Shares slumped across Asia, after fresh data redoubled concerns about China’s economy and as investors curbed wagers on Federal Reserve interest rate cuts. Hong Kong’s Hang Seng Index dropped 3%, with the CSI 300 mainland Chinese benchmark down over 1%. The losses came after official figures showed while China reached its 2023 economic goal, the country’s housing slump has worsened and domestic demand remained listless. Equities from South Korea to Australia also fell, weighing on a regional gauge. Japan was an exception, aided by a weaker yen. US stock futures also slid, while Treasuries were steady and the dollar gained slightly. The weaker tone in Asia came after the S&P 500 lost 0.4% and Treasuries fell Tuesday, with yields on the 10-year note rising around 12 basis points. The moves followed comments from Fed Governor Christopher Waller, who urged caution but said a rate cut this year was possible if inflation edges lower toward the central bank’s target. When the time is right, rates should be lowered “methodically and carefully,” Waller said during a virtual event on Tuesday. Reflecting a recalibration of Fed rate cut expectations, swaps market pricing for a rate cut in March inched lower to around 65% from 80% on Friday. Data released earlier Wednesday showed China’s gross domestic product grew 5.2% last year, matching the rate that economists had expected and exceeding Beijing’s official target of “around 5%.” The latest figures for December continued to feed worries about the growth outlook: the decline in new-home prices accelerated last month, while retail sales grew slower than expected. Meantime, a Chinese measure of economy-wide prices marked its longest slide since 1999. In commodities, oil declined as the drag from a stronger US dollar and broader risk-off tone offset concerns over escalating Middle East tensions, including continued attacks on ships in the Red Sea by Iran-backed Houthi rebels. Earlier, the greenback staged its biggest rally in 10 months on the move in yields as expectations on rapid rate cuts by the Fed this year diminished. In US earnings, Morgan Stanley slid amid a warning on lower margins in wealth, while Goldman Sachs Group Inc. rose as profit beat estimates. Boeing Co. sank on an analyst downgrade. Apple Inc. slipped as the US Supreme Court refused to consider its appeal in an antitrust suit challenging the App Store. Elsewhere, gold was steady after a Tuesday decline of more than 1% to trade around $2,028 per ounce and Bitcoin was steady above $43,000. US After Hours PI +10.7% higher on bullish guidance; PLXS -6.4% lower on guidance; CVGW -7% as it delays Q4 report, exploring sale of unit.
Nikkei -0.40% Hang Seng -3.75% CSI -1.57% Shanghai -1.53% Shenzen -1.95%
Eur$ 1.0870 CNH 7.2170 CNY 7.1965 JPY 147.46 GBP 1.2610 CHF 0.8625 RUB 88.3046 TRY 30.1178 WTI$ 71.77 Gold 2,021 -0.34% BTC 42,873 -1.29% ETH 2,571 -1.37%
S&P -0.46% Nasdaq -0.72% EuroStoxx -0.99% FTSE -0.99% Dax -0.85% SMI -0.68%
Macro :
- Steve Cohen’s Point72 Hires Trader Rossi From Marshall Wace
- AQR Sees Higher Returns for Bonds, Cash as It Cuts Stock Outlook
Keep an eye on :
- AQR Sees Higher Returns for Bonds, Cash as It Cuts Stock Outlook
Keep an eye on :
- AC FP : Accor Solid Revpar Can Drive Profit, Cashflow: Equity Outlook
- ADP FP : ADP Dec. Passenger Traffic +10%
- ADP FP : ADP Dec. Passenger Traffic +10%
- AAPL US : Apple Passed Samsung as World’s Top Phone Maker in 2023
- MT NA : ArcelorMittal Said to Be Open to Exit Acciaierie D’Italia
- IAG LN : IAG Promises EU Remedies Offer in €400 Million Air Europa Deal
- BP/ LN : BP Close to Finalizing Murray Auchincloss as New CEO: Sky (1)
- FER SM : More Heathrow shareholders plan to sell stakes alongside Ferrovial
- FRA GY : Fraport Cancels More Than 500 Flights Due to Snow and Ice: DPA
- GEBN SW : Geberit Boosts FY Ebitda Margin Forecast, Beats Estimates
- GSK LN : GSK Offers 300m Haleon Shares via BofA Securities, Citi
- GRF SM : Spanish Regulator Says It’s Not Involved in Scheduling Earnings
- HLN LN : Haleon Holder GSK Offers 300m Shares via BofA Securities, Citi
- HYL BB : Hyloris Granted Orphan Drug Designation by FDA for PTX-252
- IBE SM : NBIM Buys 49% of Iberdrola Iberia Renewables Portfolio for €307m
- IFCN SW : Inficon Prelim FY Sales About $673M, Est. $664.3M
- ILD FP : Iliad Group Says CFO Nicolas Jaeger Has Died
- JCI US : Johnson Controls Slumps on ‘Unexpected’ CFO Departure
- TKWY NA : Just Eat Orders Drop as Customers Opt for Fewer Takeaways
- KIN BB : Kinepolis Falls; KBC Lowers Forecast on Soft Box Office Outlook
- MBTN SW : Meyer Burger Plans German Module Closure, Seeks More Funding
- MS US : Morgan Stanley Direct Lending Fund Offers 5 Million IPO Shares
- OVH FP : OVH Sees 2026 Adjusted Ebitda Margin About 39%
- RNO FP : Renault Group 2023 Sales Rise 9% to 2.2M Vehicles
- TE FP : TechnipFMC Wins ‘Significant’ Subsea Contract in Gulf of Mexico
- TTE FP : Total to Forgo LNG from Arctic LNG 2 in 2024 Amid Sanctions (1)
- DG FP : Vinci Airports 4Q Traffic Up 0.6% Compared With 4Q 2019
- WLN FP : Worldline Reviews Defense Strategy With Banks, Reuters Reports