Weakness in Chinese assets marred an otherwise positive day for markets as US equity futures and stocks across much of Asia pushed higher on encouraging signs from debt-ceiling talks in Washington. Hong Kong shares slid Friday in a decline led by internet giants. The Hang Seng Tech Index slumped as much as 2.4% as Alibaba Group Holding Ltd dropped in the wake of disappointing sales that add to signs of a faltering post-Covid rebound in China. Data this week showed activity in the world’s second-biggest economy is losing momentum, with private firms barely increasing investment and households cutting back on goods. The offshore yuan depreciated to levels not seen since late last year. An official fixing above 7 per dollar reflected a willingness among officials to keep the currency weak, potentially to spur domestic activity. shares in Australia, South Korea and Japan advanced. The gain for the Topix placed the index on course for its best week since November and a fresh 33-year high. Contracts for the S&P 500 climbed after the index ended Thursday at the highest level in nine months. Nasdaq 100 futures also rose after the tech-heavy gauge added nearly 2%. Market pricing places around a 40% chance the Fed will raise rates at its June meeting followed mixed commentary from central bank officials this week. Fed Bank of Dallas President Lorie Logan said on Thursday the case for a pause next month is not clear, contrasting with dovish remarks from central bank Governor Philip Jefferson. The yen rose slightly after Japan’s inflation re-accelerated in April following months of cooling. That may keep alive speculation that the central bank will have to revise its price outlook after waning expectations for policy normalization in the previous session. The currency on Thursday touched its weakest level this year against the dollar. Oil rallied, tracking some of the risk-on sentiment, and headed for its first weekly advance in more than a month. Gold edged higher. US After Hours FTCH +16.8%, PLXS +0.7% higher on earnings/guidance; DXC -5.7%, FLO -4.9%, AMAT -1.5% lower on earnings.
Nikkei +0.83% Hang Seng -1.23% CSI -0.33% Shanghai -0.45% Shenzen +0.09%
Eur$ 1.0765 CNH 7.0599 CNY 7.0428 JPY 138.42 GBP 1.2400 CHF 0.9049 RUB 80.3903 TRY 19.8102 WTI$ 72.37 +0.67% Gold 1,964 +0.32% BTC 26,833 +0.40% ETH 1,800 +0.17%
S&P +0.07% Nasdaq +0.13% EuroStoxx +0.32% FTSE +0.25% Dax +0.31% SMI +0.64%
Macro :
- Strategist Forecasts for European Stock Indexes in 2023 (Table)
- Strategist Forecasts for Germany’s DAX in 2023 (Table)
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