Stocks were mixed in Asia amid fragile sentiment as investors weighed the impact of Covid infections in China and parsed comments from Federal Reserve officials on interest rate hikes. A gauge of Asian equities came off its intraday highs as equities in Hong Kong slid with China’s daily virus infections climbing to near the highest on record. Covid-control restrictions now affect a fifth of China’s economy. Japanese shares led gains in the region, supported by weakness in the yen, while the Australian market followed energy and materials companies higher. US futures made small gains after technology stocks, which are typically more sensitive to interest rates, dragged the S&P 500 lower Monday. Fed officials have broadly maintained their steadfast stance to fight against inflation. The dollar fell after advancing Monday amid appetite for haven assets. Government bond-yield curves flattened in Australia and New Zealand with gains in short-maturity rates, following similar moves in the US Monday. Treasury yields declined Tuesday.
JPMorgan Chase & Co. strategist Marko Kolanovic, who until recently had been one of the most vocal bulls on Wall Street, said risky assets may languish until the Fed reverses course on its hawkish campaign to raise interest rates. A near-term pivot is likely not in the cards and JPMorgan expects assets to still be “rangebound with a more pronounced downside risk.” Oil steadied around $80 per barrel as investors assessed a clouded supply outlook and concerns over weaker demand in China. Gold rose. Cryptocurrency prices also steadied, in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire. Investors remain braced for more ructions as further digital-asset sector bankruptcies loom. US After Hours Summary: MMS +15.5%, A +4%, GDS +3.5%, URBN +3.2% all up on earnings; ZM -5.3%, DELL -1.9% each down on earnings
Nikkei +0.61% Hang Seng -1.90% CSI -0.25% Shanghai -0.11% Shenzen -1.57%
Eur$ 1.0246 CNH 7.1613 CNY 7.1546 JPY 141.94 GBP 1.1835 CHF 0.9576 RUB 60.7142 TRY 18.6270 WTI$ 80.30 +0.32% Gold 1,742 +0.23% BTC 15,825 +1.24% ETH 1,101 +0.67%
S&P -0.06% Nasdaq -0.12% EuroStoxx +0.13% FTSE +0.26% Dax -0.02% SMI
Macro :
- FTX Group Bankruptcy Filing Shows Cash Balance of $1.24 Billion
- Crypto Firm Genesis Said to Warn of Bankruptcy Without New Funds
- Crypto’s Latest Mystery Is the Ownership of Major Exchange Huobi
- Goldman Says S&P 500 and Its Earnings to Change Little Next Year
- Airlines Are Set to Return to First Profit Since 2019 Next Year
- Kolanovic Says Fed Needs to Cut Rates Before Asset Prices Rise
- Germany to Deploy Patriot Missiles to Defend Polish Airspace
Keep an eye on :
- ABBN SW : ABB Unit’s Pre-IPO Placement Shows Lack of Listings: ECM Watch
- AIR FP : US Army to Select New Assault Helicopter This Year (BA - LMT - TXT)
- AI FP : AirLiquide Invests €130M in Total Refinery For Hydrogen Unit
- ALLFG NA : Allfunds Holders LHC3 and BNP Paribas Offer ~40m Shares: Terms
- AMUN FP : Amundi Is Downgrading ‘Almost All’ Funds With EU’s Top ESG Tag
- ARGX BB : Argenx Gets Priority Review of SC Efgartigimod in US
- CS FP : France’s Axa Owns ~8% Stake in Monte Paschi: Regulator
- BYG LN : Big Yellow Group 1H Interim Dividend per Share Beats Estimates
- BC IM : Brunello Cucinelli, Essilorluxottica Sign 10-Yr Licensing Deal
- BWO NO : BW Offshore Says Shell Cancels Gato do Mato Investment
- CTEC LN : ConvaTec Set for Growth Acceleration, New Buy at Jefferies
- O5G GY : CPI Property Says About 6.7M S. Immo Shares Tendered for EU154M
- DEME BB : DEME Group 9M Turnover EU1.97B Vs. EU1.73B Y/y
- EDF FP : Italy Fines EDF’s Local Unit Over Unfair Business Practices
- ENEL IM : Enel to Sell Off Assets Worth €21 Billion in Bid to Reduce Debt
- EL FP : Brunello Cucinelli, Essilorluxottica Sign 10-Yr Licensing Deal
- EQT SS : EQT Starts Compulsory Redemption in Karo Pharma
- RF FP : Eurazeo Signs Agreement to Invest More Than €100m in Neoxam
- EXO NA : French Insurer Covea Sets Up Group Management Committee
- GBLB BB : GBL €500M Bond Exchangeable Into Pernod Ricard Shares: Terms
- GJF NO : Gjensidige Raises Return on Equity Target to Above 20% From 2023
- IDR SM : Activist Amber Calls For Breakup of IT and Defense Firm Indra
- ITP FP : Interparfums Raises 2022 Guidance, Sees Sales €670m-€680m
- LHA GY : MSC Says No Longer Interested in ITA Airways: Ansa
- LLOY LN : UK Mortgage Rates' 7% Peak Passed; 5-10% House-Price Fall a Risk
- BMPS IM : France’s Axa Owns ~8% Stake in Monte Paschi: Regulator
- MCRO LN : IBM Sues Micro Focus for Copying Mainframe Software to Compete
- COX FP : Nicox Raises €10M in a Private Placement
- NOVOB DC : Novo Nordisk Invests DKK5.4B in Expansion of Manufacturing Site
- RI FP : GBL €500M Bond Exchangeable Into Pernod Ricard Shares: Terms
- SESL FP : SES-imagotag Holder BOE Smart Retail Offers 1.5m Shares: Terms
- SHAPE DC : Shape Robotics Offers 2.01m Shares at DKK13.50/Share
- TEG GY : TAG Immobilien Suspends Dividend For FY 2022
- TBCG LN : TBC Bank Group Holder EBRD Offers ~850k Shares: Terms
- TKA GY : ThyssenKrupp Holder Cevian to Sell ~3.8% of Capital: Terms
- VER AV : Verbund Shares Are ‘Ridiculously Cheap,’ Stifel Upgrades to Buy
- VOW GY : Volkswagen Lowers 2022 Car-Sales Target in China: Handelsblatt
- XIOR BB : Xior 9M Net Rental Income EU75.6M Vs. EU54.0M Y/y