Global stocks dropped toward the lowest levels of the month on Tuesday and sovereign bonds nursed losses as worries about tightening Federal Reserve monetary policy filtered across markets. The equity weakness lopped about 0.8% off MSCI Inc.’s Asia-Pacific share index. S&P 500 and Nasdaq 100 futures stabilized, eking out gains after slumps of more than 2% in both indexes on Monday. European contracts wavered. The energy sector was the only one in the green in the stock market as crude scaled $91 a barrel, lifted by the possibility of OPEC+ output cuts. Hong Kong and China bourses were fairly resilient. China has cut borrowing costs and plans special developer loans worth as much as 200 billion yuan ($29.3 billion) to ease a property crisis, moves that may aid sentiment. The Fed’s brake on the US economy to ensure high inflation keeps cooling remains the key driver in global markets. Traders are bracing for hawkish talk at the central bank’s Jackson Hole symposium later this week. Treasuries held a selloff, with the 10-year yield above 3%. Australian bonds fell. The dollar inched lower and the euro was near a two-decade low. Hedge funds collectively placed a big short across futures referencing the official successor to the London interbank offered rate known as the Secured Overnight Financing Rate. This position stands to benefit should Fed Chair Jerome Powell effectively rule out a dovish pivot at Jackson Hole. Bitcoin found its footing but is about $2,000 off levels that prevailed before a crypto swoon on Aug. 19. US After Hours PANW +8.1% jumps on earnings and 3-for-1 stock split; ZM -8.9%, DLO -8% lower on earnings.
Nikkei -1.21% Hang Seng -0.74% CSI -0.47% Shanghai -0.04% Shenzen -0.19%
Eur$ 0.9920 CNH 6.8698 CNY 6.8522 JPY 137.27 GBP 1.1751 CHF 0.9648 RUB 60.1080 TRY 18.1080 WTI$ 90.94 +0.65% Gold 1,737.50 +0.07% BTC 21,030 -0.45% ETH 1,578 -0.07%
S&P -0.12% Nasdaq -0.09% EuroStoxx -0.09% FTSE -0.28% Dax -0.06% SMI -0.40%
Macro :
- US Natural Gas Hits Fresh 14-Year High as European Prices Soar
- After Losing Its Vowels, Abrdn’s FTSE 100 Status Could Be Next
- German Gas Levy Will Likely See Adjustments: Rheinische Post
Keep an eye on :
- ACKB BB : Ackermans & van Haaren’s Delen Private Bank Buys Groenstate
- ALC SW : Alcon to Buy Aerie Pharma in $770 Million Deal: Deals Snapshot
- ARBN SW : Arbonia Sees FY Organic Revenue Above +5%
- B2H NO : B2Holding 2Q Total Revenue NOK825M Vs. NOK812M Y/y
- BAKKA NO : Bakkafrost 2Q Operating Ebit Misses Estimates
- BNP FP : BNP vs. SocGen; Barclays vs. Deutsche as ECB's 4Q Battle Begins
- IAG LN : British Airways to Cancel More Flights up to End of October: Sky
- DMP GY : Dermapharm 1H Adjusted Ebitda EU149M Vs. EU137M Y/y
- GSF NO : Grieg Seafood 2Q Ebit Beats Estimates
- ISN SW : Intershop 1H Vacancy Rate 13.8% Vs. 12.8% Y/y
- KSS US : Kohl’s Gains After Chairman Buys Over $750,000 of Shares (1)
- LHA GY : Kuehne Won’t Buy More Lufthansa Shares: Frankfurter Allgemeine
- MITRA BB : Mithra Issues 799,861 New Shares to Lenders Highbridge, Whitebox
- REV US : Revlon Tells Bankruptcy Judge Its Shares Are Likely Worthless
- CFR SW : Richemont Wins Support of ISS Against Activist Investor Bluebell
- SSABA SS : SSAB Says It’s Looking at Hydrogen Steelmaking Capabilty in US
- TEG GY : TAG Immobilien 2Q FFO EU48.5M Vs. EU45.9M Y/y
- TOBII SS : Tobii 2Q Operating Loss SEK50M, Est. Loss SEK66.6M
- URW NA : Retail REITs' Revival Short-Lived as Inflation Trauma Kicks In
- ZM US : Zoom Video Cuts FY Revenue Forecast, Misses Estimates
- FHZN SW : Zurich Airport 1H Ebitda Beats Estimates