Stocks in Asia snapped a three-day winning streak, mirroring a halt in Wall Street’s rally as investors wait on US payrolls data and Federal Reserve minutes for clues on interest rate cuts. Chinese stocks in Hong Kong fell as much as 2%, contributing to Asian equities’ slump. Technology stocks dipped on concerns over the country’s consumption outlook, Walmart Inc.’s planned sale of its stake in JD.com Inc. and poor earnings from key players including Kuaishou Technology. Contracts for US and European shares ticked higher. The dollar steadied after weakening for three sessions as markets also await Fed Chair Jerome Powell’s Jackson Hole speech on Friday for more clues on the amount and timing of the interest-rate reductions. The Bloomberg Dollar Spot Index rose after three days of decline, as the Thai baht climbed to its highest since July 2023 ahead of the country’s central bank decision. Shares also slipped in Tokyo, shrugging off improving exports data. Japan’s equities dropped as the yen’s advance raises worries about earnings. The local currency steadied at around 145 against the dollar after rallying Tuesday. Elsewhere in Asia, policymakers in Indonesia and Thailand are tipped to keep interest rates unchanged on Wednesday as they weigh uncertainties over political transitions while awaiting the Fed’s imminent easing. Australian 10-year yields fell six basis points in morning trading. Aside from flows and positioning, the recent rally was also fueled by bets the Federal Reserve will signal it’s getting closer to cutting rates, leading bond traders to take on record amounts of risk as they anticipate a Treasury market rally. The S&P 500 fell below 5,600 Tuesday as Nvidia Corp. — which had rallied almost 25% in six days — led losses in megacaps. Treasury 10-year yields were little changed after declining six basis points. Brent crude declined a third day on the back of a potential cease-fire in Gaza and mounting concern about the global demand outlook, while gold hit a fresh record high. Dan Wantrobski at Janney Montgomery Scott says he continues to anticipate ongoing stock-market strength on a near-term basis, but remains on “high alert” for another, potentially bigger corrective wave moving through the August-October time frame. US After Hours KEYS +10.4%, IMMR +2.7%, TOL +0.8% higher on earnings; BBAI +28.8% jumps on FAA award; LZB -3.7%, ALC -3.2% lower on earnings.
Nikkei -0.25% Hang Seng -1.06% CSI -0.25% Shanghai -0.37% Shenzen -0.22%
Eur$ 1.1119 CNH 7.1279 CNY 7.1321 JPY 145.70 GBP 1.3027 CHF 0.8542 RUB 91.1501 TRY 33.8968 WTI$ 73.05 -0.20% Gold 2,516 BTC 59,404 ETH 2,593
S&P +0.12% Nasdaq +0.14% EuroStoxx +0.10% FTSE +0.12% Dax +0.06% SMI -0.24%
Macro :
- BNP Sees Fresh Impetus for European Convertible Sales: ECM Watch
- China Auto Industry Group Opposes EU Tariffs on China EVs: CCTV
- Hedge Fund Rotation Out of Mag 7 Stocks Helped Navigate Selloff
- Crowded Bitcoin Derivatives Bets Spur Warning of ‘Short Squeeze’
Keep an eye on :
- ADKO AV : NLB Scraps Plan to Buy Addiko After Offer Misses 75% Threshold
Keep an eye on :
- ADKO AV : NLB Scraps Plan to Buy Addiko After Offer Misses 75% Threshold
- ADP FP : ADP July Passenger Traffic +4.7%
- ADYEN NA : PayPal Hits Highest in a Year on Adyen Partnership: Street Wrap
- ALC SW : Alcon Posts Higher H1 Net Income, Net Sales
- ASRNL NA : ASR Nederland 1H Solvency II Misses Estimates
- AUSS NO : Austevoll Seafood 2Q Ebitda NOK3.06B Vs. NOK1.44B Y/y
- COTY US : Coty 4Q Adjusted Loss per Share 3.0C, Est. EPS 4.7C
- EQT SS : EQT to Invest in Education Software Company Compass; No Terms
- FERRO SS : Ferroamp Offers 15m Shares via Carnegie Investment Bank
- FGR FP : Eiffage and de Romein Win German Civil Engineering Contract
- GTE US : Gran Tierra Shares Drop on £174.1m Deal for i3 Energy
- GSF NO : Grieg Seafood 2Q Operational Ebit Loss NOK35M
- HEX NO : Hexagon Composites Offering Prices at NOK35.50/Share
- IMPN SW : Implenia 1H Ebit Beats Estimates; Change of CEO in 2025
- JD US : Walmart Said to Seek Up to $3.74 Billion in JD.com Stake Sale
- LSG NO : Leroy 2Q Operational Ebit Misses Estimates
- MOWI NO : Mowi 2Q Operational Ebit per Kilogram Beats Estimates
- NEOEN FP : Mon dieu! France’s Neoen back in front of local bidders
- NHOA FP : TCC Group Raises NHOA Take-Private Offer to €1.25/Share, *NHOA SHARES TRADING SUSPENSION EXTENDED AFTER NEW OFFER TERMS
- RNO FP : Renault Expects ‘Very Long’ Energy Transition in Brazil
- SENS SW : Sensirion Sees FY Revenue CHF250M to CHF280M; CFO to Retire
- SWON SW : SoftwareONE 1H Adj. Ebitda Misses Estimates; Rev. Guidance Down
- STLAP FP : Stellantis CEO to visit US to create plan to reverse lagging profit, source says
- VAR NO : Var Energi Pushes Back Balder X Production Start to 2Q 2025