Asian stocks fell as investors parsed the potential impact of political volatility in France and elsewhere, while traders awaited policy decisions from major central banks due this week. MSCI’s Asia Pacific Index fell the most in two weeks, with Japanese stocks leading the decline. Hong Kong shares rose, then pared the gains, after data that showed Chinese retail spending beat forecasts. Benchmark 10-year Treasuries slipped and US equity futures were little changed. Markets including Singapore, India and Indonesia are closed for holidays. The move to haven assets came as risk sentiment soured, with a gauge of global stocks falling the most in two weeks as France’s snap parliamentary election renewed investors’ focus on political volatility worldwide. The greenback inched higher. European equity futures rose, signaling potential recovery after declines last week. The euro steadied after falling the most in two months last week. French bond futures declined. The PBOC kept its one-year MLF interest rate unchanged at 2.5%. A slew of key economic data came mixed. While May retail spending beat estimates, industrial expansion slowed in May, a sign that deep imbalances in the economic recovery may be easing at least a little. Chinese property developers’ shares fell after home prices declined at a faster pace in May, as the country’s most forceful efforts to support the property market took time to revive demand. A coalition of France’s left-wing parties presented a manifesto to pick apart most of Macron’s seven years of economic reforms and set the country on a collision course with the EU over fiscal policy. Far-right leader Marine Le Pen said she won’t try to push out President Emmanuel Macron if she wins France’s snap parliamentary election, in an appeal to moderates and investors. The spread between French and German bonds widened sharply last week. After the Federal Reserve pared back projections for US monetary easing this year, policymakers from the UK to Australia are likely to signal this week that they’re still not convinced enough about disinflation to start lowering borrowing costs themselves. Emerging market policy makers, including in Indonesia and Brazil, are also likely to push back on rate cut expectations. Federal Reserve Bank of Minneapolis President Neel Kashkari over the weekend said the central bank can take its time and watch incoming data before starting to cut interest rates, echoing sentiment from Cleveland Fed President Loretta Mester — who still sees inflation risks as tilted to the upside. US stocks struggled to gain traction Friday after a gauge of consumer sentiment sank to a seven-month low. The S&P 500 closed mildly lower, led by a drop in industrial shares. Tech outperformed, with Adobe Inc. up 15% on a strong outlook. This week, traders will also be watching inflation readings in Europe and the UK to help finesse bets on the global monetary policy outlook. Meantime, a swath of Fed officials including Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee and Fed Governor Adriana Kugler are due to speak. In commodities, oil slipped after its biggest weekly advance since early April.
Nikkei -1.93% Hang Seng +0.31% CSI -0.20% Shanghai -0.54% Shenzen +0.10%
Eur$ 1.0702 CNH 7.2688 CNY 7.2558 JPY 157.48 GBP 1.2679 CHF 0.8909 RUB 89.6301 TRY 32.7746 WTI$ 78.13 -0.38% Gold 2,320 -0.54% BTC 66,356 -0.20% ETH 3,581 -0.50%
S&P -0.00% Nasdaq +0.05% EuroStoxx +0.45% FTSE +0.38% Dax +0.20% SMI +0.03%
Macro :
- European Traders Seek Cover on France Vote Call: Options Watch
- Bill Gates Says He’s Ready to Put Billions Into Nuclear Power
- Kashkari Says Fed Well-Placed to Take Its Time Ahead of Rate Cut
- US-Saudi Nuclear Deal Near, Congress Briefed on Details
- US-Saudi Nuclear Deal Near, Congress Briefed on Details
- Goldman Sachs Boosts S&P 500 Year-End Target to 5,600 From 5,200
- Latest Polls Say UK Conservatives Head for Election Wipeout
- Germany Mulls Migration Pact With Uzbekistan to Deport Afghans
Keep an eye on :
Keep an eye on :
- ACKB BB : Ackermans to Buy 33.3% In V.Group For $150M Equity Investment
- ADS GY : Adidas investigates bribery allegations in China
- AIR FP : FAA Probes Suspect Titanium Used in Airbus, Boeing Jets
- ALO FP : Alstom Signs €430M Contract for 10 Elizabeth Line Trains in UK
- ALO FP : Alstom Signs €430M Contract for 10 Elizabeth Line Trains in UK
- AMS SM : Amadeus Sees 9%-12.5% Annual Revenue Growth in 2023-2026
- AAPL US : Apple’s Intelligence Rollout Will Stretch Into 2025: Power On
- ARAMCO AB : War, Money, Oil and the Shaping of Aramco’s Giant Share Sale
- ASCL LN : Ascential Says Performance is in Line With Expectations
- ADSK US : Activist Starboard Value Has Stake in Autodesk -- WSJ
- AZN LN : Astra Gets FDA Ok for Imfinzi With Chemo in Endometrial Cancer
- BARC LN : Barclays Suspends Music Festival Sponsorship on Israel Protests
- BLV FP : Believe: Upbeat Bidco Currently Holds 85.04% Share Capital
- CABK SM : Apollo Buys CaixaBank Loans, Is Bidding on Santander Portfolio
- CO FP : Casino Completes Reverse Share Split Announced April 24
- CFR SW : Yoox Net-a-Porter exits China to focus on more profitable markets
- BN FP : Danone Bets Aging Populace Will Drive Medical Nutrition Demand
- DIS US : Disney Wins China’s Approval to Screen ‘Deadpool’ in July
- ENGI FP : ENGI FP Option Trading Highest Since Oct 2023
- EQNR NO : India in talks with Equinor for strategic petroleum reserves, securing long-term LNG deals
- ESSITYA SS : Essity Sets Out New Financial Targets, Plans SEK3b Share Buyback
- Everton : Roma Owner Friedkin Is Said to Be in Advanced Talks for Everton
- TMO US : Fisher Sells Stake of Up to $3 Billion to Advent, Abu Dhabi Fund
- GNC LN : Greencore Recalls Sandwiches, Wraps, Salads Amid E. Coli Concern
- HL/ LN : Hargreaves Lansdown Price Isn’t Main Issue, Co-Founder Tells FT
- HTZ US : Hertz 5% Note Sets New Low, Is Biggest Decliner in High Yield
- INGA NA : ING Targets 2027 Fee Income of €5B With New Mid-Term Goals
- IPH FP : Innate Pharma Says SAR’579 Shows Clinical Benefit
- MRO LN : Melrose Founders Seek to Raise >£40m in Rosebank Listing: Sky
- NOVOB DC : Novo Nordisk CEO Will Testify at Senate Panel, Sanders Says
- PFV GY : Pfeiffer Vacuum Technology to Leave SDAX Index June 24
- PKTM AV : Pierer Sees FY Motorcycle, Bicycle Sales Down 10% to 15%
- PURMO FH : Apollo-Led Consortium Raises Purmo Offer to €11.15 Per Share
- SAMPO FH : Finnish Insurer Sampo Agrees to Buy Denmark’s Topdanmark
- SAN FP : Benta Lyon Makes Offer for Servier’s Biogaran, AFP Reports
- SBBB SS : SBB’s Bond Exchange Is Not Distressed Exchange, Fitch Says
- SU FP : Schneider Premium Boost to Siemens on Data Center, Grid Exposure
- TEN IM : finish 3rd tranche of share buy back, will start 4th tranche
- HO FP : Thales to Quadruple Ammo Prod Capacity at La Ferté Saint Aubin
- TOP DC : Sampo to Buy Topdanmark at a Valuation of DKK366.38/Share
- NCH2 GY : The previously announced deletion of Thyssenkrupp Nucera from the SDAX will not be implemented
- UTDI GY : United Internet Sees EU185 Million Impairment Loss on Kublai
- VAF PL : Cristiano Ronaldo Buys 10% Stake in Porcelain Maker Vista Alegre
- VK FP : Vallourec Signs Supply Contract with Equinor in Brazil