Stocks slumped in Asia and bond yields spiked higher amid concern that strong inflation and hawkish monetary policy will further slow the global economy. Shares dropped in Japan, Australia and China, with Hong Kong’s equity benchmark headed for the lowest close since 2009. Fears over slowing growth and rising Covid cases in China are adding to worries of investors amid the twice-a-decade party congress in Beijing. The offshore yuan traded around a fresh record low while an index of US-listed Chinese companies slumped more than 7% on Wednesday to the lowest in nine years. Meanwhile in Japan, the 10-year yield again pushed above the 0.25% upper limit of the central bank’s target range, triggering it to announce unscheduled bond purchases to rein it back in. Adding to the challenge for policy makers, the yen traded at levels last seen in 1990 and remained within a whisker of the key mark of 150 versus the greenback. This has traders on guard for potential government intervention to shore up the currency. Government bond yields jumped more than 10 basis points in Australia and New Zealand, as US Treasury yields held near recent highs. The policy-sensitive two-year Treasury yield was near the highest since 2007. This in turn was supporting the dollar, which was higher against its major counterparts and emerging-market currencies in Asia. The Philippine peso dropped to a record low against the greenback while in South Korea credit strains prompted authorities to revive a $1.1 billion bond stabilization fund. The Fed is expected to raise interest rates by 75 basis points at its Nov. 1-2 meeting -- its fourth straight increase of that size -- as central bankers seek to cool the hottest inflation in four decades. US equity futures fell in Asia after stocks on Wednesday halted a back-to-back rally, making any calls for a bottom look elusive. Not even bright earnings spots like Netflix Inc. and United Airlines Holdings Inc. were able to enthuse investors about more gains in the S&P 500. A late day rout in Tesla Inc. on disappointing sales could further weigh on sentiment. oil held gains as the market shrugged off measures from US President Joe Biden to tame rising energy prices that have fueled inflation. Gold dipped to hold at a three-week low. US After Hours IBM +3% higher on earnings; AA -7.7%, WDFC -5.7%, TSLA -3.7% lower on earnings; ALL -9.3% on Q3 catastrophe losses.
Nikkei -1,16% Hang Seng -2,42% CSI-0,71% Shanghai -0,39% Shenzen -0,44%
Eur$ 0,9776 CNH 7,2345 CNY 7,2254 JPY 149,92 GBP 1,1220 CHF 1,0050 RUB 61,3807 TRY 18,5891 WTI$ 86,20 +0,80% Gold 1,623,80 +2% BTC 19,175 ETH 1,290
S&P -0,10% Nasdaq -0,44% EuroStoxx -0,21% FTSE -0,05% Dax -0,24% SMI
Macro :
- UK Treasury to Transfer £11 Billion to BOE to Cover QE Losses
- Goldman Says Emerging Equities Ripe for More Earnings Downgrades
Keep an eye on :
- ABBN SW : ABB 3Q Operating Ebita Beats Estimates
- AKZA NA : Akzo Nobel 3Q Adjusted Operating Income Misses Estimates
- AA US : Alcoa Drops 10% Postmarket on Ebitda Miss: Snapshot
- ALLFG NA : Allfunds Assets Under Administration EU1.29T
- ALMA FH : Alma Media 3Q Revenue Beats Estimates
- AOX GY : Alstria Office Prelim 9M FFO I About EU86M
- ATEA NO : Atea 3Q Ebit Misses Estimates
- ADX SM : Audax Seeks Bondholder Waiver for Corporate Deal: Confidencial
- BARN SW : Barry Callebaut’s Wieze Chocolate Plant Back to Normal Capacity
- BESI NA : BE Semiconductor 3Q Gross Margin Beats Estimates
- BOL SS : Boliden 3Q Adjusted Operating Profit Misses Estimates
- CNE LN : Capricorn Energy Holder Irenic Urges Board to Drop NewMed Deal
- COTN SW : Comet 3Q Net Sales CHF164.8M
- DB1 GY : Deutsche Boerse Boosts FY Net Revenue Forecast
- DNB NO : DNB Bank 3Q Net Income Misses Estimates
- EDEN FP : Edenred Boosts FY Ebitda Forecast, Beats Estimates
- ELUXB SS : Electrolux, Whirlpool, SEB Tested by Waning Appliances Demand
- EQT SS : EQT, Tillman lining up rival bids for Brookfield’s stake in French towers firm TDF, sources say
- ERICB SS : Ericsson 3Q Adjusted Operating Profit Misses Estimates
- FABG SS : Fabege 9M Rental Income SEK2.25B Vs. SEK2.14B Y/y
- FNAC FP : Fnac Darty 3Q Like-for-Like Sales -1.3%
- GAM SW : GAM Holding Investment MGMT AUM CHF24.2B
- GET FP : Getlink 3Q Revenue EU466.1M Vs. EU223.1M Y/y
- GRNG SS : Granges 3Q Adjusted Operating Profit Meets Estimates
- RMS FP : Hermes 3Q Sales at Constant Exchange Rates Beats Estimates
- HOLMB SS : Holmen 3Q Adjusted Operating Profit Beats Estimates
- IFCN SW : Inficon 3Q Sales $143.8M Vs. $122.2M Y/y
- LI FP : Klepierre 9M Revenue EU1.10B Vs. EU942.7M Y/y
- META US : Meta Executive Behind Instagram, WhatsApp Acquisitions Leaves
- MPCC NO : MPC Container Ships Offering of 44.3m Shares by Holder Prices
- NEL NO : Nel 3Q Operating Loss NOK260M, Est. Loss NOK209.3M
- NOKIA FH : Nokia 3Q Net Sales Beats Ests.; Adj. Oper Profit Misses
- NDA SS : Nordea Bank 3Q Net Interest Income Beats Estimates
- NDA SS : Nordea Posts Higher Lending Income, Improved Cost Outlook (1)
- NOD NO : Nordic Semiconductor 3Q Revenue Meets Estimates
- RI FP : Pernod Ricard 1Q Organic Sales Beats Estimates, Plans €500M to €750M Buyback This Year
- SPM IM : Saipem Awarded Contract by Qatargas Worth $4.5b
- DIM FP : Sartorius Stedim Biotech Cut to Sell at Intron Health
- SCHP SW : Schindler Narrows FY Revenue Forecast
- SIP BB : Sipef 9M Palm Oil Output 302,322 Metric Tons Vs. 291,668 Y/y
- SLIGR NA : Sligro 3Q Sales EU652M Vs. EU556M Y/y
- SO FP : Somfy 3Q Sales EU361M Vs. EU348M Y/y
- SWMA SS : Philip Morris Increases Offer for Swedish Match to SEK116/shr
- TE FP : Technip Energies 9M Adjusted Revenue Beats Estimates
- TEL2B SS : Tele2 3Q Adjusted Ebitda SEK2.97B
- TEL NO : Telenor Grameenphone 3Q Operating Profit Rises to NOK1.78B
- TEL NO : Telenor Digi 3Q Operating Profit NOK944M vs NOK993M Year Earlier
- TSLA US : Musk Says Tesla Is Likely to Do a Meaningful Share Buyback
- TIETO FH : TietoEVRY Prelim 3Q Adjusted Operating Margin 14.2%
- TWTR US : Elon Musk Says He’s ‘Obviously Overpaying’ for Twitter
- UCG IM : UniCredit Selling Bad Loan Portfolio of About €1.5b: MF
- VRLA FP : Verallia Sees FY Adj Ebitda Above EU820M, Saw EU750M to EU800M
- VOLVB SS : *VOLVO 3Q ADJ. OPER PROFIT SEK11.87B, EST. SEK11.99B
- ROSE SW : Zur Rose Narrows FY Adjusted Ebitda Loss Forecast