Stocks across Asia fell and Treasuries steadied after a selloff sparked by concerns about a proposed tax-cut bill that threatened to enlarge the US deficit. A regional stock index dropped 0.6%, retreating from a seven-month high. US equity-index futures fluctuated after the S&P 500 index had its sharpest slide in a month. Asian currencies strengthened while a gauge of the dollar edged down for a fourth consecutive session. Yield on the 30-year US sovereign bond stayed above the crucial 5% mark. Gold gained 0.7% as investors sought haven assets. Bitcoin jumped 2.9% to a record. Opposition to President Donald Trump’s tax proposals and the ballooning deficit is showing up in the bond market with Treasuries falling across the curve Wednesday and sending other US assets down. JPMorgan Chase & Co. chief Jamie Dimon said Thursday he can’t rule out the US economy will fall into stagflation as the country faces huge risks from both geopolitics, deficits and price pressures. The concern in the bond market is that the tax bill would add trillions of dollars in coming years to already bulging budget deficits at a time when investor appetite is waning for US assets across the globe. House Republican leaders released a new version of Trump’s massive tax and spending bill with a higher limit on the deduction for state and local taxes and other changes in a bid to win over warring GOP factions to support the legislation. The vote could take place as soon as Thursday. Traders have been piling into bets that long-term bond yields would surge on concerns over the US’s swelling debt and deficits, with Moody’s Ratings on Friday lowering the nation’s credit score below the top triple-A level. For many, the message was: Unless America gets its finances in order, the perceived risks of lending to the government will rise. In Japan as well, the sovereign debt market was flashing a warning to the central bank that dialing back its bond purchases needs to be done with great care. The issue was in sharp relief this week, with investors shunning an auction of government debt and yields soaring. In the currency market, the dollar was little changed against its European peers but weakened against most Asian currencies, including the yen and Indonesian rupiah, as traders mulled the potential for foreign-exchange agreements in trade talks. The won held on to most of its overnight gains after local media reported that the direction of the currency was discussed with the US. Meanwhile, Bitcoin surpassed $111,000 for the first time with traders increasingly bullish on the prospects of the original cryptocurrency. “Bitcoin, and the crypto market in general, have largely decoupled from equities over the last few days,” said Richard Galvin, co-founder of hedge fund DACM. “Bitcoin continues to benefit from its market position as a non-system, store of value and as global bond market starts to look fragile, Bitcoin has continued to strengthen.” US After Hours Healthcare stocks falling as CMS plans stepped up audits; URBN +15.3%, SNOW +7.5%, RAMP +7.3% higher on earnings; NVTS +186.4% on collab with NVDA; LUMN +12.2% on AT&T acquiring LUMN's Mass Markets fiber business; PBI +9.9% names new CEO.
Nikkei -0.80% Hang Seng -0.81% CSI +0.05% Shanghai -0.08% Shenzen -0.58%
Eur$ 1.1332 CNH 7.2033 CNY 7.2040 JPY 143.28 GBP 1.3428 CHF 0.8245 RUB 79.8750 TRY 38.8360 WTI$ 61.68 +0.18% Gold 3,338 +0.69% BTC 111,315 +2.80% ETH 2,638 +5.15%
S&P +0.14% Nasdaq +0.19% EuroStoxx -0.69% FTSE -0.50% Dax -0.64% SMI -0.60%
Macro :
- Renewable : GOP Revises Clean Energy Credits Bill
- Portugal Opposes Further Increase in Spanish Banks’ Presence
- Ex-BofA Senior Banker Faces DOJ Insider-Trading Probe Over Deal
- Ex-BofA Senior Banker Faces DOJ Insider-Trading Probe Over Deal
- Qatar Dangles Perks in Bid to Build a Wall Street of Its Own
- EU Sends New Trade Proposal to US in Step to Secure Deal
- US Accepts Qatar Luxury Jet as Trump’s New Air Force One
- Arnault Urges EU to Hold Constructive Talks With US on Tariffs
- Egypt Poised for Another Rate Cut Before Possible ‘Summer Break’
Keep an eye on :
Keep an eye on :
- AMZN US : *AMAZON TO SOURCE NIKE PRODUCTS DIRECTLY FROM CO.: INFORMATION
- AAPL US : OpenAI to Buy Apple Alum Ive’s AI Firm for $6.5 Billion (1)
- BCP PL : BCP 1Q Net Income Beats Estimates, Banco Comercial Portugues Reaffirms It Plans to Grow Organically
- BPE IM : EU Authorizes BPER Public Exchange Offer on Popolare Di Sondrio
- BP/ LN : Pressure is mounting on Lund at BP and Novo Nordisk
- BLND LN : British Land FY Underlying EPS Beats Estimates
- BT/A LN : BT 4Q Adjusted Ebitda Misses Estimates
- CAI AV : CA Immo 1Q Net Income EU22.5M Vs. EU16.1M Y/y, CA Immo Ready to Consider CEE, Austria Exit; 1Q Net +40% Y/y
- CAN LN : South Africa’s Third Budget Wins Support, Easing Political Risk
- CINPHA SS : Cinclus Pharma, Zentiva Pact for Linaprazan Glurate in Europe
- CMCSA US : NBCUniversal Bids for Major League Baseball Rights ESPN Dropped, Sources Say - WSJ
- ACA FP : Crédit Agricole to Buy 9.9% Stake in Belgium’s Crelan; No Terms
- EVD GY : CTS Eventim 1Q Normalized Ebitda Misses Estimates
- DOCM SW : Docmorris Exercises ~98.7% of Subscription Rights in Offering
- EZJ LN : EasyJet 1H Revenue Misses Estimates
- ESLT IT : Elbit Systems Offering of 1.37m Shares Prices at $375/Share
- ELIOR FP : Elior Cuts FY Organic Revenue Forecast
- EMBRACB SS : Embracer 4Q Sales SEK5.39B; Sees Coffee Stain Spinoff By End-25
- FNMA US : Trump Says He’s Considering Bringing Fannie, Freddie Public
- FNTN GY : Freenet 1Q Ebitda Misses Estimates
- GALE SW : Galenica 1Q Sales CHF1.31B Vs. CHF1.26B Y/y
- G IM : Generali 1Q Operating Profit Beats Estimates
- GIMB BB : Gimv FY Net Income EU219.0M Vs. EU217.1M Y/y
- HON US : Honeywell close to securing Johnson Matthey catalyst unit in £1.8bn deal
- INTEAB SS : Intea Fastigheter Offers 15m Shares, Intea Fastigheter Offering of 16m Shares Prices at SEK66/Share
- JMAT LN : Johnson Matthey to Unveil Sale of Catalyst Technologies Arm: Sky
- 992 HK : Lenovo Sales Beat Estimates Though Profit Sags From PC Rivalry
- LI US : Li Auto Cuts 2025 Sales Target to 640,000 Units: 21st Herald
- LUMN US : AT&T to Buy Lumen's Mass Markets Fiber Business
- MC FP : LVMH Said to Warn of Continued Luxury Weakness Amid China Woes
- MC FP : LVMH Said to Warn of Continued Luxury Weakness Amid China Woes
- MC FP : Arnault Urges EU to Hold Constructive Talks With US on Tariffs
- MFEB IM : MFE 1Q Ebit EU6.30M Vs. EU23.5M Y/y
- NVTS US : *NAVITAS SHARES CLIMB 80% POSTMARKET ON NVIDIA COLLABORATION
- NESN SW : Nestlé boss says his predecessor ‘weakened the fabric’ of the company
- NKE US : Nike will raise prices on a wide range of products as soon as this week
- NKE US : Nike to Sell to Amazon For First Time Since 2019
- 7201 JP : Nissan in Talks to Buy Batteries in US from Ford-SK On Venture
- NVDA US : Navitas, Nvidia to Work on Data Center Power Architecture
- NOVOB DC : Cigna Rolls Out New Weight-Loss Drug Pricing Plan to Boost Use
- NOVOB DC : Pressure is mounting on Lund at BP and Novo Nordisk
- PKTM AV : PIERER Mobility AG: Bajaj provides funds to PIERER Mobility AG and KTM AG to serve the quotas in the KTM restructurin
- PFE US : Pfizer Hits FDA Setback in Effort to Boost Prostate Cancer Drug
- RECSI NO : REC Silicon Gets Shareholder Request for Investigation
- RBT FP : Robertet Holds Capital Markets Day, Sees Rev. €1.1B-€1.2B by ‘30
- RUI FP :
- SAN FP : Sanofi to Buy Vigil Neuroscience for $8 Per Share at Closing
- SBO AV : Schoeller-Bleckmann 1Q Ebitda EU26.4M Vs. EU28.8M Y/y
- SKAB SS : Skanska Gets Order in Czechia Worth About SEK1.7b
- SON PL : Sonae 1Q Net Income EU43M Vs. EU24M Y/y
- STERV FH : Stora Enso Divests Forest Land for Enterprise Value €900m
- STR AV : Strabag 1Q Order Book Jumps After Deal, FY Targets Confirmed
- TATE LN : Tate & Lyle FY Adjusted EPS Beats Estimates
- TEF SM : Telefonica to Sell Uruguay Unit to Millicom Spain for $440m
- UCG IM : Italy Regulator Suspends UniCredit’s Banco BPM Bid for 30 Days
- VIGL US : Sanofi to Buy Vigil Neuroscience for $8 Per Share at Closing
- DG FP : Vinci Sells 50% Stake in High-Voltage Power Line in Brazil
- VTB Bank : Russia’s VTB Africa Closed Its Operations in Angola, BNA Says
- ZEAL DC : Cigna Rolls Out New Weight-Loss Drug Pricing Plan to Boost Use