Stocks in Asia rose and metals rallied as China ramped up stimulus to aid its ailing economy, while traders awaited Friday’s jobs reading to gauge the Federal Reserve’s policy outlook. The MSCI Asia Pacific Index was headed for a second straight week of gains, the longest such streak since mid-June. Mainland China shares climbed after closing the month over 5% lower, with energy, financial and property stocks among the best performers. US stock futures edged higher, while Hong Kong’s market is shut on what may be the strongest storm to hit the city in at least five years. Aluminum and copper were up as metals looked set to extend this week’s advances. The yuan strengthened against the greenback after China’s central bank reduced the foreign exchange reserve requirement ratio for financial institutions in a bid to support the currency. The currency has since pared its gains. Investors also welcomed moves by the government to allow the nation’s largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages as well as on deposits. Bank of China Ltd. and several other major lenders followed through by lowering deposit rates. Sentiment was further buoyed by an unexpected rise in manufacturing data that advanced to 51 in August, the highest reading since February, according to a Caixin survey. The picture was also rosy in Japan after data earlier showed companies’ profits rose 11.6% on an annual basis in the second quarter. The Topix index posted its eight consecutive month of increase in August — the longest winning streak since 2013 — and the gauge was now set for the best weekly advance since October. The 10-year yield had extended its retreat Thursday after recently hitting levels last seen in 2007 while an index of dollar strength had its best month since February. Treasuries steadied during Asian trading, while the dollar was little changed. As the property easing measures and the FX RRR cut were announced before the market opened, “there could be some element of that timing being used to help sustain China assets especially with the PMIs giving some positive signals,” said Eddie Cheung, senior emerging market strategist at Credit Agricole CIB in Hong Kong. Fed Bank of Atlanta President Raphael Bostic said policymakers need to be cautious not to overtighten monetary policy and risk unnecessary harm to the US labor market. Oil is set for a weekly gain after Russia signaled that it would extend export curbs and US inventories dropped further. Gold headed for the second weekly advance. US After Hours NTNX +15.1%, ESTC +9.6%, DELL +7.7%, MDB +5%, LULU +1.8% higher on earnings; PD -5.2%, AVGO -4.2% lower on earnings; EOSE +52.3% pops on expansion program.
Nikkei +0,46% Hang Seng -0,55% CSI +0,55% Shanghai +0,27% Shenzen +0,18%
Eur$ 1,0845 CNH 7,2683 CNY 7,2642 JPY 145,59 GBP 1,2666 CHF 0,8835 RUB 95,7031 TRY 26,7133 WTI$ 83,83 Gold 1940 BTC 26,040 ETH 1,649
S&P +0,11% Nasdaq +0,04% EuroStoxx +0,07% FTSE +0,14% Dax +0,05% SMI +0,04%
Macro :
- Morgan Stanley Strategists See Europe Equity Yield as Attractive
- CAC Index Falters with Mixed Macro, 18% Asia Exposure
- New Rising Stars Are Powering Gulf’s $50 Billion Spending Spree
- US Providing $12 Billion to Retrofit Auto Plants for EVs
- Russia Blocks Renewal of UN Sanctions in Mali
- EU Bank €84 Billion Revenue Upgrades Face 2024 Unwind: BI Focus
- Russia Agrees on Further OPEC+ Oil-Export Cuts, Novak Says
Keep an eye on :
Keep an eye on :
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