TheChek News Flow

Asian stocks fell along with Treasuries as investors digested further signs of weakness in China and the prospect of higher US interest rates. Shares in Japan, Australia and South Korea all retreated, while Chinese stocks pared early declines. A region-wide equity gauge slipped to levels last seen in March, putting it on pace for its biggest two-day drop since October.

Hong Kong’s Hang Seng Index pared a decline that had propelled it toward a bear market. A gauge of tech shares in the financial hub reversed an early loss, helped by gains in Li Auto Inc and Tencent Holdings Ltd. as investors looked past the latter’s disappointing revenue figures.  Elsewhere, concerns over China persisted. The country’s real estate slump may be worse than official data suggest. One of China’s biggest shadow banks is said to be planning to restructure its debt and has hired KPMG LLP to conduct an audit of its balance sheet. A unit of China Evergrande Group said the Chinese securities regulator has built a case against it relating to suspected information disclosure violations.  China ramped up its efforts to stem losses in the yuan Thursday by offering the most forceful guidance since October through its daily reference rate for the managed currency. The offshore yuan slipped against the greenback. The Bloomberg dollar index firmed as Treasury yields climbed across the curve. The 10-year Treasury yield touched levels last reached in October, extending the selling pressure seen Wednesday, while the rate on policy-sensitive two-year notes approached 5%. The selling erased gains for the year for an index of US government debt.  Japan’s 20-year bond yield surged after an auction of debt with the maturity drew tepid investor demand. The yen traded around its 2023 low — near levels that previously triggered Japan’s intervention in September.  Futures contracts for the S&P 500 and Nasdaq 100 were little changed after Wednesday losses for the underlying benchmarks, as declines for Meta Platforms Inc, Amazon.com Inc. and Tesla Inc weighed on indexes. US After HOurs CSCO +2.4% initially lower following earnings but moves higher during call; AVT +6.6%, STNE +2.8%, SNPS +2.3% higher on earnings; CHK +6% to join S&P MidCap 400; WOLF -12.1%, PYCR -3.8% lower on earnings.

Macro :

- Burry’s Bets Against US Stocks Aided by Seasonality, Yields (1)
- Scholz Talks Up German Economy’s Ability to Deal With Challenges

- Spain’s Sanchez Faces Major Test as Lawmakers Vote for Speaker

- Luxury London Home Sellers Cut Asking Prices to Keep Deals Alive

- Daniel Och Says Rithm Deal Substantially Undervalues Sculptor

- Atlanta Fed GDPNow Jumps to 5.8%, Adds to Case for Higher Rates

- Goldman Sachs Blames 0DTE Options for Fueling S&P 500 Selloff

- China Is Dragging Smartphone Market to Worst Year in a Decade

Keep an eye on :

- ADP FP : ADP July Passenger Traffic +16.4%

- ADYEN NA : Adyen Profit Margin Misses Estimates as Hiring Wave Weighs

- AGN NA : Aegon 1H Operating Profit EU818M Vs. EU796M Y/y

- AMBEA SS : Ambea 2Q Net Sales Beats Estimates

- MT NA : ArcelorMittal Weighs Possible Bid for US Steel: Reuters
- BA/ LN : BAE Is Said in Talks to Buy Ball’s $4 Billion Aerospace Unit, Deal could be announce as soon as this week.

- BAMNB NA : BAM 1H Adjusted Ebitda EU119.4M

- BORR NO : Borr Drilling 2Q Adjusted Ebitda Beats Estimates

- CSCO US : Cisco 1Q Adjusted EPS Forecast Beats Estimates: Snapshot

- COLOB DC : Coloplast 3Q Ebitda Misses Estimates

- DNO NO : DNO 2Q Net Loss $18.5M, Est. Loss $22.5M

- EMBRACB SS : Embracer 1Q Adjusted Ebit Misses Estimates

- ERICB SS : Watch Nokia, Ericsson as Cisco Results Point to Resilient Demand

- EXO NA : Agnellis’ Exor Used Goldman to Buy €2.6B Philips Stake: FD

- FAST NA : Fastned 1H Oper Ebitda EU10.6M Vs. EU2.96M Y/y

- FLS DC : FLSmidth Holder Altor Invest 7 Boosts Stake to 14.9%

- GAM SW : NewGAMe Acceptance Period for GAM Offer to Run Sept. 1-28

- GEBN SW : Geberit 1H Ebitda Misses Estimates

- GN DC : GN Store Nord Boosts FY Hearing Organic Revenue Growth View (1)

- HOLMB SS : Holmen 2Q Operating Profit Beats Estimates

- IPN FP : Ipsen’s Therapy for Rare Bone Disease Gains US Approval

- KIN BB : Kinepolis 1H Revenue Beats Estimates

- KOJAMO FH : Kojamo 2Q Net Rental Income Beats Estimates

- KOMN SW : Komax 1H Revenue Beats Estimates

- 992 HK : Lenovo Profit Misses After Global PC Downturn Deepens

- MEKKO FH : Marimekko 2Q Adjusted EPS Beats Estimates

- MBTN SW : Meyer Burger 1H Sales Misses Estimates

- NOKIA FH : Watch Nokia, Ericsson as Cisco Results Point to Resilient Demand

- PHIA NA : Agnellis’ Exor Used Goldman to Buy €2.6B Philips Stake: FD

- RMV LN : Rightmove Is on Top of UK Tumult, But Needs to Clarify Spending

- SAN SM : Santander Hires Giordano as EMEA Strategic Equity Head: FN

- SBBB SS : Sweden’s SBB Gets SEK2.36b on Completion of Share Sale

- SWTQ SW : Schweiter 1H Ebitda CHF42.9M Vs. CHF57.0M Y/y

- SFZN SW : Siegfried Sees FY Core Ebitda Margin Above 20%

- TSLA US : *HERTZ CEO: EV DEMAND GROWING IN LEISURE, CORPORATE FLEETS