Chinese stocks rallied while other Asian markets erased declines after factory activity in the world’s second-largest economy improved more than analysts forecast. The offshore yuan strengthened by more than 0.4%, while Australia’s currency, which is sensitive to China’s outlook, reversed an earlier decline to climb about 0.2%. The Hang Seng China stock gauge rallied more than 3% as the gauge of China’s manufacturing activity climbed to the highest level in more than a decade. An Asian equity benchmark changed course and rose by the most in a month, while futures for the S&P 500, the Nasdaq 100 and Euro Stoxx 50 all pared losses. The better-than-expected economic news from China comes as investors await developments in the lead-up to the National People’s Congress. A gauge of dollar strength fell and Treasury yields edged higher. US two-year yields climbed about 10 basis points in February, and the 10-year yield rose more than 40 basis points. Yields on Australian and New Zealand government bonds slipped. Bond yields rose in Europe on Tuesday after hot inflation data caused a reassessment of rate expectations, picking up a theme has dominated trading in a month that saw the Federal Reserve signal its intention to ratchet rates higher than the market had been anticipating. Bond traders no longer view the odds of a Fed rate cut this year as better than-even, a shift from what they were expecting just a month ago. Market expectations also see the European Central Bank raising rates through February 2024, with a 4% ECB terminal rate fully priced. oil climbed on China’s economic rebound outlook and gold rose. US After Hours RETA +166.5% after FDA approves Skyclarys; SRPT +17.2%, BGS +15.2%, PAYO +11.6%, GDRX +9.1%, DUOL +8.2%, BLNK +4.8%, HPQ +2.8% higher on earnings; NVAX -25.5%, RIVN -8.4%, PUBM -7.9% lower on earnings.
Nikkei +0.26% Hang Seng +3.97% CSI +1.29% Shanghai +0.89% Shenzen +0.83%
Eur$ 1.0594 CNH 6.9108 CNY 6.9033 JPY 136.36 GBP 1.2045 CHF 0.9405 RUB 75.0484 TRY 18.8824 WTI$ 77.53 +0.61% Gold 1,832 +0.27% BTC 23,697 +2.40% ETH 1,650 +2.76%
S&P +0.13% Nasdaq +0.19% EuroStoxx +0.12% FTSE +0.29% Dax +0.12% SMI +0.05%
Macro :
- Germany’s Wissing Working to Keep Combustion Engine Past 2035
- Italy to Refuse EU Plan to ban fossil Fuel cars : Ansa
- Watch European Luxury Stocks as China’s Economy Signals Recovery
Keep an eye on :
- AC FP : Accor Holder Offers 9.8m Shares via JP Morgan Securities
Keep an eye on :
- AC FP : Accor Holder Offers 9.8m Shares via JP Morgan Securities
- ACX SM : Acerinox 4Q Net Loss Misses Estimates
- AIR FP : Boeing Wins $1.2 Billion U.S. Air Force Contract
- ALC SW : Alcon Dips After 4Q; Analysts Positive on Outlook
- ALLFG NA : Allfunds Group Says Terms of Euronext Proposal Were Inadequate
- ALLN SW : Allreal FY Sales Meets Estimates
- AMBA US : Ambarella 1Q Revenue Forecast Misses Estimates (-4% in After Hours)
- ARNC US : Arconic Jumps After WSJ Reports Apollo Is Mulling Acquisition +19.5% In Session, +2% InAfter Hours
- ASMI NA : ASMI 4Q Net Sales Meets Estimates, ASMI Guidance Could Miss Elevated Expectations: Street Wrap
- AML LN : Aston Martin 4Q Revenue Beats Estimates
- ATO FP : Atos FY Operating Profit Beats Estimates
- AUTN SW : Autoneum FY Ebit Misses Estimates
- AXON US : Axon Sees 2023 Revenue at Least $1.43B, Est. $1.38B (+3.7% in After Hours)
- BALDB SS : Swedish Landlord Balder Cut to Junk as It Fails to Sway Moody’s
- BEI GY : Beiersdorf FY Sales Meets Estimates
- BEKB BB : Bekaert FY Adjusted Ebit Beats Estimates, Sells Latam Steel Wire Solutions Ops; Ent. Value $350M
- BNP FP : Belgium Plans to Sell $2.3 Billion of BNP Paribas Shares
- BOSN SW : Bossard FY Ebit Beats Estimates
- BRE IM : Brembo, Tronchetti’s Camfin Sign Shareholder Pact for Pirelli
- AI US : Baidu to Unveil ChatGPT-Like Ernie BOT March 16
- CLNX SM : Cellnex 2023 Adjusted Ebitda Forecast Beats Estimates
- DEEZR FP : Deezer FY Adjusted Ebitda Loss EU55.7M
- EMMN SW : Emmi FY Ebit Margin Misses Estimates
- ENX FP : Euronext Withdraws Takeover Bid for Allfunds Group
- FER SM : Ferrovial to Merge Into Dutch Unit, Seek NL, Spain, US Listing
- FER SM : Ferrovial FY Net Income Beats Estimates (+3.6% in After Hours)
- FSLR US : First Solar 2023 EPS Forecast Beats Estimates
- GF SW : Georg Fischer FY Sales Beats Estimates
- GLB ID : Glanbia FY Adjusted EPS Beats Estimates
- HPQ US : HP Inc Sees 2Q Adjusted EPS 73C to 83C, Est. 76C (+2.8% in After Hours)
- IDR SM : Indra Expects 2023 Revenue to Reach More Than EU4b
- COL SM : Inmobiliaria Colonial FY Recurring Net Income Beats Estimates
- IMPN SW : Implenia FY Sales Meets Estimates
- ITP FP : Interparfums FY Operating Income Beats Estimates
- IPR US / ITP FP : Inter Parfums Boosts 2023 EPS Forecast, Beats Estimates
- TKWY NA : *JUST EAT TAKEAWAY FY REV. EU5.56B, EST. EU5.6B
- KNIN SW : Kuehne + Nagel FY Net Revenue Beats Estimates
- MEGP LN : Me Group FY Pretax Profit GBP53.4M
- MONC IM : Moncler 4Q Revenue Beats Estimates
- MNST US : Monster Beverage 4Q Adjusted EPS Misses Estimates (-3.5% In After Hours)
- EGL PL : Mota-Engil FY Net Income EU41M Vs. EU24M Y/y
- NEOEN FP : Neoen FY Ebitda Beats Estimates
- New Link IPO : Bain-Backed Newlink Group Ditches HK for $400m US IPO: IFR
- NDX1 GY : Nordex Gets Orders From WPD for 109 MW in Sweden and Finland
- ONTEX BB : Ontex 4Q Adjusted Ebitda Beats Estimates
- PARA US : *PARAMOUNT TURNED DOWN OVER $3B OFFER FOR SHOWTIME: WSJ
- PIRC IM : Brembo, Tronchetti’s Camfin Sign Shareholder Pact for Pirelli
- PSM GY : ProSiebenSat.1 Media Postpones Presentation of Statements
- PUM GY : Puma Sees 2023 Ebit EU590M to EU670M, Est. EU665.9M
- RKT LN : Reckitt 4Q Health LFL Beats Estimates
- RIN FP : Vilmorin 1H Operating Income EU19.2M
- ROG SW : Regeneron Says Kevzara Approved by FDA
- SMCP FP : SMCP Holder European TopSoho to Sell 37% Stake
- SPM IM : Saipem Awarded Drilling Contract in Ivory Coast Worth $400m
- STLA IM : *STELLANTIS CEO: BATTERY MATERIALS SHORTAGE MAY DRIVE INFLATION
- SLHN SW : Swiss Life FY Net Income CHF1.46B Vs. CHF1.26B Y/y
- TE FP : TechnipFMC Gets Contract From Azule to Supply Flexible Pipe
- TEL NO : Telenor Completes Dtac, True Deal; Sees NOK20B Accounting Gain
- VIS SM : Viscofan FY Net Income Meets Estimates
- WEIR LN : Weir FY Adjusted Operating Profit Beats Estimates