Asian stocks advanced Tuesday, buoyed by gains on Wall Street, as US shares extended their rally and a $16 billion sale of 20-year Treasuries lured bond buyers. The dollar extended losses. Technology stocks were among the outperformers in the region. A gauge of China developers gained as much as 7.6%, poised for the biggest increase since September after Bloomberg reported that regulators are drafting a list of 50 developers eligible for a range of financing. US contracts edged higher after the S&P 500 had its strongest close since August and the Nasdaq 100 hit a 22-month high. Treasuries held gains in Asian trading following a strong 20-year auction in the previous session. Shortly after the auction results, US 10-year yields reversed course and fell to around 4.4% Monday, pushing the dollar to an 11-week low. The greenback fell against all its Group-of-10 peers Tuesday on bets that US rates may have peaked while the offshore yuan strengthened beyond the daily fixing for the first time since July. The dollar weakness set the yen up for a fourth day of gains and pushed a benchmark of emerging-market currencies toward its best performance since 2017. In China, developers’ bonds gained along with their shares as the so-called white list helped alleviate fears of further contagion in the property sector while Longfor Group Holdings Ltd.’s 2032 notes rose 4 cents Monday, on pace for its biggest gain in almost two weeks while another local developer Seazen Group Ltd. saw its shares up as much as 17% on Tuesday, the largest increase since early September. In China, developers’ bonds gained along with their shares as the so-called white list helped alleviate fears of further contagion in the property sector while Longfor Group Holdings Ltd.’s 2032 notes rose 4 cents Monday, on pace for its biggest gain in almost two weeks while another local developer Seazen Group Ltd. saw its shares up as much as 17% on Tuesday, the largest increase since early September. Traders have also been fixated on Treasury sales, especially after the US recently offered an unusually large premium to sell 30-year securities. Those auctions have been exerting a growing sway over stocks, underscoring how the path of interest rates is gripping markets of late. The 20-year bond auction drew yields of 4.78%, compared with the pre-sale level of 4.79%. After a more than three-decade hiatus, the Treasury resurrected 20-year bonds in May 2020. Before Monday’s auction, it had not sold the securities during the Thanksgiving week. They’ve traded at a discount to other long-term maturities — which caused a degree of apprehension ahead of the sale. In the artificial intelligence sector, OpenAI’s investors are still trying to return co-founder Sam Altman to a leadership role at the ChatGPT maker. Earlier, Microsoft Corp. climbed to fresh peaks after it hired Altman and Greg Brockman to lead its research team. In late US trading, Zoom Video Communications Inc. rose on better-than-expected sales, while Nvidia Corp. will report quarterly results Tuesday. Meanwhile, the S&P 500 is set to rise toward its all-time high early next year, pullback midyear and then rally back toward the highs, according to strategists at Societe Generale SA. In the artificial intelligence sector, OpenAI’s investors are still trying to return co-founder Sam Altman to a leadership role at the ChatGPT maker. Earlier, Microsoft Corp. climbed to fresh peaks after it hired Altman and Greg Brockman to lead its research team. In late US trading, Zoom Video Communications Inc. rose on better-than-expected sales, while Nvidia Corp. will report quarterly results Tuesday. Meanwhile, the S&P 500 is set to rise toward its all-time high early next year, pullback midyear and then rally back toward the highs, according to strategists at Societe Generale SA. oil held the bulk of a two-day gain that was driven by speculation OPEC+ may deepen supply cuts at a meeting this weekend. US After Hours SYM +20.5%, A +5.4%, ZM +1.1% making nice moves following earnings; RCEL -11.5% sinking on guidance.
Nikkei -0.10% Hang Seng +0.23% CSI +0.19% Shanghai +0.04% Shenzen -0.34%
Eur$ 1.0956 CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P +0.02% Nasdaq +0.08% EuroStoxx +0.07% FTSE -0.03% Dax +0.06% SMI -0.04%
Macro :
- SocGen Says S&P 500 to Flirt With Record High in Bumpy 2024 Ride
- Renewable Energy Accounted for 75% of Power Growth in 2022
- VIX Trader Bets Fear Gauge Will Drop to Pre-Pandemic Levels
- Europe’s Car Sales Climbed in October on Order Backlogs
Keep an eye on :
Keep an eye on :
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