Asian stocks and currencies tumbled as signs of fading momentum in China’s economy added to angst over elevated US interest rates and tensions in the Middle East. The MSCI Asia Pacific Index slid the most since August, with every major market seeing losses, after a slew of China’s economic indicators showed that the nation’s economic recovery remains patchy. Futures contracts for US and European equities fell in Asian trading after the S&P 500 slid more than 1% in a volatile session overnight following robust retail sales data. A global gauge of emerging market currencies dropped, with South Korea’s won and the Indonesia rupiah weakening to multi-year lows. Traders also blamed the yuan’s fall for the regionwide selloff after China unexpectedly weakened its defense as a resurgent dollar and poor sentiment pushed it toward a policy red line. A slew of China’s economic data points showed that the nation’s economic rebound remains uneven. While both gross domestic product and fixed assets investment beat forecasts, data on retail sales and industrial output fell short of estimates. A gauge of the dollar climbed to its highest level since November. The resurgent strength in the currency, driven by haven demand amid rising geopolitical tensions in Middle East, wreaked havoc across Asia. Indonesia’s rupiah weakened past 16,000 per dollar for the first time since 2020, prompting the nation’s central bank to intervene. The South Korean won dropped to its lowest since 2022, while the Indian rupee tumbled to a record low against the dollar. The Japanese yen remained under pressure, after surging to a new 34-year low against the dollar overnight. West Texas Intermediate rose in Asia after reclaiming its $85 mark on Monday. Top Israeli military officials reiterated the country has no choice but to answer Iran’s weekend attack. Gold was steady. Treasuries steadied in Asian trading after the 10-year yields spiked on Monday, while those on two-year notes came close to 5%. Bonds were also under pressure as JPMorgan Chase & Co. and Wells Fargo & Co. tapped the US high-grade bond market, the first in a likely parade of bond sales from banks after results.
US retail sales rose by more than forecast in March and the prior month was revised higher, showcasing resilient consumer demand that keeps fueling a surprisingly strong economy. As long as a robust labor market supports household demand, there’s a risk that inflation will become entrenched. US After Hours MCBC +39.1% rocketing on merger agreement with WTFC; MITK -4% down modestly on DecQ results
Nikkei -1.86% Hang Seng -1.59% CSI -0.28% Shanghai -0.74% Shenzen -2.41%
Eur$ 1.0618 CNH 7.2701 CNY 7.2375 JPY 154.30 GBP 1.2438 CHF 0.9125 RUB 93.5066 TRY 32.4296 WTI$ 85.95 +0.63% Gold 2,387 +0.14% BTC 62,685 -0.75% ETH 3,044 -1.28%
S&P -0.08% Nasdaq -0.05% EuroStoxx -1.13% FTSE -1.03% Dax -0.97% SMI -0.72%
Macro :
- European Alternative Real Estate Could Stay Top Draw, Drive M&A
- Hedge Funds Sell Global Stocks for Third Week, Goldman Data Show
- Hedge Funds Sell Global Stocks for Third Week, Goldman Data Show
- EU Leaders Set to Revive Capital Markets Union Plan: FT
- Israel Startup Raises $21 Million to Offer AI Investing Research
- Schwarzman Says There’s Huge Concern About AI, Needs Regulation
Keep an eye on :
Keep an eye on :
- ABBN SW : ABB Invests in Ireland’s GridBeyond; No Deal terms
- ALO FP : Siemens, Fortress, Wabtec Said to Vie for Alstom US Signal Unit
- ALO FP : Siemens, Fortress, Wabtec Said to Vie for Alstom US Signal Unit
- AMUN FP : Amundi to Combine Amundi US With Victory Capital, Get 26% Stake
- ANTIN FP : Antin Infrastructure Partners Announces Investment in Portakabin
- AAPL US : Apple’s Tim Cook Says He Seeks to Boost Vietnam Investment: VTV
- ARGX BB : Argenx Says Adhere Study Demonstrates Rapid Clinical Improvement
- BEI GY : Beiersdorf Sees FY Organic Sales +6% to +8%, Est. +6.41%
- BIM FP : BioMérieux Holder Sitam Belgique Offers 940,000 Shares: Terms
- BIM FP : BioMerieux Offering by Holder Sitam Belgique Prices at €103/Shr
- BA US : Boeing Defends 787 Safety, Seeks New Check After Review
- CAST SS : Castellum Signs 3 Contracts to Rent Out Real Estate in Bromma
- DOCM SW : DocMorris AG 1Q Revenue CHF262.4M
- DRW3 GY : Draegerwerk Prelim 1Q Ebit About EU15M
- DSFIR NA : DSM-Firmenich Completes Buyback of 500,000 Shares at €103.29/SHR
- ENI IM : Eni Aims to Sell Stakes in Biofuel, Bioplastic Units: Reuters
- ERICB SS : Ericsson 1Q Adjusted Ebit Beats Estimates
- FAST NA : Fastned 1Q Revenue Related to Charging EU18.9M Vs. EU13.3M Y/y
- FRE IM : Fresenius Launches Tocilizumab Biosimilar in the US
- LMT US : Lockheed Martin Awarded $17B US Missile Defense Contract: Rtrs
- LHA GY : Lufthansa Falls After Seeing Profit Drop Due to Strikes
- MFEB IM : MFE Discussed Funding for Prosieben Bid With Banks: Reuters
- MSFT US : G42 Made Secret Pact to Divest From China Before Microsoft Deal
- NIO US : Xiaomi’s Success Means More Trouble for Battered China EV Stocks
- NDX1 GY : Nordex Group 1Q Order Intake of 2,1 GW vs. 1 GW in 1Q 2023
- PLNW FP : Planisware Launches IPO on Euronext Paris
- PSM GY : ProSieben Prelim 1Q Sales Beats Estimates
- 1910 HK : Buyout Interest in Samsonite Said to Wane on Valuation Concerns
- SIKA SW : Sika 1Q Sales Meets Estimates
- STLA IM : Alfa Romeo Renames SUV Model to Defuse Tension With Italy
- TE FP : TechnipFMC awarded a large contract in Guyana’s Stabroek Block by Exxon Mobil Corporation (XOM) affiliate ExxonMobil Guyana Limited to supply subsea production systems for the Whiptail project
- TEF SM : Spain Raises Stake in Telefonica to 5% to Surpass Saudi Holding
- TSLA US : Tesla-Related Stocks in China Slide After EV Maker’s Job Cuts
- TSLA US : Xiaomi’s Success Means More Trouble for Battered China EV Stocks
- UBSG SW : UBS May Need $15b-$25b More Capital, Finance Minister Says: Tagi
- WG/ LN : Sparta Capital Urges John Wood to Explore Sale, US listing: Sky