Stocks in Asia were on the backfoot as traders awaited the Federal Reserve’s next policy decision, with interest rates expected to be higher for longer to curb inflation. An Asian equity gauge slipped for a third day, with all sectors trading in negative territory. Contracts for US stocks were flat in Asia Wednesday after the S&P 500 closed down though off session lows. Stocks in Hong Kong and mainland China declined, with finance shares edging lower. Chinese lenders earlier kept the one- and five-year loan prime rates — the latter being a reference for mortgages — unchanged, following the central bank’s move last week to hold policy rates steady as officials assess the economic impact of existing stimulus. Meanwhile, oil fell as wider markets held a cautious tone ahead of the Fed’s meeting. Still, with crude near a 10-month high, global central banks’ fight against inflation becomes more complicated. The yen steadied after rebounding from its near 10-month low after US Treasury Secretary Janet Yellen said any intervention by Japan to support its currency would be understandable if it were aimed to smooth out volatility. The offshore yuan was little changed after the People’s Bank of China reiterated its commitment to crack down on behaviors that disrupt the FX market. Fed Chair Jerome Powell and his colleagues are widely expected to hold rates Wednesday. Still, supply shocks such as climbing oil prices present the central bank with a quandary as they simultaneously boost inflation and curb economic growth. Surging energy costs played a role in tipping the US into recession in the mid-1970s, as well as the early 1980s and 1990s. Aside from expectations of a hawkish hold, investors will focus on the Fed’s updated quarterly rate projections — known as the dot plot — that will be released at the conclusion of the policy meeting. High on the watchlist will be whether these forecasts continue to reveal a median view for one more quarter-point hike this year and whether forecasts for 2024 scale back the 100 basis points of rate reductions that officials foresaw in June. US After Hours CATC +22% to merge with EBC; JPM increases dividend; HAIN +4.8% CEO bought shares.
Nikkei -0.53% Hang Seng -0.43% CSI -0.19% Shanghai -0.31% Shenzen -0.27%
Eur$ 1.0679 CNH 7.3115 CNY 7.2978 JPY 147.83 GBP 1.2387 CHF 0.8981 RUB 96.9694 TRY 27.0271 WTI$ 90.38 -0.90% Gold 1,930 BTC 27,146 ETH 1,638
S&P -0.07% Nasdaq -0.13% EuroStoxx +0.25% FTSE -0.25% Dax +0.21% SMI +0.39%
Macro :
- German Minister Seeks to Ban Chinese Critical 5G Components: DPA
- EU Chief Says Massive China Subsidies for EVs Warrant a Probe
- Europe Car Sales Jump 21% as EVs Help Extend Growth Streak
Keep an eye on :
Keep an eye on :
- ASA NO : Atlantic Sapphire Offering Prices at NOK1.40/Share
- BALN SW : Baloise 1H Profit CHF205.7M
- BMPS IM : Italy May Sell 15% Stake in Monte Paschi: Corriere
- BMW GY : BMW Supervisory Board Plans to Extend CEO Zipse’s Contract: HB
- BNP FP : Citi, BNP Among Banks Exploring $15 Billion Indian Ocean Project
- CTPNV NA : CTP Sees FY 2024 Co. Specific Adj. EPRA EPS €0.80 to €0.82
- DIA IM : DiaSorin Drops to Lowest Since 2019 as Stifel Cuts Price Target
- DUFN SW : Dufry Upgrades Overall Revolving Credit Facility to EU2.75B
- EDF FP : France May Cap Part of Nuclear Power Sales at ~€70/MWh: Echos
- GUMB BB : Gimv Board Agrees to Open Company’s Books to Interested Parties
- GVOLT PL : Greenvolt 1H Net Loss EU3M Vs. Profit EU1.2M Y/y
- IBE SM : *GIP, GIC AMONG BIDDERS FOR IBERDROLA'S US RENEWABLES: EXPANSION
- IBS PL : Ibersol 1H Net Income EU3.1M Vs. EU0.8M Y/y
- MRK GY : Merck KGaA Bolsters AI-Driven Drug Discovery With Two New Pacts
- NDX1 GY : *Nordex Eceives Order From Ibereolica for Around 60 MW in Spain
- NOVOB DC : Ypsomed Enters Long-Term Supply Agreement With Novo Nordisk
- PIRC IM : Camfin Board Renews Approval to Buy Up to 5% of Pirelli Shares
- RECSI NO : REC Silicon Has Made Progress on Yulin JV Stake Sale
- RECSI NO : REC Silicon Has Made Progress on Yulin JV Stake Sale
- SOBI SS : Sobi to Receive About SEK6 Billion From Rights Issue
- STMPA FP : STMicroelectronics to Reappoint CEO Chery to Three-Year Term
- SLPB SS : Swedish Logistic Property Founder Dingizian Sells 7.7% Stake
- TLX GY : Talanx Announces Capital Increase of Up to €300m, Talanx Offering of 4.88m Shares Prices at EU61.50/Share
- TIT IM : Telecom Italia May Extend Deadline for KKR Network Bid: Corriere
- TNET BB : Liberty Global to Squeeze Out Remaining Telenet Holders
- UCB BB : UCB No Longer Expects FDA Action on Bimekizumab in 3Q (Sept. 19)
- VACN SW : VAT Extends Short Time Work for Production Employees in Haag
- VAR NO : Var Refinances $1.5B Senior Unsecured Working Capital Facility
- YPSN SW : Ypsomed Enters Long-Term Supply Agreement With Novo Nordisk