Stocks in Asia were mixed after US equities touched fresh peaks ahead of the Federal Reserve’s decision, with eyes on the future pace of rate cuts. The yen extended its decline. Chinese equities gained as the country’s banks kept their benchmark lending rates unchanged. Focus is on a slew of key earnings including from Tencent Holdings Ltd. Australian shares slipped while Japanese markets were closed for a holiday. European futures fell alongside US contracts, paring Tuesday gains on Wall Street when the “Magnificent Seven” cohort of tech megacaps staged a rebound. Nvidia Corp.’s new chips helped support the rally, while in Asia, reports that the company was looking to buy Samsung Electronics Co.’s memory chips sent the South Korean market higher. Gains for Chinese equities reflected “a base forming,” around the beaten-down market on signs of government support this year, Audrey Goh, head of asset allocation at Standard Chartered Wealth Management, told Bloomberg TV. “We need a bit more in terms of policy support from the government to entice investors back,” she said. Traders have stepped up short Treasury bets ahead of the Fed’s decision due later Wednesday, when the central bank is expected to hold rates steady for a fifth consecutive meeting. Asia trading in Treasuries is closed Wednesday given the holiday in Japan. The Bloomberg dollar index advanced for the fifth session, extending a nascent rebound that has emerged as traders recalibrate Fed bets. The yen fell against the euro and the dollar on speculation the Bank of Japan will keep its monetary policy accommodative even after it ended the world’s last negative-interest-rate policy on Tuesday. The summary of the Fed’s economic projections will reveal whether still-robust data are giving officials cause to dial back intentions to cut rates — or if their outlook for three reductions this year remains on track despite inflation remaining above the Fed’s 2% target. Hawkish commentary from the Fed will add further support to the recent rise in yields and the dollar, according to Win Thin and Elias Haddad at Brown Brothers Harriman. “If Jerome Powell can stick to the hawkish script, the message will remain consistent and market reaction will likely be limited. If he veers from the script and delivers a dovish tilt, then market reaction will likely be quite violent.” In addition to hints about upcoming policy moves, the Fed will also begin in-depth discussions about its balance sheet this week, including when and how to slow the pace at which the central bank drains excess cash from the financial system. In other key news, the US is considering blacklisting Chinese semiconductor firms linked to Huawei Technologies Co. after the company’s unexpected chip breakthrough last year, people familiar with the matter said. China’s property-debt crisis has entered a new stage, as tensions have increasingly shifted to developers’ court battles with creditors over debt restructuring plans. There is “no quick fix” for China’s housing woes and global investors need to see a resolution before they deploy capital in the sector again, according to Kei Chua, a partner of Bain Capital, speaking at Bloomberg’s China Credit Forum in Hong Kong. Elsewhere, export data in Taiwan and a monetary policy decision in Indonesia are due. Oil steadied after a two-day gain as an industry group flagged a fall in US crude stockpiles, while gold traded in a narrow band ahead of the Fed. Bitcoin fell against the dollar for a third session in a further retreat from its recent highs and traded at around $62,000.
Nikkei +0.66% Hang Seng +0.30% CSI +0.14% Shanghai +0.46% Shenzen +0.47%
Eur$ 1.0867 CNH 7.2129 CNY 7.1993 JPY 151.49 GBP 1.2720 CHF 0.8893 RUB 92.4743 TRY 32.3825 WTI$ 83.21-0.31% Gold 2,158 BTC 61,415 -3.66% ETH 3,097 -5.54%
S&P -0.10% Nasdaq -0.09% EuroStoxx -0.34% FTSE -0.08% Dax -0.06% SMI -0.18%
Macro :
- French Markets Regulator to End ‘Retail Tranche’ IPO Obligation
- EQT CEO Warns Lack of Gas Storage Will Trigger Price Gyrations
- European Media's 20% Gain Outdoes Telecom Value Traps' 7% Fall
Keep an eye on :
Keep an eye on :
- ADP FP : ADP CEO de Romanet’s Mandate Won’t Be Renewed: Les Echos (out yesterday in Le Monde)
- AIR FP : Boeing Needs More Focus on Safety and Quality, FAA Chief Says
- AIR FP : Boeing May Sell Spirit Aero Businesses Supplying Airbus: Rtrs
- ALAB US : Astera Labs, Holders Are Said to Raise $712.8m in Upsized IPO
- ATO FP : France Seeks National Solution to Protect Atos Strategic Assets
- BEN FP : Beneteau FY Ebitda Beats Estimates
- BA/ LN : US State Dept. Approves Possible $2.2b Arms Sales to Bahrain
- BVI FP : Bureau Veritas Sees High Single-Digit Rev. Growth Through 2028
- BVI FP : Bureau Veritas to Buy Three Companies in South Korea, India
- 1CNHI IM : CNH Industrial Class A Raises Dividend 31% to 47 euro cents/Shr
- COPN SW : Cosmo FY Dividend per Share EU2.00 Vs. EU1.05 Y/y
- CTT PL : CTT FY Net Income EU60.5M Vs. EU36.4M Y/y
- ACA FP : Credit Agricole, Worldline Start Payments JV
- DOU GY : Douglas Group Prices IPO at €26 per Share
- EXO NA : Agnellis’ Exor Teams Up to Invest in Teen Fashion Brand Subdued
- GALP PL : Portugal’s ENSE Says Gasoline Consumption Rose 8.2% in February
- GTT FP : GTT Gets New Order From HD KSOE for Tank Design of 3 Vessels
- HPHA GY : Heidelberg Pharma Treatment Granted Orphan Drug Status by FDA
- IDIA SW : Idorsia to Make Tryvio Available to US Patients in 2H
- INH GY : Indus Holding Sees 2024 Ebit EU145M to EU165M
- KER FP : Kering Sinks as Gucci Transition Still Elusive --> ADR -9% in NY
- MMB FP : Lagardere Deputy CEO Pierre Leroy Steps Down
- LONN SW : Lonza to Buy Biologics Site in US From Roche for $1.2b
- MC FP : LVMH-Owned Sephora to Exit South Korea in May After Losses
- MC FP : US Lawmaker Demands Loro Piana Answer for ‘Exploitation’ in Peru
- NVDA US : Nvidia to Buy Chips for AI Processors From Samsung: Nikkei Asia
- PST IM : Poste Italiane Targets EU6.5B In Dividends Over 2024-2028
- RLIA SM : Realia Says FCC, Finver Buy Realia Stakes From Polygon
- ROG SW : Lonza to Buy Biologics Site in US From Roche for $1.2b
- 05930 KS : Nvidia to Buy Chips for AI Processors From Samsung: Nikkei Asia
- SHBA SS : S-Bank Names Wealth Management, Retail Banking Chiefs in Revamp
- SMCI US : Super Micro Computer Offering of 2m Shares Prices at $875/Share
- STLAM IM : Stellantis Agrees to California Clean-Car Rules It Long Opposed
- STLAM IM : Stellantis Invests in Lidar Technology Company SteerLight
- Tendam IPO : Spanish Apparel Firm Tendam Picks Bookrunners for IPO: Cinco
- TRN IM : Terna 2024 Ebitda Forecast Beats Estimates
- TRN IM : Terna Currently Assessing Possible Purchase of Power Assets: CEO
- TIMA GY : ZEAL Network Buys Further Shares in Lotto24, Plans Squeeze-Out
- TRST LN : Trustpilot Holder Vitruvian Partners Offers Up to 12.5m Shares
- VLN FP : Valneva FY Operating Loss EU82.1M, Est. Loss EU78.2M
- VIRP FP : Virbac FY Adjusted Current Operating Income Meets Estimates
- WLN FP : Credit Agricole, Worldline Start Payments JV