Asian stocks fell Friday as the escalating fight between the US and China for technological dominance triggered Alibaba Group Holding Ltd. to scrap the listing of its $11 billion cloud unit. Alibaba’s 10% slump, the biggest in a year, weighed on benchmarks of Hong Kong and the mainland as the company scuttled its planned cloud spinoff due to US restrictions on the export of chips. The broader MSCI Asia Pacific Index was down, but still on pace for a weekly gain of about 3%. Bonds climbed after data underscored a gradual deceleration in the US economy. The e-commerce giant’s surprise decision undercuts the bull cases for the stock and lays bare the struggles the company faces in convincing investors of its $200 billion valuation. That’s because the cloud spinoff had been a key investment thesis since the firm unveiled a radical corporate overhaul earlier this year. Meanwhile, oil headed for a fourth weekly loss after sinking into a bear market as signs of healthy supplies and rising stockpiles offset attempts by OPEC+ leaders Saudi Arabia and Russia to keep declines in check. Crude steadied around $73 a barrel in Asia after dropping more than 20% from a high in September. Treasury yields were steady after declining Thursday, as soft US economic data fueled optimism the Federal Reserve’s most-aggressive hiking campaign in decades is at an end. Continuing applications for US unemployment benefits rose to the highest in almost two years. US shares wavered on Thursday after a rally from “oversold” levels that was driven by bets the central bank is done with rate hikes — and turbocharged by short covering. The S&P 500 is still on pace for its best month in over a year. China told a handful of nationwide lenders to cap interest rates on interbank funding, people familiar with the directive said, a move that dovetailed with a sizable cash injection intended to calm the market after last month’s unexpected liquidity crunch. Warren Buffett’s Berkshire Hathaway Inc. sold yen bonds at lower costs in its second Japan deal of the year as speculation mounts that the billionaire investor may put more money into the nation’s share market. In India, the regulator asked banks to increase buffers for some consumer loans as it seeks to check a runaway rise in risky debt in Asia’s third-largest economy.
Meantime, money-market fund assets rose to an all-time high for the second straight week as interest rates north of 5% and volatility in fixed-income markets drove investors to havens. Gold edged higher after climbing the most in a month in the previous session. US After Hours GPS +15.3%, ROST +5.7%, BZH +3.5% higher on earnings; AMAT -7.3%, DLB -4.4% lower on earnings; CHPT -27.4% down sharply on revenue cut.
Nikkei +0.48% Hang Seng -2.09% CSI -0.22% Shanghai +0.03% Shenzen +0.37%
Eur$ 1.0854 CNH 7.2481 CNY 7.2433 JPY 150.59 GBP 1.2416 CHF 0.8888 RUB 89.2713 TRY 28.7234 WTI$ 73.04 +0.20% Gold 1,985 +0.17% BTC 36,310 +0.95% ETH 1,976 +1%
S&P +0.08% Nasdaq -0.06% EuroStoxx +0.32% FTSE +0.23% Dax +0.23% SMI +0.22%
Macro :
- European Commission Tells Staff to Suspend Ads on X: Politico
Keep an eye on :
- ALTR PL : Altri 9M Net Income EU28.2M Vs. EU117.4M Y/y
- ANA SM : Acciona Energia Maintains FY23 Ebitda Outlook EU1.2B-EU1.3B
- ANIM IM : Anima Holding Agrees to Buy Julius Baer’s Kairos Partners
- AML LN : Aston Martin F1 Owner Sells Stake at £1 Billion Valuation
- AUTO IM : Italy’s ASTM Weighs Plan to Merge Assets With Autostrade: Stampa
- AZN LN : FDA Approves AstraZeneca’s Truqap Combo For Breast Cancer
- BRNK GY : Branicks Group Sells Logistics Properties in Neufahrn for ~€80M
- DHER GY : Meituan Mulls Deal for Delivery Hero’s Southeast Asia Arm (2)
- FGR FP : Eiffage Gets EDF Nuclear Contract Valued at More Than EU4b
- ENEL IM : Mayor of SP says he requested cancellation of contract with Enel
- FL US : Foot Locker to be an official U.S. marketing partner of the NBA
- G IM : Generali 3Q Operating Profit Beats Estimates, Generali Profit Beats Estimates Despite Natural-Disasters Hit
- GET FP : Getlink Shares Jump After Betaville ‘Uncooked Alert’
- GLEN LN : Gas-Supply Cliff Is South Africa’s Next Crisis, Energy Body Says
- IBM US : IBM Suspends X Ads After Report of Placement Near Nazi Content
- IP IM : Interpump Offering by Gruppo IPG Prices at EU42.10/Shr (Nov. 16)
- BAER SW : Anima Holding Agrees to Buy Julius Baer’s Kairos Partners
- LDO IM : Leonardo DRS Offering by Holder Prices at $17.75/Share
- LSEG LN : LSE Group Plans to Execute £1 Billion of Buybacks During 2024
- MRL SM : Merlin Properties Sees FY FFO per Share Above EU0.60, Saw EU0.60
- MSFT US : *OPENAI EXPLORES WAYS TO GET CHATGPT INTO CLASSROOMS: REUTERS
- ETE GA : Greece Sells 22% Stake in National Bank for €5.30 a Piece
- RNO FP : Renault’s Fresh Ampere IPO Pitch Gets Warm Reception: ECM Watch
- RNO FP : Renault’s Fresh Ampere IPO Pitch Gets Warm Reception: ECM Watch
- VOLCARB SS : *GEELY EXPLORES SALE OF ABOUT 100M VOLVO CARS SHARES
- ZURN SW : Zurich Insurance Names Bruno Scaroni CEO of Zurich Italia