Asian stocks joined a global equity rally, with investors anticipating a potential interest-rate cut by the Federal Reserve later this week.
The MSCI Asia Pacific Index rose as much as 0.2% to trade above an all-time high close reached in February 2021. A global index of equities held steady after closing at its highest level Friday. There was no Treasury cash trading in Asia, with Japan closed for a holiday. Chinese shares rose 0.9%, shrugging off weak factory and consumer data. The Hong Kong dollar extended its gains to hit a four-month high as supply of the currency continued to tighten toward the end of the quarter. French bond futures opened mostly steady in Asian trading after Fitch Ratings downgraded France to A+ from AA-. Contracts for US stocks edged up 0.1% and those for Europe gained 0.3%. The key question for investors this week is whether Fed officials will push back against market bets on a series of rate cuts extending into next year. The Fed’s decision on Wednesday will set the tone for global markets, but it won’t be the only major event on the calendar. The Bank of Canada, the Bank of England and the Bank of Japan are also scheduled to announce policy decisions, making this a pivotal week for central banks worldwide. In China, economic activity slowed more than expected for a second straight month with a sharp slump in investment. On the tariff front, the US-China talks focused on trade, the economy and the status of ByteDance Ltd.’s TikTok, which faces a deadline this week to reach a deal to continue operations in the US. Officials were also expected to lay the groundwork for a potential meeting between President Donald Trump and Xi Jinping as soon as October. The Trump administration is expected to again extend a Sept. 17 deadline for Bytedance to divest the US assets of TikTok or shut it down, Reuters reported, citing an unidentified person familiar with the matter. Separately, Asian primary bond markets had a busy start this week with about a dozen issuers offering notes across currencies or mandating banks for potential deals. That’s adding to a global deal rush this month, as borrowers make the most of tight spreads that are signaling confidence in companies’ credit strength. Still, the Fed’s policy meeting will remain the key focus as markets question whether officials push back against bets of easing at each remaining meeting this year. A quarter-point reduction is seen as a sure thing when the Fed announces its policy decision Wednesday, with a small potential for a half-point move amid signs US job growth is slowing rapidly. The Fed is likely to deliver a dovish cut with at least one member in favor of a 50 basis point reduction, and new forecasts that imply a steeper easing path to guard against a weakening labor market, said Elias Haddad, a senior market strategist at Brown Brothers Harriman. “A dovish Fed policy stance can drag US dollar lower and support risk assets.” Trump predicted a “big cut” from the Federal Reserve this week ahead of a pivotal meeting at which the central bank’s governors are expected to ease policy for the first time in nine months. Elsewhere, Fitch Ratings downgraded France to A+ from AA- late Friday. The score is now a notch lower than the UK and on par with Belgium, indicating the upheaval of repeated government collapses has locked the country into an enduring battle to contain a swelling debt burden. France’s 10-year benchmark bonds offer one of the highest yields in the euro area, akin to Lithuania, Slovakia and Italy. The premium paid over German peers has nearly doubled since President Emmanuel Macron called elections last year, a sign of weaker investor demand.
Nikkei +0.89% Hang Seng +0.15% CSI +0.38% Shanghai -0.13% Shenzen +0.54%
Eur$ 1.1734 CNH 7.1219 CNY 7.1214 JPY 147.41 GBP 1.3565 CHF 0.7963 RUB 83.3687 TRY 41.3741 WTI$ 63.03 +0.54% Gold 3;643.20 -- BTC 116,170 +0.27% ETH 4,654 +0.75%
S&P +0.11% Nasdaq +0.11% EuroStoxx +0.37% FTSE -0.03% Dax +0.35% SMI +0.25%
Macro :
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- Busiest IPO Week Since 2021 Mints $4 Billion for Six Newcomers
- France’s Debt Woes Mount as Fitch Downgrades Credit Rating
- Spain Scores Credit-Rating Upgrade from S&P Global Ratings
- China Slams US for Imposing New Sanctions Ahead of Spain Talks
- Watch French Stocks After Fitch Cuts France’s Credit Rating
- Switzerland’s Central Bank Learns to Live With a Strong Franc
- German Ruling Parties Lose Support in Vote in Merz’s Home State
- Iran Warns Sanctions Would Derail Ties With UN Atomic Watchdog
- Won Should Stay Steady Even Amid Unlimited Swap Proposal: Woori
Keep an eye on :
Keep an eye on :
- ABVX FP : Abivax to Join CAC Mid 60, SBF 120 Indices
- ABN NA : ABN Amro to Reorganize Risk Roles, Says Job Cuts Are Possible
- AIR FP : Airbus Defence Eyes Thales, Leonardo Deal by Year-End: Corriere
- AI FP : France’s Air Liquide Weighs Sale of Biomethane Business: Reuters
- AAL LN : Anglo-Teck Merger Looks Likely to Go Ahead After Both Stocks Gain
- AAPL US : Apple AI and Search Executive Robby Walker to Leave iPhone Maker
- AAPL US : Apple AI and Search Executive Robby Walker to Leave iPhone Maker
- AZN LN : AstraZeneca Pauses £200 Million Investment in UK Headquarters
- 1211 HK : BYD : BYD’s $45 Billion Stock Wipeout Raises Doubts on China Outlook
- CAN LN : Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery -- WSJ
- CARLB DC : Carlsberg Evaluating IPO of India Arm. Moneycontrol Reports
- CTVA US : Corteva, a $50 Billion Seed-and-Pesticide Maker, Is Exploring a Breakup -- WSJ
- ACA FP : American Tower among potential bidders in latest attempt to sell TDF Infrastructure, Ardian and EQT are also possible suitors in a deal that could fetch €10bn for the company’s owners - FT
- DPP LN : DP Poland Sees Earnings in Line With Expectations
- EL FP : The battle for Armani: will his anointed suitors swoop on late designer’s empire? - FT
- ETL FP : Eutelsat et Multimedios Televisión reconduisent leur partenariat
- XOM US : Exxon Says Graphite Invention Increases EV Battery Life by 30%
- GALP PL : Galp Says It Reached Farm-In Agreement for Block in Sao Tome
- IDR SM : Indra Denies Oesia Acquisition Talks; Telia Down: EMEA Tech Wrap
- JAMF US : Vista-Backed Jamf Working With Citigroup to Explore Sale: Rtrs
- JD US : Sainsbury’s in Talks to Sell Argos Unit to China’s JD.com
- LDO IM : Airbus Defence Eyes Thales, Leonardo Deal by Year-End: Corriere
- UN CN : Lundin Mining Approves Ron Hochstein as Vicuna CEO
- MC FP : The battle for Armani: will his anointed suitors swoop on late designer’s empire? - FT
- Medline IPO : Medline readies IPO in coming months in test of investor appetite, Offering seen as signal of whether large private equity groups can begin exiting largest deals - FT
- MSFT US : OpenAI to Gain $50 Billion From Cutting Revenue Share with Microsoft, Partners
- NESN SW : Nestlé investors call for chair to step down over executive turmoil - FT
- NOVB DC : Triple dose of Novo Nordisk drug delivers 19% weight loss in trials
- ORSTED DC : Trump Files to Cancel Approval of Maryland Offshore Wind Farm
- PARA US : Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery -- WSJ
- PFE US :Pfizer Is Growing More Reliant on Vaccines as Controversies Swirl, Vaccines could comprise a quarter of Pfizer’s revenue by 2030 as patents expire on other drugs. - Barron's
- 9992 HK : Pop Mart : Labubu has nothing to fear from Wakuku or Lafufu, Pop Mart’s elflike doll has its rivals but the greatest threat may be the temporary nature of viral toy crazes - FT Lex
- 9992 HK :Pop Mart : Labubu May Have Peaked for Now, but Pop Mart Is Here to Stay, With international expansion at a steady pace and a roster of popular artist IPs beyond Labubu, the Chinese blind box and plush toy maker is looking at $4.18 billion in 2025 revenue with ease. - WWD
- 9992 HK : PopMart : -7.15%
- RHM GY : Rheinmetall Agrees to Buy NVL; No Terms Disclosed (Sept. 14)
- RIVN US : Subsea 7 Awarded ‘Major’ Project Under Agreement With Aramco
- RUI FP : French Fuel Retailer Rubis Is Said to Attract CVC, Trafigura --> +3.9% pre open
- RYA ID : Spanish airport owner accuses Ryanair of ‘lies’ over flight cuts - FT
- SFOR LN : S4 Capital 1H Ebitda GBP20.8M
- SBRY LN : Sainsbury’s in Talks to Sell Argos Unit to China’s JD.com & FT
- SBRY LN : Sainsbury’s Ends Talks With JD.com Over Selling Argos Unit
- SRG IM : Italy’s Snam Plans to Delay Open Grid Europe Deal, Sole Says
- SOON SW : Bernard Starts as Sonova CEO, Effective September 15
- STLA US : Stellantis Will Discontinue Development of Full-Size BEV Pickup
- STAL US : Jeep’s Comeback Plan: First, Bring Back the Cherokee, After sales fell and dealers revolted, the company reverses course and revives the popular model - WSJ
- SUBC NO :
- SumUp IPO : UK fintech SumUp explores listing at up to $15bn valuation, Card reader company wants to raise cash to buy up competitors - FT
- SWP FP : Sword Group: New Acquisition in Switzerland
- TSLA US : Tesla chair says $1tn pay award will push Musk to do ‘impossible things’ - FT
- TSLA US : Tesla’s German Car Plant Boosts Production Plan, Chief Tells DPA
- TSLA US : Starlink Says Services Disrupted, Cause Under Investigation (1)
- HO FP : Airbus Defence Eyes Thales, Leonardo Deal by Year-End: Corriere
- UBSG SW : UBS Has No Choice But to Leave Switzerland, Investor tells NZZ
- UNP US : Union Pacific CEO, Trump Discussed $72 Billion Rail Deal
- UNH US : UnitedHealth Is Spending Big on Trump Allies to Fix Its Washington Problems -- WSJ
- VIE FP : Veolia in Deal for Water Recycling Project in Middle East
- VIRP FP : Virbac 1H Adjusted Current Operating Income EU135.0M
- VOW3 GY : VW China Boss Expects Global Car Market to Worsen: Süddeutsche
- WHR US : Whirlpool Tells U.S. Authorities Its Rivals Could Be Evading Tariffs -- WSJ
- XPEV US : China’s Xpeng Partners With Magna to Produce EVs in Austria