Asian stocks fell after technology shares dragged the S&P 500 lower overnight. The yen was in focus following a six-day slump which ratcheted up the risk of intervention. The MSCI Asia Pacific Index declined for a second session, weighed down by the Hang Seng Index, which fell as much as 2%. Mainland gauges also slid amid Beijing’s reluctance to step up stimulus. The dollar is set to rise for a fifth straight week. US stock futures were steady as traders geared up for the triple-witching derivatives-expiration day. The weakness comes as the S&P 500 briefly topped 5,500 on Thursday before losing traction, while the high-flying tech group powering the bull run came under pressure. The Nasdaq 100 slipped after a seven-day advance with Nvidia Corp. and Apple Inc. leading losses in megacaps. In Japan, inflation accelerated after the government increased renewable energy-related levies, a result that backs the case for the central bank to consider raising interest rates in coming months. Policymakers left them unchanged and declined to give details on paring bond purchases at their meeting a week ago. Norinchukin Bank’s CEO said its expected losses may still change after the firm earlier this week warned they may swell to 1.5 trillion yen ($9.5 billion), triple an estimate made about a month ago. The yen traded around 159 per dollar, its weakest in almost two months. That ramped up the risk Japanese officials will once again step into markets to prop up the currency. Masato Kanda, the nation’s top currency official, said that there’s no change in his stance to take appropriate measures if there are excessive currency moves. Elsewhere in Asia, MSCI Inc. kept South Korea classified as an emerging market after a short-selling ban offset the country’s efforts to get upgraded to developed status. Thailand will announce steps to support the country’s stock market next week, comprising both short-term and long-term measures, said Prime Minister Srettha Thavisin. After coming close to erasing this year’s losses, Treasuries were steady in Asia. They had declined on Thursday despite data that mostly pointed to economic softening. New home construction slumped to the slowest pace in four years and the Philadelphia Fed Index trailed estimates. US initial jobless claims were little changed. Traders will soon be looking to purchasing managers index data in Europe and the US for signs of improving economic activity and waning cost pressures. The US data will be the most influential for markets, with close attention paid to the price subindex, said Kyle Rodda, an analyst at Capital.com in Melbourne. Wall Street will also ready for a quarterly event known as triple witching — in which derivatives contracts tied to equities, index options and futures mature — compelling traders en masse to roll over their existing positions or to start new ones. About $5.5 trillion are set to expire Friday, according to an estimate from options platform SpotGamma. Traders will also be keeping an eye for signs of increasing global trade tensions as Western countries take steps to curb Chinese electric vehicle exports. Prime Minister Justin Trudeau’s government is preparing potential new tariffs on Chinese-made EVs to align Canada with actions taken by the US and European Union, according to people familiar with the matter. In commodities, oil headed for the first back-to-back weekly gain since early April as a surprise draw in US inventory levels, coupled with signs of robust demand, signaled buoyant conditions in the world’s top consumer. Gold was steady, poised to gain for a second week. US After Hours SRPT +36.4% on FDA expanding approval; RYAN +6.7% to join S&P MidCap 400; SWBI -4.7% lower on earnings.
Nikkei -0.08% Hang Seng -1.42% CSI -0.02% Shanghai +0.02% Shenzen +0.27%
Eur$ 1.0715 CNH 7.2874 CNY 7.2610 JPY 158.94 GBP 1.2661 CHF 0.8910 RUB 87.6303 TRY 32.8506 WTI$ 81.26 -0.04% Gold 2,365 +0.22% BTC 64,600 -0.69% ETH 3,515.50 -0.24%
S&P +0.08% Nasdaq +0.20% EuroStoxx +0.06% FTSE +0.15% Dax +0.02% SMI +0.29%
Macro :
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Keep an eye on :
Keep an eye on :
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