Asian shares took a breather on Tuesday after seven days of gains, as Li Auto Inc.’s weak earnings report dragged down sentiment. Most of the region’s currencies slipped against the dollar. Chinese stocks retreated as traders took profit after a rally that sent the benchmark to overbought levels. Equities in Hong Kong fell, with Li Auto leading losses in the MSCI Asia Pacific index after the company’s first-quarter vehicle sales missed estimates. Stocks in Australia also dropped, while Japanese shares were steady, supported by positive earnings from insurance companies. Gold and copper changed hands near their all-time highs and wheat prices surged. The Bloomberg Commodity Spot Index reached its highest level since January 2023 on Monday. Copper prices breaking out to a record “has been a good sign for further gains since 1959,” said Jason Goepfert, founder of Sundial Capital Research. Historically, “other markets mostly reacted positively to copper breakouts, especially stocks over the next couple of months. Bond prices tended to suffer, as did the U.S. dollar.” In Asia, China’s economic struggles remain in the spotlight, with fresh data showing there’s little sign of a turnaround in its debt-plagued property sector. Local governments reaped the least revenue in eight years through land sales last month, showing the fiscal strains faced by those authorities who depend on such revenue for a large chunk of their total income. The yield on 10-year US Treasuries was little changed, while that on Japan’s 10-year debt nudged higher. The Bloomberg Dollar Spot Index gained as investors continue to eye the cautious mood from Federal Reserve officials. Speaking overnight, Cleveland Fed President Loretta Mester joined the ranks of US policy makers suggesting less scope for interest rate cuts than previously expected. JPMorgan Chase & Co.’s Marko Kolanovic held firm in his gloomy outlook on equities, urging clients not to buy stocks. That came after Morgan Stanley’s Mike Wilson capitulated on his pessimistic stock view, leaving Kolanovic as the last prominent bear among Wall Street’s megabanks. Traders’ focus may also turn to Nvidia Corp. — one of the top companies powering the artificial-intelligence frenzy — which is due to report earnings later this week. Elsewhere, Australia’s central bank resumed a discussion of interest-rate hikes at its May policy meeting before deciding that the case to stand pat was stronger as it aims to avoid “excessive fine tuning.” The Aussie fell as much as 0.3% versus the dollar before paring losses. In corporate news, Samsung Electronics Co. is replacing the head of its semiconductor arm, appointing a longtime memory chip veteran to spearhead efforts to catch up with SK Hynix Inc. in the booming AI arena. Crypto prices surged on signs of momentum toward US approval of exchange-traded funds investing directly in second-largest token Ether, a shift from a more downbeat outlook as recently as last week. US After Hours TRNS +3.8% up on earnings; NDSN -12.4%, PANW -8.3% down following quarterly results; PTON -5.9% dropping on global refinancing
Nikkei -0.18% Hang Seng -1.83% CSI -0.27% Shanghai -0.27% Shenzen -0.63%
Eur$ 1.0860 CNH 7.2435 CNY 7.2364 JPY 156.44 GBP 1.2711 CHF 0.9107 RUB 90.9954 TRY 32.2133 WTI$ 79.32 -0.60% Gold 2,415 -0.41% BTC 70,971 +2.08% ETH 3,656 +4.42%
S&P +0.03% Nasdaq -0.06% EuroStoxx -0.30% FTSE -0.57% Dax -0.29% SMI +0.26%
Macro :
- US Tax Credit Update Boosts Wind Farms’ Potential Returns: BNEF
- JPMorgan’s Kolanovic Sticks to His Bearish View of Stock Market
- Flurry of tremors detected at caldera in southern Italy
Keep an eye on :
Keep an eye on :
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- TEF SM : Spain’s State Holding Company Sepi Now Owns 10% of Telefonica
- TEF SM : CRITERIA AIMS TO INCREASE TELEFONICA STAKE TO 10%: CONFIDENCIAL
- Tempus AI : Tempus AI Files for US IPO Touting ‘Intelligent Diagnostics’
- Thames Water : Thames Creditors Talk With Advisers as Shareholders Quit Board
- Thames Water : Thames Creditors Talk With Advisers as Shareholders Quit Board
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- UCG IM : Italy Concerned About Russian Seizure of UniCredit Assets
- VLA FP : Valneva Names Hanneke Schuitemaker as Chief Scientific Officer
- VFS US : Vinfast Crash Under NHTSA Investigation, TechCrunch Says