Stocks in Asia rose along with Treasuries as traders shrugged off warnings from policymakers seeking to rein in expectations for US interest-rate cuts. Benchmarks across the region advanced following a rally on Wall Street Tuesday, while gauges in China edged lower. Treasury 10-year yields slipped two basis points to 3.91%. European equity futures edged higher as contracts for US stocks traded flat. Atlanta Fed President Raphael Bostic said there was no urgency to lower rates but this did little to dent market expectations. Speculation of Fed easing is making investors the most optimistic since the beginning of 2022, a Bank of America Corp. survey showed Tuesday. Traders have also been liquidating bets on higher short-term US yields as investors reel back from the urge to fight the dovish pivot. Japan’s benchmark government bond yield fell to the lowest since the Bank of Japan tweaked yield curve control in late July. Meanwhile, the Nikkei 225 stock gauge was on course to close at a 33-year high after the central bank kept investors in the dark on when it may adjust policy. The yen gained for the first time in four days. The BOJ’s decision to stay on hold is likely to support Japanese stocks in the near term, but there may be a correction during the January to March period due to risks such as a deterioration in earnings, Citigroup Inc. analysts including Ryota Sakagami wrote in a note. Expectations for policy changes have eased, after having been factored in to some extent since the start of December, JPMorgan Chase & Co. chief Japan equity strategist Rie Nishihara wrote in a note. The bank is maintaining its overweight stance on domestic demand and financial stocks on expectations that Japan will exit a deflationary environment and interest rates will increase. Meanwhile, Chinese banks held their benchmark lending rates on Wednesday, following the central bank’s decision to skip cutting policy interest rates earlier this month. Richmond Federal Reserve President Thomas Barkin reinforced the more dovish tone, suggesting the US central bank would lower interest rates if recent progress on inflation continued. However, other policymakers have pushed back more aggressively against rate cut bets. Chicago Fed President Austan Goolsbee and the Cleveland Fed’s Loretta Mester suggested Monday that the expectations were premature. Investors are waiting for data readouts from the US, including Wednesday’s existing home sales, Thursday’s third quarter gross domestic product print and Friday’s durable goods orders and personal consumption expenditures — the Fed’s preferred measure of inflation — to firm up their rate bets. In the corporate world, Alibaba Group Holding Ltd. Chief Executive Officer Eddie Wu will take over the company’s core e-commerce business, replacing one of its most experienced executives at the helm of China’s biggest online marketplace. Oil was little changed after two days of gains, as traders and shippers braced for the prospect of more disruption in the Red Sea. Gold was also steady. US After Hours FDX -8.1% falls on EPS miss, lowered guidance; UPS -2.6% lower in sympathy; GH -12.5% lower as FDA panel sets review date; SCS -9.3% lower on earnings; RUSHA +6% to join S&P SmallCap 600
Nikkei +1.37% Hang Seng +0.48% CSI -0.94% Shanghai -0.92% Shenzen -1.11%
Eur$ 1.0965 CNH 7.1362 CNY 7.1349 JPY 143.73 GBP 1.2714 CHF 0.8616 RUB 90.5270 TRY 29.1039 WTI$ 74.08 +0.18% Gold 2,041 BTC 42,930 +1% ETH 2,220 +1.55%
S&P +0.04% Nasdaq +0.03% EuroStoxx +0.11% FTSE +0.33% Dax +0.07% SMI +0.24%
Macro :
- Watch Europe, US Defense Stocks as Yemen Military Strikes Mulled
- Europe Car Sales Gain to Put Double-Digit Recovery Within Reach
- *EUROPE CAR SALES ROSE 6% TO 1.08 MILLION UNITS IN NOVEMBER
Keep an eye on :
Keep an eye on :
- 1U1 GY : 1&1 Sees 2024 Service Revenue About +4%
- ANTO LN : Codelco, Antofagasta Sign Deal to Collaborate on Operations
- ARGX BB : Argenx’s Key Efgartigimod Drug Fails Second Trial in Weeks (1)
- NDA GY : Aurubis FY Dividend per Share Beats Estimates
- BAS GY : Putin Signs Decrees on Achimov, Yuzho-Russkoye Gas Field Assets
- ACA FP : Credit Agricole Owns 6.97% Stake in Veolia Environnement: AMF
- CE2 GY : SüDzucker to Delist CropEnergies From Stock Exchange Next Year
- DBK GY : Handelsblatt: Deutsche Bank: Elimination of Postbank chaos takes longer
- DNB NO : DNB CFO Vows to Stick With Norway Oil Industry as Activity Booms
- DOXA SS : Doxa Offers Up to SEK350 million Shares via Nordea, Swedbank, Offering of SEK350 million Sh. Prices at SEK3/Share
- EXM BB : Exmar Says Carl-Antoine Saverys to Take Over as CEO on Jan. 1
- FDX US : FedEx Tumbles After Profit Misses on Air-Freight Weakness -->-10%
- HBH GY : Hornbach Holding 3Q Adjusted Ebit EU48.1M Vs. EU48.9M Y/y
- INGA NA : ING to Phase-Out Upstream Oil & Gas Financing by 2040
- IOS GY : Ionos Set for Further Margin Expansion, Morgan Stanley Says
- KCT LN : Valtech Offers 130p/Share for Kin and Carta: M&A Snapshot
- ORP FP : CDC-Led Group Owns 50.2% of Orpea After Capital Increase
- PSM GY : ProSieben Boosts Local Content Investment; Sees Higher 2024 Rev.
- STR AV : Raiffeisen Buys Strabag Stake From Sanctioned Oligarch Deripaska
- SHEL LN : Shell, Equinor Go Ahead With Sparta Offshore Development in US
- SZU GY : SüDzucker to Delist CropEnergies From Stock Exchange Next Year
- TEF SM : Spain Orders State Company Sepi to Buy Up to 10% of Telefonica
- TEF SM : Spain Orders State Company Sepi to Buy Up to 10% of Telefonica
- TEF SM : Spain to Buy Telefonica Stake Worth as Much as $2.2 Billion (3)
- TTALO FH : Terveystalo Makes Write-offs of €84 Million in 4Q Results
- VIE FP : Credit Agricole Owns 6.97% Stake in Veolia Environnement: AMF
- VRLA FP : Verallia Cuts 2023 Revenue Outlook, Cites Peso Devaluation, Target Miss Highlights Argentina Uncertainty, Citi Sa
- VOW GY : Volkswagen to Implement North American Charging Standard