>>> What to look at today - 20th of september 2024

Asian stocks extended a rally in global equities as jobs data backed the view that the US economy is headed for a soft landing. The yen fluctuated after the Bank of Japan left interest rates unchanged. The MSCI Asia Pacific Index rose as equities in Japan, South Korea and Australia advanced, while mainland Chinese shares slipped. A gauge of global stocks set a fresh peak alongside US shares Thursday.  The BOJ kept its monetary policy settings steady Friday, signaling it sees no need to hurry with interest rate hikes as it monitors financial markets after its July increase and hawkish views spooked investors. Data released earlier showed the nation’s key inflation gauge accelerated in August for a fourth consecutive month. Treasury yields were little changed on Friday while an index of dollar strength was locked in a narrow range. A drop in US jobless claims to the lowest since May signaled the labor market remains healthy despite a slowdown in hiring. This added a boost to risk appetite and eased concerns the Fed may have been too slow to trim borrowing costs when it cut rates by half a percentage point on Wednesday. The equity gains on Thursday and Friday mark a “delayed euphoric reaction,” to the Fed but one that may retreat, according to Nick Ferres, Chief Investment Officer of Singapore-based Vantage Point Asset Management. “Valuation is already heroic and risk compensation is poor, particularly if the earnings cycle disappoints.” Over in China, banks maintained their benchmark lending rates for September, as policymakers held off on further monetary stimulus while financial institutions struggle with record-low profit margins. The Securities Times reported on Friday that this week’s Fed rate cut has provided room for China to increase monetary and fiscal stimulus to support the economy. The European Union and China agreed to intensify discussions to avert looming tariffs on electric cars ahead of a deadline that’s only days away.  Elsewhere, Wall Street banks are divided on the pace and extent of upcoming Federal Reserve rate cuts. JPMorgan Chase & Co. expect another 50 basis point reduction in November, while Goldman Sachs Group Inc. anticipates 25 basis point cuts at each meeting from November to June next year. In Asia, Taiwan’s property and construction stocks dropped Friday following the central bank’s decision to increase the amount of funds banks must hold in reserve to cool the sizzling property market.  Data set for release include inflation for Hong Kong and foreign exchange reserves for India. In commodities, gold steadied near a record high while oil was on track for the biggest weekly advance since April after the US rate cut. US After Hours NKE +8.7% rallies as it names a new CEO; FDX -10%, MLKN -4.3%, LEN -3.6% lower on earnings; UPS -2.4% lower in sympathy with FDX.

Nikkei +1.50% Hang Seng +0.98% CSI -0.62% Shanghai -0.54% Shenzen -0.73%

Eur$ 1.1165 CNH 7.0449 CNY 7.0458 JPY 142.15 GBP 1.3297 CHF 0.8461 RUB 92.1045 TRY 34.0901 WTI$ 71.91 -0.06% Gold 2,592 +0.23% BTC 64,030 +1.60% ETH 2,538 +2.96%

S&P -0.17% Nasdaq -0.25% EuroStoxx -0.36% FTSE -0.59% Dax -0.42% SMI -0.14%

Macro :
- BOJ Could Raise Rates in October Despite Uncertainty Over Wage Outlook
- Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
- Europe’s Flurry of Block Trades Gets Support From Fed: ECM Watch
- Methane Emissions Still Rising After Pledges to Curb Pollution
- Scaramucci Predicts Split Between Trump and Running Mate Vance
- US Stock Rally at Risk With Global Monetary Policy Diverging

Keep an eye on :
- ADJ GY : Adler Group Completes Recapitalization
- AIR FP : Boeing Wins Order From China Development Bank for 50 737 MAX 8 Jets
- ALCA FP : The ICAPE Group Closes the Acquisition of the NTW Group
- ATE FP : Alten Cuts FY Organic Revenue Forecast
- BAC US : Berkshire Hathaway Sells $896 Million Bank of America Shares
- BA US : Boeing Wins Order From China Development Bank for 50 737 MAX 8 Jets
- BTP LN : Bridgepoint Holders Offer About 13m Shares: Terms, Shares offered @ 340p
- CBK GY : Germany Investigates Its Own Handling of Commerzbank Stake Sale
- DEZ GY : Deutz Names Oliver Neu New CFO from October 1
- DOCS LN : Dr. Martens Holder Offers About 70m Shares via Goldman Sachs
- DOCS LN : IngreGrsy Dr. Martens Stake Cut Underlines Lackluster 1H: React
- DOV IM : doValue Gets Servicing Mandate for €1b Portfolio in Greece
- DPW GY : Watch European Delivery Stocks After FedEx Slumps on Outlook Cut
- EQT SS : EQT to Buy Indostar Home Finance for INR17.5b
- ALESK FP : Bridgepoint Offers to Buy Esker for €262 Per Share
- FDX US : FedEx Slumps on Quarterly Profit Miss, Softer 2025 Outlook, SHARE OFFERING BY GAMMA PRICES AT €11.10/SHR
- GRF SM : Grifols Investor Group With 7.7% Holding Seeks Seat on Board
- HUBN SW : Huber+Suhner Names Richard Hämmerli as New CFO
- IG IM : BlackRock Could Buy 48% of Italgas’ Medea Unit: Sole
- JNJ US : Janssen Biotech Gets FDA Approval for Rybrevant Combo
- JNJ US : J&J Lifts Baby Powder Settlement Bid to More Than $8.2 Billion
- LTMC IM : Lottomatica Holder Gamma Intermediate Offers 15m Shares,
- MBG GY : Mercedes Cuts Earnings Outlook as Auto Sales in China Falter
- NKE US : Nike Announces Elliott Hill as New CEO, Shares Rise: Street Wrap
- NOVOB DC : Novo Nordisk’s Wegovy Recommended by EMA for Label Update in EU
- Open AI : OpenAI to Decide Which Backers to Let Into $6.5 Billion Funding
- OVS IM : OVS 1H Adjusted Net Sales EU761.7M Vs. EU734.9M Y/y
- PUB FP : Publicis Buys Mars United Commerce; No Terms
- QLIRO SS : Qliro Offers SEK40 million Shares
- SNBN SW : SNB PREVIEW: Fed, Franc Cement September Cut, December Live Too
- GLE FP : SocGen to Sell Guinea Unit to Atlantic Financial Group
- TE FP : Technip Energies-KBR JV Wins ‘Major’ LNG Project
- TSLA US : Tesla Could Help Far Right Secure Win in German State Vote (1)
- VOD LN : Vodafone Idea shares tumble 24% in two sessions, slip below Rs 10 mark
- VONN SW : Vontobel to Buy Client Book From Ihag Privatbank: Sept. 19
- VOW GY : Reuters: Germany considering ways to support VW, economy minister says https://t.co/vhWY0oKVv3 https://t.co/ZEMJls599s