Chinese stocks declined, a sign that traders are increasingly pricing in the lack of major stimulus from the government. Equity markets in the rest of Asia climbed, pacing US gains. Shares in Hong Kong and mainland China were the worst performers in the region and forced a gauge of Asian shares to erase earlier gains. The offshore yuan also fell to the weakest level in a week. Investors see no easy fix to China’s economic slump, with fresh signs of financial stress among the nation’s dollar-bond issuers. Economists say Beijing’s plan to boost consumption still lacks steps to meaningfully bolster the recovery and are shifting their focus to potential measures from the Politburo meeting later this month. Benchmark indexes were higher in Japan and Australia, while contracts for US equities were flat. In the currency market, the yen weakened for a second day following Bank of Japan Governor Kazuo Ueda’s comment that it would maintain monetary easing unless there is a shift in its price goal view. Despite the yen’s weakness, the BOJ is unlikely to alter its monetary policy in next week’s meeting, said Shoki Omori, chief desk strategist at Mizuho Securities. Ueda will probably stick to his stance focusing on forward guidance and will not change major policy without guiding markets, he added. Markets in the US closed near session highs on Tuesday, as results from Bank of America Corp. and Morgan Stanley bolstered bank shares and a rally in equities linked to artificial intelligence resumed. Both the S&P 500 and the tech-heavy Nasdaq 100 rose for a second day, while the blue-chip Dow Jones Industrial Average outperformed, up more than 1% for a seventh day of gains, its longest winning streak in more than two years. US data showed industrial production and retail sales missed estimates, though an underlying measure of household spending pointed to a more resilient consumer. On the earnings front, Bank of America delivered a surprise gain from its core Wall Street businesses and Morgan Stanley executives pointed to an improved outlook. Goldman Sachs Group Inc. is scheduled to report Wednesday. In tech, Microsoft Corp. advanced 4% after providing details on pricing for some artificial-intelligence services. Netflix Inc. and Tesla Inc. are slated to release results Wednesday. oil edged lower after rising more than 2% in the previous session on signs Russia is making good on its pledge to curb supplies. Gold hovered around the highest level since May. US After Hours OMC -6.7%, IBKR -3.8% both fall on earnings; CVNA -9.7% lower as it spooks investors with Q2 reporting date change to tomorrow pre-mkt; AIR +2.7%, JBHT +2.1% higher on earnings.
Nikkei +0,79% Hang seng - 0,88% CSI - 0,48% Shanghai -0,30% Shenzen -0,56%
S&P -0,02% Nasdaq -0,05% EuroStoxx +0,39% FTSE +0,01% Dax +0,10% SMI +0,05%
Macro :
- Private Equity Titans Tap Sovereign Wealth to Get Deals Done
- Kerry Meets China Vice President After Xi Sends Climate Warning
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