Equities in Asia backtracked Friday, while the dollar advanced as investors parsed economic data for signals on interest-rate trajectories around the world. China’s CSI 300 Index fell as much as 1.6%, on pace for its largest daily drop since January, and the Hang Seng Tech Index dropped more than 4%. Australian and Korean shares also declined. Japanese stocks rose. A gauge of the region’s shares had touched the highest level in almost two years in the prior session. The dollar was on track for its best week in two months. It rose against almost all Group-of-10 peers and emerging-Asian currencies, as an unexpected rate reduction by the Swiss National Bank spurred concerns that other major central banks will cut policy rates faster than the Fed. The onshore yuan fell to its weakest in four months Friday, breaching a closely watched technical level after a months-long effort by Chinese authorities to keep the managed currency in a narrow range. The People’s Bank of China lowered the daily reference rate by the most since early February, a sign to some that Beijing is greenlighting more depreciation amid a bumpy economic recovery. Contracts for US stocks were little changed in Asian trading after the S&P 500 index advanced 0.3% to a fresh high Thursday — its 20th of the year — led by gains in industrials and banks. US economic data supported the argument the Fed may be forced to backtrack on its rate-reduction forecasts a day after the central bank indicated three 25-basis-point cuts in 2024. Housing, manufacturing and labor-market data released Thursday in the US pointed to a resilient economy that could prompt the Fed to reduce interest rates slower than the market expects. The yen was little changed, trading near 152 per dollar as Japan’s inflation accelerated to the quickest pace in four months. Markets will stay focused on whether the Bank of Japan might follow its first interest rate hike since 2007 with further increases later this year. Societe Generale SA increased its S&P 500 year-end forecast to 5,500 from 4,750 — the highest among strategists tracked by Bloomberg. “US exceptionalism is going from strength to strength,” wrote Manish Kabra, head of US equity strategy for the French bank. “Despite widespread market optimism, we view this as rational rather than excessive.” Some US tech stocks faltered, with Apple Inc. and Alphabet Inc. falling against the backdrop of heightened regulatory pressure. The US Justice Department and 16 attorneys general are suing the iPhone maker for violating antitrust laws. The Reserve Bank of Australia released a financial stability review on Friday, saying that banks are strong and households resilient to higher rates. Ahead in Asia, Taiwan will publish February jobs data. In commodities, oil held a two-day drop, with traders assessing the outlook for global interest rates and geopolitical tensions in the Middle East. Elsewhere, Bitcoin traded below $66,000, while gold fell after surging above $2,200 an ounce for the first time. US After Hours FDX +12.5% higher on earnings, UPS +3.9% higher in sympathy; LULU -10.8%, NKE -3.5% lower on earnings.
Nikkei +0.18% Hang Seng -2.25% CSI -1.08% Shanghai -0.97% Shenzen -1.17%
Eur$ 1.0835 CNH 7.2635 CNY 7.2256 JPY 151.58 GBP 1.2643 CHF 0.8989 RUB 91.85 TRY 31.1521 WTI$ 80.48 -0.74% Gold 2,174 -0.34% BTC 66,200 +1.15% ETH 3,516 +0.92%
S&P +0.05% Nasdaq +0.04% EuroStoxx -0.32% FTSE -0.05% Dax -0.11% SMI -0.16%
Macro :
- Bank of England’s Quick Pivot Puts June in Focus for Rate Cut
- Deaths Surging to 270,000 Thrust Fentanyl Into Heart of US Vote
Keep an eye on :
- ABBN SW : ABB Plans New Share Buyback of as Much as $1B
Keep an eye on :
- ABBN SW : ABB Plans New Share Buyback of as Much as $1B
- ABBN SW : ABB Chairman Voser Says Open to Large Acquisition: FuW
- ADS GY : German Football Association Picks Nike as Supplier From 2027
- AIR FP : *INDIA'S INDIGO SAID NEARING DECISION ON WIDEBODY JET ORDER
- AKERBP NO : Aker BP Postpones Annual General Meeting Planned for April 10
- BAYN GY : Value: Cost of soybeans in Brazil could fall by 20% if Bayer stops charging royalties
- BKT IM : Bankinter Names Gloria Ortiz Portero as CEO, Executive Director
- IAG LN : IAG’s €400m Air Europa Deal Back on EU’s Timeline
- CWC GY : *CEWE STIFTUNG FY PRETAX PROFIT EU87.9M, EST. EU80.9M
- DARK LN : KKR Offers to Sell About 2.5% of Darktrace to Large Investors
- EUZ GY ; Eckert & Ziegler SE FY Revenue EU246.1M
- EDP PL : Ocean Winds to File Massachusetts Project Bid Next Week: EDP CEO
- ENEL IM : Enel Debt at €60 Billion as Asset Sales Plan Seen on Track
- ENEL IM : Enel FY Adjusted Net Income Meets Estimates
- EPR NO : Europris to Buy Remaining 80% of Runsvengruppen for ~NOK201m
- FDX US : FedEx Reports Higher Third Quarter Diluted EPS of $3.51 and Adjusted Diluted EPS of $3.86
- GRF SM : Grifols Publishes CNMV’s Conclusions on Gotham Report
- GRF SM : Grifols’ Financials Have No Big Errors, Spanish Regulator Says
- INTRUM SS : Bond Traders Raise the Alarm on Intrum's Mountain of Debt
- KPN NA : Koninklijke KPN N.V.: ACM Approves Youfone Acquisition
- LGEN LN : Legal & General Shelves China Business License Plan: Reuters
- LULU US : Lululemon 1Q Net Revenue Forecast Misses Estimates: Snapshot
- MC FP : LVMH Group Managing Director Toni Belloni to Step Down
- MSFT US : Microsoft to Pay Inflection AI $650 Million After Hiring Staff
- MOR GY : MorphoSys Gets Final Antitrust Approval for Takeover by Novartis
- ALCOX FP : Nicox Needs Further Financing to Meet Debt Reorg Requirements
- NKE US : Nike 3Q Revenue Meets Estimates
- NOVOB DC : Novo Nordisk owner joins the race for Healthium Medtech
- RKT LN : Abbott, Reckitt Likely Face Up to $3 Billion NEC Legal Exposure
- RDDT US :
- RNO FP : Renault, Volvo Group Get Approval for Electric Vans JV
- SAGA LN : Saga Sets April Deadline for Cruise Operation Proposals: Sky
- SAN SM : Allegro Pay Signs Deal With Banco Santander on Consumer Loans
- SAN SM : *SANTANDER CONFIRMS IT IS ON TRACK TO MEET '24 TARGETS
- SK FP : KKR’s $1.7 Billion Bike Crash Is a Cautionary Tale: Chris Bryant
- SGL GY : SGL 2024 Adjusted Ebitda Forecast Misses Estimates
- STMPA FP : STMicroelectronics Plans to Boost Quarterly Dividend to 9c/Share
- TIT IM : Telecom Italia Falls as New Short Sellers Target the Carrier
- TOD IM : Italy’s Market Watchdog Approves L Catterton Offer for Tod’s
- UBI FP : Guillemot Brothers Extend Forward Pacts on Ubisoft Shares
- UCB BB : UCB’s Bimzelx Gets EU Nod for Hidradenitis Suppurativa Treatment
- DG FP : Gatwick Airport Plans to Pay First Dividend in Five Years: FT
- WBD IM : Webuild Holder UniCredit Offers 50.9m Shares: Terms
- XXL NO : XXL Offers NOK500 million Shares via Carnegie, DNB, Nordea
- XXL NO : XXL: Frasers Group Buys 133.2m Shares, Now Holds 21.8% Stake