Shares in Asia edged higher Tuesday, bolstered by bullish sentiment on Wall Street as investors parsed further signs of stability in the global economy. Equities in Japan, Australia, South Korea climbed, placing a gauge of Asian stocks on track for its seventh consecutive advance — a run not seen since January, when investors initially warmed to China’s reopening. Mainland China and Hong Kong shares erased earlier gains after data showed a slowdown in home sales and manufacturing in the world’s second-largest economy. The Caixin PMI figures showed factory activity contracted in July, missing economists’ estimates for a small expansion. Meanwhile, home sales plunged by the most in a year last month, underscoring why policymakers need to address faltering demand and a liquidity crunch in the sector. Major developer Country Garden Holdings Co. slid in equity and credit market after it canceled a share sale, raising concerns over its ability to meet $2.9 billion in bond payments for the rest of the year. Futures contracts for US stocks were mildly positive after the S&P 500 and Nasdaq 100 drifted higher on Monday to extend a run of monthly gains for the two benchmarks. The S&P 500 edged higher to around 4,590, closing at a 16-month high. The Nasdaq 100 notched its longest streak of monthly gains since August 2020. Citigroup Inc.’s Scott Chronert has joined the list of strategists who have revisited their gloomy outlooks in recent weeks, raising his forecast for the S&P 500. Morgan Stanley’s Michael Wilson, who has been among the market’s leading pessimists throughout 2023, changed his tone and now sees the rally running further. The yen traded weaker against the dollar, adding to Monday’s decline, amid weak demand at a 10-year bond auction. While investors had earlier anticipated that the Bank of Japan is moving toward letting yields rise after a tweak to its yield-curve control policy, it bought bonds on Monday to anchor rates. The euro-area economy returned to growth, data showed Monday, while underlying inflation pressures persisted — supporting early arguments for the European Central Bank to raise interest rates again. In the US, data pointing to inflation becoming tamed boosted optimism the world’s biggest economy will have a soft landing as the Federal Reserve nears the end of its monetary-tightening cycle. oil edged down after surging 16% in July, its biggest monthly advance since early 2022. US After Hours ANET +12%, WWD +9.7%, AESI +6.2%, TREX +5.6% trending higher on earnings; ZI -17.1%, HLIT -14.1%, AAN -9.6%, RMBS -7.9%, DV -7.4% (also acquiring Scibids), MPWR -7.1% tracking lower following earnings.
Nikkei +0.84% Hang Seng -0.48% CSI -0.55% Shanghai -0.16% Shenzen -0.47%
Eur$ 1.0992 CNH 7.1734 CNY 7.1669 JPY 142.74 GBP 1.2825 CHF 0.8721 RUB 91.6120 TRY 26.9628 WTI$ 81.53 -0.33% Gold 1,959 -0.30% BTC 28,900 -1.05% ETH 1,828 -1.35%
S&P +0.02% Nasdaq +0.01% EuroStoxx -0.07% FTSE -0.02% Dax -0.10% SMI
Macro :
- JPMorgan’s Kolanovic Warns Stocks So Lofty They Price No Landing
- Citi’s Montagu Says FTSE 100 Futures Positioning Turns Bullish
- *OPPENHEIMER RAISES S&P 500 YEAR-END TARGET TO 4,900 FROM 4,400
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- BT/ LN : BT Group ‘Is Like a Telia on Steroids,’ Allison Kirkby Tells DI
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- 1COV GY : Covestro 2Q Sales Misses Estimates
- DHL GY : DHL Group 2Q Ebit Beats Estimates; FY Ebit View Range Narrowed
- RF FP : Blackstone to Provide €400M in Equity to Groupe Premium
- EAPI FP : EuroAPI 1H Ebitda EU62.5M Vs. EU70.3M Y/y
- XOM US : Exxon in Talks With Tesla, Ford, Volkswagen on Supplying Lithium
- XOM US : Albemarle Rises, Leading Peers Higher on Exxon Supplier Talks
- GBLB BB : GBL 1H Cash Profit EU388M Vs. EU384M Y/y
- HSBA LN : HSBC to Buy Back up to $2b of Shares
- HYQ GY : Hypoport Prelim 2Q Ebit Loss Due to Real Estate Segment Weakness
- IPCO SS : Intl Petroleum 2Q Revenue Misses Estimates
- KRN GY : Krones 2Q Ebitda Meets Estimates
- MC FP : Birkenstock Owner Said to Plan September IP0 at $8 Billion Value
- MEL SM : Melia Hotels 2Q Ebitda EU140.6M
- NEXI IM : Nexi 2Q Ebitda Meets Estimates
- 7974 JP : Next-Gen Nintendo Console Could Come in 2024: Verge
- PFG GY : Pfeiffer Vacuum 2Q Ebit EU24.1M Vs. EU28.7M Y/y
- RBI AV : Raiffeisen Cuts FY Cost of Risk Forecast
- RIO LN : Rio Tinto Deal Shows Big Mining Ready to Invest in Chile Again
- RIO LN : Rio Tinto Looking at Possible Lithium Deals, Stausholm Says
- SRS IM : Italy Saras Sees Heat Curbs Refining Output in Med, Middle East
- SHEL LN : Shell Said to Resume Nigeria Oil Fields Sale Talks to Local Firm
- TLGO SM : Talgo Gets EUR181m High-Speed Trains Maintenance Contract
- TMV GY : TeamViewer 2Q Revenue Beats Estimates, FY Outlook Confirmed
- TIT IM : Italy May Take 35% of Telecom Italia Grid in KKR Bid: Repubblica
- ZI US : ZoomInfo Reduces FY Revenue Forecast, Misses Estimates