Asian shares and currencies rose, following gains on Wall Street as the latest US inflation data reinforced bets on Federal Reserve policy easing. Stocks climbed in Australia, South Korea and mainland China, while those in Hong Kong also advanced after a holiday. Japanese equities pared gains. Futures contracts for the S&P 500 and Nasdaq 100 also edged higher after both benchmarks scored fresh highs Wednesday. The Bloomberg dollar index fell to a one-month low as the greenback weakened against all its Group-of-10 peers. Asian currencies also rallied, led by the Korean won. The yen traded at the highest level in over a week against the dollar, adding to Wednesday’s 1% advance and shrugging off data showing the Japanese economy contracted in the first quarter. The Australian dollar erased gains after the country’s jobless rate for April missed the median estimate in a Bloomberg survey. Treasuries extended Wednesday’s gains that pushed the policy-sensitive two-year yield down nine basis points as investors brought forward interest rate cut expectations. The swaps market is now predicting two reductions in 2024, up from one earlier in the year. The drop in US yields and the dollar “will be very much well received for risk environment across the region, with clarity on US inflation risks allowing sentiments to bask in optimism” for now, said Jun Rong Yeap, market strategist at IG Asia. “The overall data were perceived to offer room for the Fed to consider earlier rate cuts, with market expectations leaning more firmly for easing to kick start in September this year.” The stronger appetite for risk assets came after US core CPI — which excludes food and energy costs — climbed 0.3% from March, in line with consensus expectations but snapping a streak of three above-forecast readings which spurred concern that inflation was becoming entrenched. The year-over-year measure cooled to the slowest pace in three years. The latest inflation report may offer US policymakers hope that consumer prices are resuming the downward trend, which would help pave the way for rate cuts. Separate retail sales data indicated some softening of the resilient consumer demand that’s been bolstering the economy. The next CPI figures will be released exactly on the same day when the Fed meets to decide on interest rates — June 12. Fed Bank of Minneapolis President Neel Kashkari repeated the central bank likely needs to keep rates at the current level for “a while longer,” and questioned how much they’re restraining the US economy. In corporate news, Boeing Co. faces possible criminal prosecution after the US Justice Department found the company violated a deferred-prosecution agreement tied to two fatal crashes half a decade ago. Walt Disney Co. Chief Executive Officer Bob Iger said marketing expenses at the flagship Disney+ streaming service are too high and will be cut. Back in Asia, shares of Chinese developers jumped on optimism that Beijing will provide policy support for the purchase of unsold homes from distressed builders. A Bloomberg gauge tracking the sector rose as much as 13% to the highest level since December 2023.
Oil edged higher on a bigger-than-expected draw in commercial crude stockpiles. Gold prices also climbed early Thursday, placing the precious metal on pace for its third daily advance. US After Hours CSCO +4.5% up nicely on earnings; ASTS +37.2% pops on AT&T deal; CB +6.6% on Berkshire Hathaway position.
Nikkei +1.15% Hang Seng +1.90% CSI +0.85% Shanghai +0.57% Shenzen +0.92%
Eur$ 1.0883 CNH 7.2147 CNY 7.2149 JPY 153.97 GBP 1.2685 CHF 0.9007 RUB 91.1887 TRY 32.1682 WTI$ 79.07 +0.56% Gold 2,394 +0.32% BTC 65,893 -0.14% ETH 3,010 -0.44%
S&P +0.14% Nasdaq +0.20% EuroStoxx +0.12% FTSE +0.32% Dax -0.10% SMI +0.27%
Macro :
- Xi Tells Putin That China-Russia Ties Should Last ‘Generations’
- Michael Burry Boosts Bets on China Big Tech as Stocks Rebound
- China Property Stocks, Bonds Jump on Proposal for Home Purchases
- Shooting of Slovak Premier Brutally Exposes Political Divide
- Shooting of Slovak Premier Brutally Exposes Political Divide
- US Inflation Data Was Accidentally Released 30 Minutes Early
Keep an eye on :
Keep an eye on :
- ADKO AV ; Balkans Battle for Addiko Ruffled by Bid From Slovenian Lender
- ADYEN NA : Adyen Analyst Optimism Has Yet to Win Over Cautious Investors
- AGN NA : Aegon 1Q Adj. Oper Capital Generation EU256M Vs. EU292M Y/y
- AOX GY : Alstria Office 1Q FFO EU20.2M Vs. EU25.4M Y/y
- AAL LN : Anglo American Freezes Hiring Globally, Reuters Reports
- ARJOB SS : Arjo Won’t Extend Provizio Distribution; Sees No Outlook Impact
- AVOL SW : Avolta AG 1Q Sales Beats Estimates
- BCP PL : BCP 1Q Net Income Beats Estimates
- BRNK GY : BRANICKS Group 1Q FFO EU9.0M Vs. EU12M Y/y; Confirms FY Outlook
- BT/A LN : BT FY Adjusted Ebitda Meets Estimates
- CGG FP : CGG Changes Name to Viridien
- CT1S FH : Citycon 1Q EPRA EPS EU0.138 Vs. EU0.150 Y/y
- DTE GY : Deutsche Telekom 1Q Adj. EBITDA AL Misses Estimates
- ELIOR FP : Elior 1H Adjusted Ebita EU100M Vs. EU41M Y/y
- E2N GY : Endor to Get Financing From Corsair for Restructuring
- ENI IM : Italy Sells €1.4 Billion Eni Stake In Bid to Cut Debt
- EQT SS : Buyout Firms Hunt for New Ways to Exit With IPOs Still in Slump
- ERG IM : ERG 1Q Adjusted Revenue Beats Estimates
- ERG IM : ERG Sees Ebitda Between €600m and €650m in ‘26 in New Plan
- ERG IM : ERG Can Manage Debt-Covenant Strain From New Ebitda Goal
- ERICB SS : Watch Ericsson and Nokia After Cisco’s Quarterly Results
- RF FP : Eurazeo Assets Under Management EU34.81B
- GET FP : Eurostar plans up to 50 new trains and more services to tap ‘huge’ demand - FT
- EVK GY : Evonik Holder RAG-Stiftung Offers Up to 23m Shares
- FNTN GY : Freenet 1Q Ebitda Meets Estimates
- GYC GY : Grand City Properties 1Q Profit EU44M
- GSF NO : Grieg Seafood 1Q Operational Ebit Misses Estimates
- HOLN SW : Holcim Starts Construction of €500 Million Net-Zero Cement Plant
- IDEX NO : IDEX Bio Upsized Offer of 33.3m Shares Prices at NOK1.65/Share
- KBC BB : KBC Maintains FY Net Interest Income Forecast
- KESKOB FH : Kesko April Comparable Sales +2.8%
- MDM FP : Maisons du Monde 1Q Sales EU247.7M Vs. EU273.7M Y/y
- MEKO SS : Meko 1Q Revenue SEK4.32B Vs. SEK3.97B Y/y
- MBG GY : Why Mercedes' $100,000 Electric Jellybean Crashed: Chris Bryant
- NFLSK DC : Nilfisk 1Q Revenue Misses Estimates
- NOVOB DC : Novo’s Wegovy Will Bankrupt Health System, Senator Sanders Says
- NOS PL : NOS CEO Almeida Sees Consolidation in Portugal’s Telecoms Sector
- PNDORA DC : Pandora Makes Biggest Investment Ever With a New Vietnam Plant
- PTON US : Peloton Taps JPMorgan for $850 Million Loan Sale to Tackle Debt
- ROG SW : Roche Drug Shows Significant Weight Loss in Phase I Obesity Test
- IDS LN : Royal Mail Owner Welcomes £3.5 Billion Bid From Kretinsky (2)
- SEBA SS : Sweden’s SEB Opens Zurich Office to Serve Wealthy Nordic Expats
- SIE GY : Siemens Sees Factory Orders Drop as China Weakness Continues
- SIE GY : Siemens to Sell Innomotics to KPS for €3.5B Enterprise Value
- SRG IM : Snam Boosts FY Adjusted Net Income Forecast
- SREN SW : Swiss Re Sees FY Net Income Above $3.6B; to Withdraw From iptiQ
- SWECB SS : Sweco 1Q Operating Profit Beats Estimates
- SYENS BB : Syensqo 1Q Underlying Ebitda EU363M Vs. EU473M Y/y
- TIP IM : Tamburi 1Q Total Revenue EU0.39M Vs. EU0.33M Y/y
- TOBII SS : Tobii 1Q Sales Misses Estimates
- TOD IM : Tod's 1Q Sales Misses Estimates
- TOD IM : Tod's 1Q Sales Misses Estimates
- UBI FP : Ubisoft Sees 1Q Net Bookings About EU275M, Est. EU375.5M
- VK FP : Vallourec 1Q Ebitda Misses Estimates
- VASTB BB : Vastned Retail to Combine With Vastned Belgium in Reverse Merger
- VASTN NA : Vastned Sees FY EPS EU1.75 to EU1.85
- VEON US : Veon 1Q Revenue $942M Vs. $884M Y/y
- ZEAL DC : Zealand Pharma 1Q Pretax Loss DKK230M, Est. Loss DKK242.3M
- ZURN SW : Zurich Ins. Says on Track to Meet or Exceed FY Growth Guidance