Shares in Asia traded broadly higher ahead of Wednesday’s Federal Reserve decision. The yen strengthened from near its weakest level this year after Japan’s foreign exchange chief said he was on standby for intervention. MSCI’s Asia Pacific Index rose about 1%, led higher by Japanese stocks, with the Topix benchmark gaining the most in a year. Shares in Hong Kong and mainland China fluctuated after a private survey showed China’s manufacturing activity contracted. S&P 500 futures edged lower after the index rebounded in the final day of October. Treasury 10-year yields ticked marginally lower after rising in the previous session. Traders are taking the latest US economic data in stride as they expect another interest-rate hold decision from the Fed. Focus is also on the US government’s new borrowing plan, due hours ahead of the Fed’s announcement. Meanwhile, China’s central bank withdrew cash from the financial system, suggesting it sees the previous day’s abrupt surge in short-term borrowing costs as a temporary disruption. The Bank of Japan announced unscheduled bond-purchase operations to curb gains in yields following its policy decision. The 10-year Japanese government bond yield touched a fresh decade high of 0.97% after the BOJ on Tuesday said it will take a more flexible approach to controlling rates on 10-year government debt. The yen extended gains Wednesday after Japan’s chief currency official Masato Kanda said authorities see some moves that aren’t in line with fundamentals and are on standby to intervene if needed. The Bloomberg Dollar Spot Index edged higher after advancing 0.4% in the previous session on the back of yen’s weakness. In economic news, US consumer confidence dropped to a five-month low in October while employment costs unexpectedly accelerated in the third quarter — underscoring a strong labor market that risks keeping inflation above the Fed’s target. The yen extended gains Wednesday after Japan’s chief currency official Masato Kanda said authorities see some moves that aren’t in line with fundamentals and are on standby to intervene if needed. The Bloomberg Dollar Spot Index edged higher after advancing 0.4% in the previous session on the back of yen’s weakness. In economic news, US consumer confidence dropped to a five-month low in October while employment costs unexpectedly accelerated in the third quarter — underscoring a strong labor market that risks keeping inflation above the Fed’s target. Investors are also looking to guidance from the ongoing earnings season to assess the outlook for profits and how companies are able to withstand headwinds like higher rates. US stocks slumped in October as disappointing showings from technology giants including Google parent Alphabet Inc. and Facebook owner Meta Platforms Inc. have weighed on sentiment. oil advanced after slumping in the first two days of the week, as a still-contained Israel-Hamas war shifted attention to global demand. New Zealand’s dollar fell after disappointing jobs data. US After Hours CZR +5%, FSLR +4.6%, AMD +0.2% higher on earnings; PAYC -29.4%, MTZ -12.1%, YUMC -9.1% lower on earnings.
Nikkei +2.41% Hang Seng -0.07% CSI +0.19% Shanghai +0.28% Shenzen +0.04%
Eur$ 1.0571 CNH 7.3361 CNY 7.3191 JPY 151.26 GBP 1.2139 CHF 0.9094 RUB 93.34 TRY 28.32 WTI$ 81.14 +0.15% Gold 1,980 -0.18% BTC 34,400 -0.73% ETH 1,800 -0.78%
S&P -0.12% Nasdaq -0.12% EuroStoxx +0.66% FTSE +0.40% Dax +0.66% SMI +0.88%
Macro :
- Red Bull Heir Gets $615 Million Payout After Inheriting Company
- Druckenmiller Says He Has ‘Massive’ Bullish Bets on 2-Year Notes
- UK Scraps Guarantees on ~£979m of Bank Loans: Reuters
Keep an eye on :
- AIR FP : Papua New Guinea’s Air Niugini Upgrades Fleet With Airbus Order
- AML LN : Aston Martin 3Q Revenue Misses Estimates
- BARN SW : Barry Callebaut FY Sales Meets Estimates
- CO FP : Casino Won’t Launch a Rights Issue as Part of Restructuring
- CYTK US : Cytokinetics Climbs Amid Report of Takeover Interest
- DBV FP : DBV Tech 3Q Revenue Beats Estimates
- EDP PL : Portugal Seeks Demonstrations of Interest on Offshore Wind Farms
- FER SM : Ferrovial Results Beat Consensus Expectations: Street Wrap
- GSK LN : GSK 3Q Revenue Beats Estimates
- HEIJM NA : Koninklijke Heijmans N.V Boosts FY Underlying Ebitda Forecast
- IPF LN : IPF's MSCI ESG Rating Raised to AA from A
- IVG IM : Iveco 3Q Industrial Adj. Ebit Beats Estimates, Iveco Boosts FY Consolidated Adjusted Ebit Forecast
- KAMBI SS : Kambi 3Q Ebit EU4.6M Vs. EU3.9M Y/y
- NESN SW : Fonterra, Nestle Complete Sale of DPA Brazil to Lactalis
- NORSE NO : Norse Atlantic Exploring Strategic Options, Raising Up to $45M
- NOVN SW : Novartis Gets FDA Approval for Cosentyx in Skin Disease
- ORSTED DC : Orsted 3Q Ebitda Beats Ests; to Stop 2 Offshore Developments (1)
- ORSTED DC : Orsted Drops US Wind Projects, Taking $4 Billion Impairment Hit
- RAIVV FH : Raisio 3Q Adjusted EPS Matches Estimates
- RED SM : Redeia 3Q Net Income Beats Estimates
- RNO FP : Renault’s Ampere IPO Unlikely if Valuation Below €7b: Reuters
- SDZ SW : Sandoz Gives Up All Post-Spinoff Gains as US Worries Persist
- SU FP : Schneider Electric Sees €900M Rev Impact of Sensor Ops Disposal
- SU FP : Schneider Electric Sees €900M Rev Impact of Sensor Ops Disposal
- SQZ LN : Serica's MSCI ESG Rating Raised to AAA from AA
- SKAB SS : Skanska 3Q Operating Profit Misses Estimates
- TLGO SM : Talgo's MSCI ESG Rating Raised to BBB from BB
- TEF SM : Telefonica, Liberty Sell 16.67% Stake in Cornerstone for £360m
- TGS NO : TGS Gets Four-Year Contract Extension in Norway
- US IM : UnipolSai's MSCI ESG Rating Raised to A from BBB
- FR FP : Valeo to Sell Thermal Systems Unit in Russia to NPK Avtopribor
- VTWR GY : Virgin Media O2 Sells Mobile Tower JV Stake to GLIL for ~£360M
- WAWI NO : Wallenius Wilhelmsen 3Q Ebitda Beats Estimates
- WHA NA : Wereldhave Narrows FY EPS Forecast