda, Tanzania
- HUDL NO : Huddlestock Fintech Cancels Planned Subsequent Share Offering
- IFX GY : Infineon 4Q Revenue Beats Estimates, Infineon Sees 2024 Segment Result Margin About 24%, Est. 24.6%
- 992 HK : Lenovo Profit Likely Fell Sharply in Weak PC Market: Preview
- MC FP : Lanvin Group Rises 29%, Most Since Dec. 27: Chinese US Listings
- LSG NO : Leroy 3Q Operational Ebit Misses Estimates
- MANU US : Billionaire Leon Cooperman Takes Stake in Manchester United
- MELE BB : Melexis Owners Rearrange Holding Structure (Nov. 14)
- MSFT US : OpenAI’s Altman Says Pausing New ChatGPT Plus Sign-ups
- NHY NO : Norsk Hydro Received Notice of Markbygden Ett Reorganization
- QFUEL NO : QUANTAFUEL AS 3Q Ebitda Loss NOK76.8M Vs. Loss NOK63.9M Y/y
- RWAY IM : *RAI WAY, EI TOWERS ADVISERS RESUME DEAL TALKS: STAMPA
- RECSI NO : REC Silicon 3Q Ebitda Loss $17.8M Vs. Loss $8.5M Q/Q
- RNO FP : Nissan Finance Boosts Stake in Renault to 15%: AMF
- RNO FP : *RENAULT STILL TARGETS 1H24 FOR AMPERE IPO Renault’s Ampere Sees >10% Profit Margin from 2030 Onwards
- ENR GY : Siemens Energy Sees Fiscal 2024 Net Income of Up to €1b, Siemens Energy Sees Profit in 2024 After Government Intervention
- ENR GY : Siemens, Siemens Energy to Demerge India Business Until 2025
- SIE GY : Siemens, Siemens Energy to Demerge India Business Until 2025
- SOW GY : SoftwareONE 3Q Adjusted Ebitda Margin 20.5%
- SYNT LN : Synthomer Says Performance is Consistent With Expectations
- TIP IM : Tamburi 9M Total Revenue EU1.18M
- TPRO IM : Technoprobe Approves €384.7M Capital Raise for Teradyne
- TTE FP : TotalEnergies Texas FCC Work to Continue to Late Nov.: Reuters
- YPSN SW : Ypsomed 1H Ebit Beats Estimates