Asian shares rose and US equity futures were steady ahead of the Federal Reserve’s much-anticipated interest-rate decision later Wednesday. Stocks climbed in China, Japan and Australia, along with contracts for the region-wide Euro Stoxx 50, as concerns over global financial stability eased. Hong Kong’s Hang Seng Index advanced around 2%, helped along by further gains for Geely Automobile Holdings Ltd. shares after it topped profit estimates. The mix of rising stock prices and a broadly calm Treasuries market indicated fresh appetite for risk taking as investors looked to signs of stability after the collapse of three US banks and UBS Group AG’s takeover of Credit Suisse Group AG. Traders placed greater odds that the Fed will raise interest rates 25 basis points after market pricing was split between a hike and a pause earlier in the week. Officials at the central bank were set to issue updated rate projections for the first time since December, offering guidance on whether they still expect any additional increases this year. Every stock in a measure of US financial heavyweights climbed Tuesday. Shares in First Republic Bank fell 9% in after-hours trading after the stock surged almost 30% in its best day ever. The gain came amid optimism over a new plan under discussion to aid the regional lender. Further intervention to shore up the bank may include US government backing, people with knowledge of the situation said. Still, many were unwilling to sound the all-clear on the financial stability concerns of the past weeks. Michael Wilson Morgan Stanley’s chief US equity strategist, said the risk of a credit crunch is increasing materially. Bank of America’s latest global survey that polled fund managers between March 10-16 showed a systemic credit event has replaced stubborn inflation as the key risk to markets. US After Hours NKE -1.7% lower on earnings/guidance; GME +45.6% jumps after reporting surprise profit; SMLR +11.8% higher as new CEO named.
Nikkei +1.93% Hang Seng +1.75% CSI +0.36% Shanghai +0.25% Shenzen +0.53%
Eur$ 1.0769 CNH 6.8870 CNY 6.8875 JPY 132.44 GBP 1.2229 CHF 0.9227 RUB 77.2276 TRY 19.0309 WTI$ 69.33 -0.49% Gold 1,940 -0.03% BTC 28,340 +0.66% ETH 1,812 +0.60%
S&P +0.04% Nasdaq +0.04% EuroStoxx +0.12% FTSE +0.13% Dax +0.13% SMI +0.13%
Macro :
- Goldman’s Bell Says European Banks Offer Upside After Selloff
- Swiss GDR Listings Threatened by China Approval Delay: ECM Watch
- Vitol Says Gas Prices Could Rebound to €100 as Demand Comes Back
Keep an eye on :
- ADS GY : Nike 3Q Revenue Beats Estimates, *NIKE SEES FY23 REV. GROWTH HIGH SINGLE-DIGITS --> -2% in after hours
- ADJ GY : Adler’s Restructuring Plan Proposals Approved at Five Meetings
- ALCA SS : Alcadon Group Offers SEK55 million Shares via SEB, priced at SEK54/share
- CS FP : Credit Suisse Puts Insurers' Bank Holdings Under the Microscope
- AZE BB : Azelis Offering by Holder Prices at €23.60 per Share, Terms Show
- BT/A LN : BT Accused of Stifling Competition by Broadband Network Rivals
- BVI FP : Wendel Issues ~€750M Bonds Exchangeable to Bureau Veritas Shares
- CAI AV : CA Immo and Schmitten-Walgenbach Agree to End Contract
- CLN SW : Clariant Warns of UBS Pricing Power After Credit Suisse Takeover
- ACA FP : Credit Agricole, Stellantis to Buy Some ALD, LeasePlan Units
- EDF FP : EDF Renewables Signs 20-Year PPA With Southern California
- HOFI SS : Hoist Finance Buys Swedish NPL Portfolio for ~SEK1.2B
- HSW LN : Hostelworld FY Revenue Meets Estimates
- INVP LN : Morgan Stanley, SEB, Investec Reemerge in Duet Tax Case
- PMAG AV : Pierer Mobility Names Viktor Sigl as New CFO
- PROX BB : Proximus to Buy Edpnet for EU20.5M
- PRYME NO : Pryme EU14.8m Offering of 15.4m Shares Prices at EU0.9631/Share
- ROG SW : Roche, Eli Lilly to Collaborate on Diagnosis of Alzheimer’s
- SU FP : Schneider Electric Aims to Deploy 20k EV Chargers in Singapore
- STLA IM : Credit Agricole, Stellantis to Buy Some ALD, LeasePlan Units
- TTE FP : TotalEnergies Lifts Emission Cut Target in Low-Carbon Push
- UBSG SW : UBS Group Announces Debt Tender Offer
- VAR1 GY : Varta Offering of 2.2m Shares Prices at EU22.85/Share
- VOLVB SS : Volvo Says Didn’t Publicize $65m Fine as ‘Not Market Moving’
- VORB US : Virgin Orbit in Talks to Raise $200M From Matthew Brown: Reuters
- VOW GY : VW Warns of Significant Drop in Financial Services Earnings.
- MF FP : Wendel Issues ~€750M Bonds Exchangeable to Bureau Veritas Shares