Shares in Asia headed for a sixth daily decline against the backdrop of worries about China and higher global interest rates. Equity benchmarks for Japan, Hong Kong and South Korea all fell, while mainland Chinese stocks fluctuated. The broad-based pressure weighed on a gauge of the region’s equities, although the drop was less intense than the two prior sessions as the dollar weakened. China is again in focus, with growing signs that policymakers are trying to limit the selloff. The People’s Bank of China delivered its strongest ever pushback against a weaker yuan via its daily reference rate, helping to support the currency. This followed news Chinese authorities had told state-owned banks to step up support for the yuan.
State-owned developers warned of widespread losses, adding to concerns that the housing crisis is expanding from the private sector to companies with government backing. There are signs of contagion, with Australian miners on track for their worst week in five months, given how reliant they are on Chinese demand. Markets are seeing a brief respite on Friday from this week’s relentless gains in Treasury yields and the dollar. Yields on the bonds inched lower across the curve after those on the 10-year note on Thursday came close to the October peak, which was the highest since 2007. The Bloomberg dollar index inched lower. Markets are seeing a brief respite on Friday from this week’s relentless gains in Treasury yields and the dollar. Yields on the bonds inched lower across the curve after those on the 10-year note on Thursday came close to the October peak, which was the highest since 2007. The Bloomberg dollar index inched lower. Wall Street’s fear gauge, the Cboe Volatility Index or VIX, closed at 17.89, its highest level since May. The VIX hasn’t reached above 30 — a level considered a sign of heightened volatility — since a series of bank failures rocked the market in March. Investors will soon be turning to next week’s gathering of policymakers at Jackson Hole in Wyoming to gauge Fed sentiment. Then yen gained after Japan’s consumer inflation slowed, offering support for the Bank of Japan’s stimulative policy stance. Bitcoin was hit by the risk-off mood, extending this week’s decline early on Friday. Elon Musk’s SpaceX has sold Bitcoin, according to The Wall Street Journal, adding to the selling pressure. Crude was set to notch its first weekly drop — ending a run of seven advances — as traders weighed signs of tightening supplies against concerns about the Chinese economy and US monetary policy. US After Hours ROST +5.5%, AMAT +2.3% higher on earnings; FTCH -34.7%, KEYS -7.6%, BILL -4% lower on earnings; DLB +4.8% to join S&P MidCap 400.
Nikkei -0.76% Hang Seng -1.46% CSI -0.65% Shanghai -0.41% Shenzen -0.93%
Eur$ 1.0880 CNH 7.3052 CNY 7.2848 JPY 145.38 GBP 1.2741 CHF 0.8789 RUB 94.2779 TRY 27.1029 WTI$ 80.43 +0.05% Gold 1,892 +0.14% BTC 26,374-4.58% ETH 1,670.75 -2.68%
S&P -0.05% Nasdaq -0.16% EuroStoxx -0.24% FTSE -0.44% Dax -0.31% SMI -0.13%
Macro :
- ECB Readies Complaint to Italy on New Banks Tax, Corriere Says
- Goldman Expects More China Measures in Days to Stem Yuan Slump
- Goldman Expects More China Measures in Days to Stem Yuan Slump
- Convertible Hedges Out of Favor Amid Shift to High-Grade Issuers
- China Evergrande collapse shows need for $1 trillion Beijing rescue plan, says Clocktower strategist
- Hayfin Raises €6b for Direct Lending to European Companies: FT
- US Approves Denmark, Netherlands F-16 Transfers to Ukraine: Rtrs
Keep an eye on :
Keep an eye on :
- AF FP : French Tax Hikes to Hit Airline Tickets, Cars, Airports: Echos
- MT NA : ArcelorMittal Bid for All of US Steel ‘Looks Unlikely’: Citi
- ARM LN : SoftBank’s Arm Is Said to Line Up 28 Banks for Biggest 2023 IPO
- BA/ LN : Ball Deal Boosts BAE in Fast-Growth Space, Sensor Sectors
- BLMN US : Starboard Value Built Over 5% Stake in Bloomin’ Brands: WSJ
- CFR SW : Farfetch 2Q Revenue Misses Estimates --> -39%
- DTE GY : Dish Seeking Extension on T-Mobile Airwave Buy Amid Cash Crunch
- EMMI SW : Emmi 1H Ebit Beats Estimates
- ENT LN : Entain Falls as MGM Launches in UK Outside of Joint Venture
- 3333 HK : Evergrande Seeks Protection From Creditors in US Ahead of Votes
- FORTUM FH : Finland’s Olkiluoto-2 Reactor Has Unplanned Outage: Nord Pool
- GAM SW : Niel’s Investor Group Boosts GAM Stake, Offers Bridge Loan
- HLAG GY : HMM (011200 KS) Jumps After Report Hapag-Lloyd Considering Bid for Company
- ISP IM : Intesa to Consider Small Deals to Boost its Presence Abroad
- MONT BB : Montea Boosts FY Adjusted EPS Forecast, Beats Estimates
- MRNA US : Moderna Vaccine Protects Against New Variants in Early Study
- NICE IT : Nice Ltd. Plunges in Worst Since 2020 on Cloud Revenue Miss
- NLFSK DC : Nilfisk 2Q Revenue Beats Estimates
- NOVN SW : *Novartis Plans to Spin-off Sandoz on or Around October 4, 2023
- NOVOB DC : Weight-Loss Drugs Cost Far More in US Than Other Nations
- PFE US : Pfizer Says Mice Study Shows Covid Shot Effective Against ‘Eris’
- PSPN SW : PSP Swiss Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- SBBB SS : SBB CEO Leiv Synnes Bought SEK0.4m of Shares on Aug. 17
- SCATC NO : Scatec 2Q Ebitda Misses Estimates
- SHUR BB : Shurgard 2Q Property Operating Revenue EU87.6M Vs. EU81.5M Y/y
- SPIE US : Spie Agrees to Buy More Than 75% Stake in BridgingIT in Germany
- SUSE GY : EQT to Buy Shares of Suse It Doesn’t Already Own at EU16/Share
- TIT IM : Italy Investors Could Get 35% of Telecom Italia Grid: Corriere
- UBXN SW : u-blox Sees FY Adjusted Ebit Margin 10% to 14% (1)
- X US : US Steel Says Steelworkers Can’t Veto Transactions From Review
- X US : US Steel Says Steelworkers Can’t Veto Transactions From Review
- VWS DC : Vestas Avoids Peer's Woes, Ebitda Still Underestimated: BI Focus