Asian equities and currencies declined as economic and geopolitical risks overwhelmed the market’s optimism surrounding interest-rate cuts. The MSCI Asia Pacific Index fell more than 1%, set for its biggest weekly drop in three months. Chinese stocks in Hong Kong led the region’s losses as the Third Plenum failed to convince investors about the economy’s new growth impetus. US futures edged higher after the S&P 500 fell for a second session on Thursday. Asian currencies slipped against the greenback amid the equities selloff, with the Taiwanese dollar reaching its weakest level in more than eight years. A rout in chip stocks continued in Asia on concern the US would impose fresh restrictions on sales to China. Shares of Taiwan Semiconductor Manufacturing Co. fell for a third day. Treasury yields were little changed after 10-year yields rose four basis points to 4.20% Thursday. The yen steadied against the greenback after a Thursday decline. Japan inflation data for June came in softer than estimated. An index of the dollar held on to gains from the prior session. US initial jobless claims data on Thursday showed the biggest increase since early May in a sign of cooling in the labor market that supports expectations the Federal Reserve will soon cut interest rates. The central bank is getting closer to reducing borrowing costs in September amid growing confidence that price stability is within sight. Investors were also gauging signs that President Joe Biden’s grasp on the Democratic presidential nomination appeared to be slipping as he weighed increasingly public warnings from his party’s top lawmakers. Back in Asia, investors will be on the lookout for fallout from China’s Third Plenum meeting. President Xi Jinping vowed to make “high-quality development” the guiding force of the world’s No. 2 economy, showing few initial signs that the top leadership is preparing to unleash major steps to boost demand or arrest the property slump. Today’s negative price action in Asian equities has more to do with concerns over new semiconductor sector restrictions from the US and a relatively disappointing communique from China’s Third Plenum, than the “twists and turns of the US presidential race,” said Homin Lee, senior macro strategist at Lombard Odier Singapore Ltd. In other releases, Malaysia’s economy expanded at the fastest pace in six quarters. In corporate news, Samsung Electronics Co. has agreed to resume negotiations with the union organizing strikes across its chipmaking plants. Meanwhile, Citigroup Inc. expects foreign investors to deploy as much as $100 billion in India this fiscal year, drawn to high-tech manufacturing, infrastructure and climate-change projects. In commodities, oil edged lower on concerns that Chinese growth may slow and jeopardize consumption. Gold also fell amid speculation its rally to an all-time high earlier this week may have gone too far. US After Hours NFLX +1.1% up slightly on earnings; ISRG +6.5% also a key earnings mover.
Nikkei -0.03% Hang Seng -1.98% CSI +0.20% Shanghai -0.16% Shenzen +0.31%
Eur$ 1.0886 CNH 7.2832 CNY 7.2668 JPY 157.73 GBP 1.2937 CHF 0.8893 RUB 88.4000 TRY 33.1088 WTI$ 82.34 -0.50% Gold 2,425 -0.80% BTC 64,124 +0.50% ETH 3,423 +0.40%
S&P +0.19% Nasdaq +0.30% EuroStoxx +0.12% FTSE -0.40% Dax -0.09% SMI -0.11%
Macro :
- Veteran SPAC Sponsors Behind $1.7 Billion Issue Surge
- Latin America FX Drops as Fears of Stronger Yen Dent Carry Trade
- Latin America FX Drops as Fears of Stronger Yen Dent Carry Trade
- Chile Hit by 7.4 Magnitude Earthquake Near Copper, Lithium Mines
- One Sliding Asian Currency Is a Warning Across Region
- Brazil Halts Chicken Exports to EU and Argentina on Virus
- Trump’s Edge Over Biden Widens to 52%-47%, CBS Poll Shows
- Blackstone’s Gray Sees ‘New Cycle’ in Housing: Financials Wrap
Keep an eye on :
Keep an eye on :
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