Asian equities fell in the wake of big tech declines on Wall Street as traders geared up for a raft of policy decisions this week from the US, UK and Japan. Tech shares across the region retreated, with a gauge of the sector’s stocks set to post its biggest decline in almost a month. The drop mirrored losses in Nvidia Corp. and Meta Platforms Inc., which both fell more than 3.5% on Friday. Distressed Chinese property developer Country Garden Holdings Co. remained in focus as it faces more tests on Monday, including a vote to extend payment on a local bond. Shares in Hong Kong underperformed the region and China’s CSI 300 Index briefly touched its lowest level this year before erasing losses as traders drew support from data last week which pointed to signs of stabilization. China is currently undergoing a “very painful process of rebalancing”, according to Mark Matthews, head of Asia research at Julius Baer. “The government feels there’s a big mess,” he said on Bloomberg Television. “They have to clean it up. If they don’t do it now, it’s just going to be out there waiting to be done.”
Japan’s markets are shut for a holiday, with the nation’s central bank due to meet later this week. Contracts for US shares edged higher. Also in focus is Saudi Energy Minister Prince Abdulaziz bin Salman, who is due to address an industry conference on the kingdom’s crude policy and outlook on Monday. Oil advanced for a third day, with Brent pushing toward $95 per barrel as OPEC+ supply cuts tightened the market. US inflation expectations fell to the lowest in more than two years as consumers grew more optimistic about the economic outlook, data showed Friday. A measure of New York state factory activity unexpectedly expanded amid new orders. A resilient US economy will prompt the Fed to pencil in one more interest-rate hike this year and stay at the peak level next year for longer than previously expected, according to economists surveyed by Bloomberg News. Meanwhile, piles of derivatives contracts tied to stocks, index options and futures expired Friday — compelling traders to roll over their existing positions or to start new ones. This time, it coincided with the rebalancing of benchmark indexes including the S&P 500, another catalyst for more share transactions. Elsewhere, Chevron Corp. resumed full production from a liquefied natural gas export facility in Australia that suffered a fault last week, even as union members continued strikes at the site. That took some pressure off natural gas prices.
Nikkei.+1.10% Hang Seng -0.95% CSI +0.39% Shanghai +0.10% Shenzen +0.42%
Eur$ 1.0670 CNH 7.2860 CNY 7.2845 JPY 147.66 GBP 1.2397 CHF 0.8968 RUB 96.6970 TRY 26.9993 WTI$ 91.48 +0.78% Gold 1,930 +0.32% BTC 26,674 +0.86% ETH 1,633 +0.93%
S&P +0.16% Nasdaq +0.13% EuroStoxx -0.25% FTSE -0.28% Dax -0.14% SMI -0.17%
Macro :
- France and Germany Clash in Feud Over Europe’s Industrial Crown
- A Labour Government Would Be Best for UK Markets: MLIV Pulse
- A Labour Government Would Be Best for UK Markets: MLIV Pulse
- Debt Swaps Arranged by Credit Suisse, BofA Come Under Scrutiny
- Japan Bank Breakout May Have Just Started as Bigger BOJ Bang Due
- Germany Seeks to Exempt SMEs From EU Green Reporting Rules: FT
Keep an eye on :
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- AIR FP : Dubai Aerospace Closes $1.6B in New Financing
- AAPL US : China iPhone 15 Presale on Meituan Tops $28m in 30 Minutes: News
- ARES US : Ares Prepares Bid for UK’s VetPartners in Auction, AFR Reports
- ARM US : ARM Options to Be Available for Trading on Monday After IPO
- BITTI FH : Bittium Cuts 2023 Net Sales, Profit Outlook Due Defense Unit
- EN FP :
- BP/ LN : California Sues Exxon, Shell, BP on Deception Claims, NYT Says
- BP/ LN : California Sues Exxon, Shell, BP on Deception Claims, NYT Says
- BLND LN : British Land Eyes £750m Sale of Meadowhall Mall: Times
- RE FP : *Bouygues to Submit Squeeze-Out Offer to Colas With Intention to Delist, Euro 175/Share
- DBK GY : Deutsche Bank Seeks to Solve IT Project Backlogs, CFO Tells Sole
- DFDS DC : DFDS Acquires FRS Iberia/Maroc to Expand Ferry Network
- ELE SM : *ENDESA PLANS TO SELL STAKE IN 2 GW RENEWABLES PORTFOLIO: CINCO
- 3333 HK : IPO Rumor Denied; More Evergrande Woes: China Week in Regulation
- GIMB BB : Gimv in Talks to Sell Majority Stake in Groupe Claire; No Terms
- KFASTB SS : Swedish Landlord K-Fast Mandates Banks for Convertible Bond
- LONN SW : Lonza CEO Ruffieux to Leave End of September by Mutual Agreement
- MC FP : Birkenstock Adj Ebitda June Quarter EU159.86m vs. EU128.45m Y/y
- NWG LN : NatWest to examine Irish unit over small business loans
- NESN SW : EU Consumer-Staples Valuation Has Legs Even in Slowing Economy
- NXST US : Nexstar, DirecTV Agree to End Blackouts While Finalizing Deal
- PRX NA : Prosus, Naspers Chief Executive Officer Bob van Dijk Steps Down
- GLE FP : SocGen Raises Phased-in CET1 Ratio to ~13% at End 2025
- GLE FP : SocGen to Boost Efficiency, Capital as Krupa Seeks to Lift Stock
- SONO US : Sonos Gets Early Win in Speaker Import Dispute Brought by Google
- SAP GY : Spar of South Africa Loses Executive After SAP Contract Bungle
- STLAM IM : Stellantis Bumps Raise Offer to 21% for Hourly Workers
- STLAM IM : *STELLANTIS STUDIES BUILDING GIGAFACTORY IN SPAIN: EXPANSION
- STLN SW : Swiss Steel Group Withdraws FY Outlook as Recovery Disappoints
- TTE FP : TotalEnergies’ H2 Tender Bolsters EU Majors’ Lead: BNEF Comment
- UHR SW : Swatch CEO Opens Factory to Show Budget Blancpain Isn’t Plastic
- UBSG SW : Swiss Popular Initiative Wants to Nationalize UBS, SoZ Reports
- UBSG SW : UBS Consults Investors On AT1 Sale Post-Credit Suisse Deal: FT
- UCB BB : UCB Zilucoplan Gets Positive EMA Opinion in Myasthenia Gravis
- VOW GY : VW Plant in Portugal to Resume Production in October: Negocios