Asian stocks fell and Treasuries rose after Federal Reserve minutes showed officials face a delicate balancing act to quell inflation while averting recession and as investors weighed a dim Chinese economic outlook.
Losses in Japan, China and a Hong Kong tech index sapped on an Asian equity gauge. US contracts wavered after Wall Street shares declined for the first time in four days, including a more than 1% drop in the Nasdaq 100 index. Fed officials saw a need to eventually dial back the pace of interest-rate increases and warned against over-tightening that could hurt the economy, but also flagged the risk of inflation pressures becoming entrenched. The advance in Treasuries lowered the 10-year yield to about 2.87%. A dollar gauge was steady. Australia’s currency weakened following an unexpected tumble in employment numbers. Swaps tied to Fed policy meeting dates indicated lower odds of a 75 basis points hike next month as opposed to a half-point move. Expectations of slower policy tightening and a pivot to cuts later next year have already contributed to a 12% jump in global stocks from June lows. The question is whether that’s too optimistic. A darker scenario is of persistent price pressures forcing restrictive borrowing costs even as the economy shrinks. Goldman Sachs Group Inc. economists downgraded their forecast for China’s full-year expansion to 3% from 3.3%. The nation is hamstrung by a property crisis, rolling Covid curbs and lately stressed power supply. The US and Taiwan started formal negotiations on a bilateral trade initiative, a step which risks inflaming already high tensions with China. Oil hovered around $88 a barrel, gold advanced and Bitcoin was little changed. US After Hours CSCO +4.6%, WOLF +19.1% higher on earnings; BBBY falls -15% as RC Ventures files to sell stake; BBWI -1.8% lower on earnings
Nikkei -0,86% Hang Seng -0,60% CSI -0,89% Shanghai -0,48% Shenzen -0,38%
Eur$ 1,0171 CNH 6,8025 CNY 6,7884 JPY 135,04 GBP 1,2036 CHF 0,9519 RUB 60,4176 TRY 17,9468 WTI$ 88,21 Gold 1,762,64 BTC 23,445 ETH 1,850,10
S&P -0,22% Nasdaq -0,31% EuroStoxx +0,05% FTSE +0,17% Dax +0,13% SMI -0,03%
Macro :
- Fed Minutes Note More Tightening Coming, Risks of Overdoing It
- Mubadala-Backed UAE Firm Sets Up $10 Billion Fund for Tech Deals
- Goldman Sachs, Nomura Cut China GDP Forecasts as Outlook Darkens
Keep an eye on :
- ADYEN NA : Adyen 1H Net Revenue Misses Estimates
- AMBEA SS : Ambea 2Q Operating Profit Beats Estimates
- ANG LN : Angling Direct Sees Earnings Marginally Below Market Views
- AAPL US : Apple Targets Sept. 7 for IPhone 14 Launch in Flurry of Devices
- AUTO NO : AutoStore 2Q Adjusted Ebitda Beats Estimates
- BAMNB NA : BAM 1H Revenue EU3.33B Vs. EU3.63B Y/y
- BCVN SW : BC Vaudoise Assets Under Management CHF107.2B Vs. CHF112.89B H/H
- CTM SS : Catena Media 2Q Ebitda EU7.31M Vs. EU12.7M Y/y
- CETK SS : Ctek Offering of 4.9m Shares by Holder Altor Fund III Prices
- EMMN SW : Emmi FY Ebit Forecast Misses Estimates
- ALERS FP : Eurobio Scientific to Acquire GenDx for EU135m Cash
- EURN BB : Euronav, Tanker Peers Rise as Optimism Grows Over Freight Rates
- RACE IM : Ferrari Prioritizes Combustion Profit to Pay for BEV Transition
- FME GY : Vifor Fresenius MCRP Says UK’s NICE Recommends Tavneos
- GN DC : GN Store Nord Narrows FY Hearing Organic Revenue Growth Forecast
- MANU US : Apollo in Talks to Buy Manchester United Stake: Daily Mail
- MSLH LN : Marshalls 1H Ebitda GBP45.7M Vs. GBP56.4M Y/y
- MBTN SW : Meyer Burger 1H Sales CHF56.7M Vs. CHF18.0M Y/y
- NLFSK DC : Nilfisk 2Q Revenue Beats Estimates
- PHIA NA : FDA Received More Medical Device Reports For Philips June Recall
- RNK LN : Rank Group FY Adjusted EPS Misses Estimates
- SFQ GY : SAF-Holland Completes Offer for Sweden’s Haldex
- SAN FP : Arvinas Sinks After Sanofi Ends Cancer Drug’s Development
- SAP GY : Francisco Partners to Buy Litmos From SAP, No Terms
- SFZN SW : Siegfried 1H Sales Beats Estimates
- SIP BB : Sipef 1H EPS $6.15 Vs. $4.18 Y/y
- TEF SM : Telefonica in Talks to Sell Peru Fiber Stake to KKR: Expansion
- VLA FP : Valneva Says US DoD Won’t Use 2nd Option Year for Ixiaro Vaccine
- VEI NO : Veidekke 2Q Ebitda Meets Estimates
- VIFN SW : Vifor Fresenius MCRP Says UK’s NICE Recommends Tavneos
- ROSE SW : Zur Rose 1H Adjusted Ebitda Loss CHF49.2M Vs. Loss CHF42.9M Y/y