Stocks and currencies in Asia advanced as some calmness returned following a bout of political uncertainty, with traders turning their focus to upcoming tech earnings. The MSCI Asia Pacific Index snapped a three-day decline, led by a rebound in Taiwanese shares. US equity futures slipped following a 1.1% jump in the S&P 500, ahead of earnings from Tesla Inc. and Alphabet Inc. due later Tuesday. Asian currencies strengthened against a softer dollar. Markets are taking a breather after sky-high valuations and sectoral rotation sparked a heavy tech selloff over the past few sessions. While US election developments still dominate headlines, Kamala Harris now has more than enough pledged delegates to clinch the Democratic presidential nomination — offering clarity on that front. Hong Kong and mainland Chinese stocks dipped on broad disappointment following the Third Plenum, with a surprise rate cut on Monday failing to reverse sentiment. The yen strengthened ahead of the Bank of Japan’s policy meeting next week. Some BOJ officials are open to raising rates at the July meeting while others see weakness in consumer spending complicating their decision, according to people familiar with the matter. A Bloomberg gauge of the dollar eased for the second session. Treasury yields edged lower ahead of this week’s readings on the economy as well as the Federal Reserve’s preferred inflation gauge. For much of July, bets on a rate cut in September drove shorter-term bonds up — narrowing the gap with longer-dated maturities. In the corporate world, shares of Kako Corp. slumped after South Korean authorities arrested its founder Brian Kim over allegations of market manipulation, making the internet entrepreneur the most prominent business figure in the country in years to wind up in jail. Elsewhere in Asia, India’s Finance Minister Nirmala Sitharaman will present the budget Tuesday, laying out economic priorities of a new coalition government under Prime Minister Narendra Modi. Earnings due in the region this week include SK Hynix Inc., Contemporary Amperex Technology Co. and Keyence Corp. Almost two-thirds of respondents to Bloomberg’s Markets Live Pulse survey expect earnings to reinvigorate the US benchmark. A gauge of the “Magnificent Seven” climbed more than 2% Monday, led by gains in Tesla and Nvidia Corp. After driving the rally in US stocks for most of the year, big tech slammed into a wall last week. Investors rotated from high-flying megacap shares to riskier, lagging parts of the market, spurred by bets on Fed rate cuts and the threat of more trade restrictions on chipmakers. Rather than politics, “it’s more the expectations for interest rate cuts that is driving this rotation and the multiples re-rating in that space,” said George Efstathopoulos, a portfolio manager at Fidelity, on Bloomberg TV. “We’re a little more cautious on the small caps,” while the mid caps are more attractive with better profitability and fundamentals regardless of which party wins the elections in November, he said. In commodities, oil was steady near a six-week low as traders waited for fresh clues on market balances, including the outlook for US stockpiles. US After Hours CCK +5.9%, SAP +4.9% among big winners following earnings; MEDP -13.8%, NXPI -7.4% retreating on quarterly numbers.
Nikkei -0.01% Hang Seng -0.48% CSI -1.14% Shanghai -0.69% Shenzen -1.36%
Eur$1.0889 CNH 7.2887 CNY 7.2744 JPY 156.35 GBP 1.2928 CHF 0.8892 RUB 87.8940 TRY 32.9325 WTI$ 78.35 Gold 2,395 BTC 66,450 ETH 3,435
S&P -0.22% Nasdaq -0.37% EuroStoxx +0.26% FTSE -0.36% Dax +0.37% SMI -0.03%
Macro :
- Kakao Billionaire Arrested in K-Pop Market Manipulation Case
- SEC Said to Approve Spot-Ether ETFs in Latest Crypto Milestone
Keep an eye on :
Keep an eye on :
- AKZA NA : Akzo Nobel Sees FY Adjusted Ebitda Low End of EU1.5B to EU1.65B
- ALFA SS : Alfa Laval 2Q Adjusted Ebita Beats Estimates
- AAD GY : Amadeus Fire Cuts FY Operating Ebita Forecast
- AXW FP : Axway Software Offers Shares at EU16.10/Share
- BCP PL : Banco Comercial Says It Complies With MREL Requirements
- BEN FP :Beneteau 2Q Revenue Beats Estimates
- BEN FP :Beneteau 2Q Revenue Beats Estimates
- BKNG US : Spanish Watchdog Set to Fine Booking About €500M: Confidencial
- DAE SW : Daetwyler 1H Net Revenue Misses Estimates
- DIS US : Abigail Disney to Host Fundraiser for Kamala Harris: NYT
- EDEN FP : Edenred 1H Ebitda Beats Estimates, Edenred Fiscal 2024 Ebitda Guidance Implies Small Upgrade
- ENG SM : Enagas 1H Ebitda EU385.7M Vs. EU372.0M Y/y
- ENI IM : Eni in Exclusive Agreement With KKR for Enilive Unit Stake Sale
- EQNR NO : Valaris Shares Rise on $498m Drilling Contract With Equinor
- EQC US : ACTIVIST INDABA IS SAID TO AMASS STAKE IN EQUITY COMMONWEALTH
- FTK GY : FlatexDEGIRO Applies for Approval of Share Buyback Program
- GALE SW : Galenica Raises Stake in Redcare Pharmacy to 10.1%: AFM Filing
- GIVN SW : Givaudan 1H Sales Beats Estimates
- GOOGL US : Wiz Rejects Alphabet’s $23 Billion Offer, Seeks IPO Instead (1)
- HARVIA FH : Harvia Buys ThermaSol Steam Bath for $30.4m
- IDR SM : Indra Sistemas Appoints Forteza as Chief Financial Officer
- IPAR US : Inter Parfums 2Q Net Sales Beats Estimates
- KESKOB FH : Kesko 2Q Net Sales Meets Estimates
- KNIN SW : Kuehne + Nagel 2Q Ebit Beats Estimates
- LISN SW : Lindt & Spruengli Announces a CHF500 Million Buyback
- LOGN SW : Logitech Results Beat, Full-Year Guidance Upgraded
- MC FP : L Catterton Approached Mattel With Acquisition Offer: Reuters
- MC FP : L Catterton Approached Mattel With Acquisition Offer: Reuters
- MCP PL : Media Capital Says Available to Analyze Business Opportunities
- NVG PL : Navigator Co 1H Net Income EU158.9M Vs. EU137.4M Y/y
- NOVOB DC : Ozempic Maker Novo Tees Up Another Major Building Project
- NUE US : Nucor 2Q EPS Beats Estimates
- NXPI US : NXP SEMI SEES 3Q REV. $3.15B TO $3.35B, EST. $3.35B
- OPM FP : Opmobility 1H Ebitda Misses Estimates
- P911 GY : Porsche SE Maintains FY Profit After Tax Forecast
- P911 GY : Porsche Cuts Full-Year Revenue Forecast on Parts Shortage
- RAND NA : Randstad 2Q Revenue Meets Estimates
- RDC GY : Galenica Raises Stake in Redcare Pharmacy to 10.1%: AFM Filing
- SAB SM : Sabadell Sees FY RoTE Above +13%, Saw Above +12%
- SAP GY : SAP Gains as 2Q Results Inspire Growth Confidence: Street Wrap -->+5% in After Hours
- SAP GY : SAP Cloud Revenue Rises 25% as AI Demand Boosts Growth
- SOLV US : PELTZ’S TRIAN IS SAID TO BUILD STAKE IN 3M SPINOFF SOLVENTUM
- STMPA FP : STMicro Inventory Correction Not Over, NXP Outlook Infers: React
- HO FP : Thales 1H Ebit Meets Estimates
- UN0 GY : Germany Taps UBS, Roland Berger to Advise on Uniper Selldown
- VWS DC : Vestas Gets 136 MW US Repowering Order
- VIE FP : Veolia Names Emmanuelle Menning Deputy CEO Finance & Purchasing
- VOD LN : Masorange, Vodafone Plan to Sell 40% of Fiber Unit: Expansion
- VLTSA FP : Voltalia Operates 6.4 Gigawatts for Third-Party Clients
- VOW GY : Auto Supplier Sees Carmakers Reviving Gasoline Plans as EVs Slow
- WBD US : A Warner Bros. Spinoff Puts $41 Billion of Bonds at Risk of Junk
- 5101 JP : *YOKOHAMA RUBBER RISES AS MUCH AS 5.7% AFTER GOODYEAR TIRE DEAL