Asian stocks fell after US shares declined and Treasury yields held near multiyear highs as investors position for a hefty interest rate hike from a hawkish Federal Reserve. Equities declined in Japan, Hong Kong and Australia after the S&P 500 Index dropped more than 10% below the August high marking the peak of its rally from this year’s low. US contracts fluctuated and European stock futures fell. The Bank of Japan announced an unscheduled bond-purchase operation as it seeks to cap upward pressure on yields before a policy decision later this week. A dollar gauge traded near a record high amid the market jitters while bitcoin hovered around the $19,000 level. The offshore yuan fell to the lowest against the greenback since mid 2020, even after the People’s Bank of China set the daily reference rate for the currency stronger-than-expected for a 20th day. Fed officials are about to put numbers on the “pain” they’ve been warning of when the central bank publishes new economic projections Wednesday. They’re expected to hike by 75 basis points again, according to the vast majority of analysts surveyed by Bloomberg. Only two project a 100 basis points move. Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500. “Even in a plain vanilla recession, the S&P 500 can fall by 30%,” said the chairman of Roubini Macro Associates. In “a real hard landing,” which he expects, it could fall 40%. As the S&P 500 plunged last week, hedge funds snapped up single stocks while betting against the broad market with products like exchange-traded funds, data from Goldman Sachs Group Inc.’s prime brokerage show. oil fluctuated around $84 a barrel as it headed for its first quarterly loss in more than two years amid concerns over a energy demand. Gold was steady near a two-year low.
Nikkei -1.21% Hang Seng -1.51% CSI -0.80% Shanghai -0.40% Shenzen -0.80%
Eur$ 0.9965 CNH 7.0481 CNY 7.0434 JPY 143.97 GBP 1.1378 CHF 0.9652 RUB 61.6564 TRY 18.3086 WTI$ 84.18 +0.30% Gold 1,665 -0.01% BTC 19,115 +0.75% ETH 1,344 -
S&P -0.10%% Nasdaq -0.15%% EuroStoxx -0.52% FTSE +0.04% Dax -0.49% SMI -0.39%
Macro :
- Short Sellers Back Off Bearish Bets After $59 Billion Loss
- Soros’s Short Trade Rhymes for Pound as Parity Looms: Macro View
- Bitcoin Hovers in Sight of Lowest Level Since 2020 as Fed Looms
- Nomura Quant Says Speculators Raising US Stock Shorts Before Fed
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- FORTUM FH : Fortum: Fortum to fully divest Uniper to the German State @ E1.70/Share
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- IVG IM : Iveco, Petit Forestier Sign MoU for the Supply of 2,000 eDAILY
- BAER SW : Julius Baer Takes Stake in Chinese Asset Manager Grow Investment
- NOVN SW : Novartis to Petition US Supreme Court Over Gilenya Patent
- OLG FP : Ares Said to Discuss Joining Bid for French Football Team Lyon
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- REP SM : Strong Refining, Gas Can Drive More Repsol EPS Beats: BI Focus
- SBRY LN : J Sainsbury in Talks to Offload £500M Portfolio to LXI REIT: Sky
- SU FP : Schneider Is Said to Near £9.4 Billion Aveva Buyout Deal
- UN01 GY : German Economy Minister Habeck to Make Statement on Uniper
- VK FP : Vallourec Signs 10-Year Supply Pact With Saudi Aramco
- VOD LN : Vodafone Invests $15 Million in Emergency Taxi Program in Africa