Stocks in Asia declined as investors weighed if the artificial intelligence rally still has room to run. Chinese stocks fluctuated ahead of a press briefing on Thursday. MSCI’s Asia Pacific Index fell for a third session, with chip stocks including SK Hynix Inc. and Samsung Electronics Co Ltd notching losses after tepid outlook from key equipment supplier ASML Holding NV. Futures for US stocks edged higher, while those for European equities slipped. Treasuries were steady during trading in Asia. Chinese shares swung between gains and losses on Wednesday, while a Bloomberg gauge of China’s property shares rose as markets prepared for Thursday’s news conference by the nation’s housing minister. The focus will be on promoting what was called the steady and healthy development of the sector. Volatility in Chinese stocks has been high since late September, when a series of stimulus measures by the central bank unleashed a burst of optimism that’s now quickly cooling. Expectations are now growing to see if authorities are willing to deploy greater firepower to turn around the economy and markets.
Any announcements “may only help property stocks for one or two days, but not the overall market,” said Kenny Wen, head of investment strategy at KGI Asia Ltd, referring to the briefing. “Only the property sector will be benefit and investors are still waiting for several trillion fiscal package.” The warning from Netherlands-based ASML threw cold water on the mounting rally from a summer selloff. ASML’s peers including Tokyo Electron Ltd. and top foundry Taiwan Semiconductor Manufacturing Co. fell during Asian trading hours. In the US, Nvidia Corp. lost 4.7%, signaling a slowdown for some of the biggest bellwethers of the industry. In the US, the S&P 500 slipped to around 5,815 and the Nasdaq 100 lost 1.4%. The dollar steadied after climbing to its highest level in about two months after former President Donald Trump defended proposals to dramatically raise tariffs on foreign imports. Separately, Fed Bank of Atlanta President Raphael Bostic said he expects the US economy to slow this year but to remain robust, adding that the downward path for inflation could see some bumps. Back in Asia, the yen traded at around 149 per dollar after Bank of Japan Board Member Seiji Adachi emphasized the need for taking a gradual approach to raising the benchmark interest rate. New Zealand’s dollar and sovereign bond yields fell after the annual inflation rate declined sharply in the third quarter, returning to the central bank’s target band for the first time in more than three years. Elsewhere, three of Southeast Asia’s biggest economies will unveil monetary policy decisions later Wednesday. Indonesia and Thailand are expected to keep rates on hold, while a cut is seen in the Philippines. Oil climbed — after falling by more than 4% on Tuesday — as Israel said it would make its own decision on how to attack Iran, keeping open the possibility that energy infrastructure may be targeted. Crude has had a roller-coaster ride this month, with prices buffeted by tensions in the Middle East, as well as China’s efforts to revive growth in the largest importer. Traders have also been weighing the market’s outlook into next year, with the International Energy Agency flagging prospects for a global glut. In other commodities, iron ore futures advanced to just below $107 a ton in Singapore after swinging between gains and losses. Meanwhile, gold advanced. US After Hours JBHT +6.6% higher on earnings; PENG -16.3%, IBKR -3.3%, HWC -2%, OMC -1.9%, UAL -0.8% lower on earnings; NVCR +25.9% on FDA approval.
Nikkei -1.81% Hang Seng +0.30% CSI -0.82% Shanghai -0.16% Shenzen -0.64%
Eur$ 1.0890 CNH 7.1300 CNY 7.1189 JPY 149.36 GBP 1.3073 CHF 0.8624 RUB 97.0000 TRY 34.2261 WTI$ 70.87 +0.41% Gold 2,668 +0.21% BTC 67,143 +0.99% ETH 2,618 +1.76%
S&P +0.07% Nasdaq +0.24% EuroStoxx -0.74% FTSE -0.30% Dax -0.24% SMI -0.53%
Macro :
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- Stifel Warns S&P 500 Set for 26% Plunge Next Year After 2024 Run
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- Tom Brady Approved by NFL to Buy Stake in Las Vegas Raiders
Keep an eye on :
Keep an eye on :
- ADS GY : Adidas Boosts FY Operating Profit Forecast
- ANTO LN : Antofagasta 3Q Copper Production Misses Estimates
- ASML NA : ASML 3Q Bookings Misses Ests,; Cuts 2025 Guidance (2)
- AV/ LN : The UK Is Losing the Race Against Devastating Floods
- BATS LN : BAT on Track for FY Low-Single Digit Organic Revenue Growth
- BG AV : Bawag Seeks Approval to Buy Car Loans From Mercedes Bank Austria
- BYS SW : Bystronic 9M Orders Fell Y/y; to Cut About 500 Jobs
- ATD CN : Seven & i Shareholder Artisan Urges Engagement With Couche-Tard
- CVC NA : CVC hires Société Générale to sell the Vitalia residences
- DRW3 GY : Draegerwerk Prelim 3Q Ebit About EU24M; Confirms FY Outlook
- ERA FP : Eramet Cuts Weda Bay Nickel Guidance on License Curbs
- EAPI FP : Euroapi Names Olivier Falut as CFO
- SFER IM : Ferragamo 3Q Revenue Misses Estimates
- FNAC FP : Fnac Darty Sees FY Current Operating Income Above EU180M
- GVOLT PL : Greenvolt Says Shareholders Should Take Own Decision on KKR Bid
- HOLN SW : Holcim Said to Consider Dual Listing of $30 Billion US Business
- INTC US : Qualcomm Said to Wait for US Election to Decide Intel Move
- IPS FP : Ipsos Cuts FY Organic Revenue Forecast
- IG IM : Italgas Holder Offers About 24.7m Shares: Terms
- TKWY NA : Just Eat Takeaway 3Q Gross Transaction Value Misses Estimates
- MC FP : LVMH 3Q Fashion & Leather Organic Sales Misses Estimates
- MC FP : LVMH Set to Pay €800 Million Tax Increase to Ease France’s Debt
- NEL NO : Nel 3Q Ebitda Loss NOK90M
- NEXT NO : Next Biometrics Group Offering Prices at NOK7.30/Share
- RXL FP : Rexel Sees FY Adj Ebita Margin 5.9%, Saw Low End of 6.3% to 6.6%
- RIO LN : Rio Tinto 3Q Pilbara Ore Shipments Meets Estimates
- RIO LN : Escondida Copper Output Rises 15% in Third Quarter, Rio Says
- SBBB SS : SBB Spinoff’s Prudent Boss Plans to Forgo Near-Term Dividends
- STLA US : Stellantis Says 3Q Consolidated Shipments Declined 20% Y/Y
- SF SS : Stillfront Prelim 3Q Sales Misses Estimates
- TECN SW : Tecan Lowers 2024 Outlook, Starts Cost-Cutting Program
- VIV FP : Vivendi to Hold Dec. 9 Vote on Split Project
- VOD LN : Masorange, Vodafone Plan to Sell Fiberco Stake: Confi
- VOW GY : EU sticks to 2035 deadline for ban on sale of new petrol-driven cars
- WTBLN : Whitbread 1H Revenue Meets Estimates