Asian equities rose Wednesday after a surge in chipmakers drove US stocks to yet another record-breaking session on Wall Street. The MSCI Asia Pacific index advanced about 1%, with chip and artificial intelligence-related shares leading the advance. Hong Kong stocks rebounded, while mainland Chinese shares slipped as traders digested speeches at the Lujiazui Forum, where securities regulator chief Wu Qing and PBOC Governor Pan Gongsheng are among the speakers. The overall risk-on mood comes after US traders pushed the S&P 500 closer to the historic 5,500 mark, betting the potential for Federal Reserve rate cuts will keep fueling the tech industry. Nvidia Corp. became the world’s most-valuable company — topping Microsoft Corp. — to extend this year’s record-breaking surge. A Bloomberg gauge of the dollar held on to Tuesday’s declines. There’s no trading of Treasuries globally on Wednesday due to a holiday in the US. China’s 10-year bond yield fluctuated after PBOC Governor Pan said the central bank is studying how to implement government bond trading together with the finance ministry. Its 10-year government bond futures closed at a record high on Tuesday. The relentless bull run in the debt market has been a concern for Chinese authorities, with the PBOC issuing several warnings via state media on the risk of a market reversal. In other Asian news, Japan’s exports grew at the fastest clip since late 2022 as the weak yen boosted their value. The yen was little changed after a four-session drop. Overnight, Wall Street waded through mixed economic data that showed US industrial production increased, helped by a broad-based pickup in factory output. Separately, retail sales barely rose and prior months were revised lower. A chorus of Fed officials emphasized the need for more evidence of cooling inflation before lowering rates. n corporate news, Norinchukin Bank, Japan’s biggest agricultural bank, said it will diversify its investment portfolio as it braces for massive losses on the sale of roughly 10 trillion yen ($63 billion) in US and European sovereign bonds. In commodities, oil steadied after closing at a seven-week high as a sustained risk-on mood in wider markets outweighed signs of further stockpile growth. Gold was little changed. US After Hours KBH +2.3% higher on earnings; TREE -0.6% as it names new CFO, also raises Q2 revenue guidance.
Nikkei +0.22% Hang Seng +1.95% CSI -0.42% Shanghai -0.34% Shenzen -0.63%
Eur$ 1.0737 CNH 7.2751 CNY 7.2562 JPY 157.80 GBP 1.2710 CHF 0.8841 RUB 85.75 TRY 32.5836 WTI$ 81.56 Gold 2,328 BTC 65,495 +1% ETH 3,565 +2.8%
S&P +0.04% Nasdaq +0.12% EuroStoxx +0.16% FTSE -0.08% Dax +0.13% SMI
Macro :
- Europe's 2H Auto Sales May Flatten; Tariffs to Slow BEV Uptake
- EU to Slam France Over Budget Deficit, Adding to Political Woes
- Commercial Properties Are Fast Becoming Stranded Across Europe
Keep an eye on :
Keep an eye on :
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