Asian stocks traded mixed Monday as investors assess the impact of China’s Covid policies on growth and the outlook for the world’s largest economies. The dollar and Treasuries retreated. Equities rose modestly in Japan, but a slide in Chinese tech stocks and a virus outbreak in Beijing weighed on an MSCI Inc. gauge of the region’s stocks. Nasdaq 100 and S&P 500 futures jumped about 1% after the S&P 500 dropped for a seventh straight week in a stretch of weakness not seen since 2001. Beijing reported a record number of Covid cases, reviving concerns about a lockdown. China’s stringent adherence to Covid Zero has stifled economic growth and prompted banks last week to cut a key interest rate for long-term loans by a record amount. Still, the one-year loan prime rate -- the de facto benchmark lending rate -- was kept unchanged. A dollar gauge declined. The Australian dollar gained after a weekend election delivered a clear outcome, with Labor ousting the Liberal-National coalition. Treasuries pared Friday’s advance as traders debate the Federal Reserve’s tightening path amid mounting worries about an economic slowdown. Bitcoin recovered from some weekend weakness to trade around $30,000. Investors are grappling with concerns about an economic slowdown and prospects for more monetary tightening. The war in Ukraine is fanning commodity prices, and supply chains remain disrupted by China’s adherence to its Covid zero policy.
Nikkei +0.58% Hang Seng -1.80% CSI -0.87% Shanghai -0.27% Shenzen +0.08%
Eur$ 1.0592 CNH 6.6935 CNY 6.6835 JPY 127.56 GBP 1.2546 CHF 0.9727 RUB 61.3575 TRY 15.9465 WTI$ 111.01 +0.66% Gold 1,855.15 +0.45% BTC 30,140 +0.78% ETH 2,027.55 +1.05%
S&P +1.09% Nasdaq +1.28% EuroStoxx +1.32% FTSE +0.88% Dax +1.43% SMI +1.04%
Macro :
- US Growth Seen Outpacing China’s for First Time Since 1976
- More Horrors Await After $550 Billion Retail Earnings Meltdown
- Hedge Fund Up 138% This Year Is Turning Bullish on China Stocks
- Lagarde Says Crypto Is ‘Worth Nothing’ and Should Be Regulated --> Digital Euro is coming but not a BTC killer, even maybe the opposite, Digital is the first step to prepare the big Haircut
- Anatole Hedge Fund Stems Losses After ‘Disastrous’ China Bets
Keep an eye on :
- ADEN SW : Randstad Outpaces Adecco in 1Q But War Menaces Staffers' Growth
- AIR FP : Airbus to amass €10bn as protection against future crises - FT
- ALC SW : Alcon to Buy Eysuvis, Inveltys Brands From Kala for $60M Upfront
- AMBUB DC : New Ambu CEO Says Confidence-Rebuilding a Top Priority: Borsen
- AMS SW : Ams-OSRAM Supervisory Board to Name Margarete Haase Chairwoman
- AXL US : American Axle Says Not Engaged in Process to Sell Company
- COTN SW : Comet Names Stephan Haferl as New CEO to Succeed Kevin Crofton
- ENI IM : Italy Can End Russia Gas Imports By Winter 2024-25, Eni CEO Says
- ENI IM : Eni Plans EU2.5-Billion in UK Investment Over Four Years: FT
- ENT LN : ENT LN, FLTR LN (Says Crown Resorts shareholder approval of takeover by Blackstone spurred talk of consolidation in the industry)
- ERICB SS : Ericsson, Vonage Push Back Termination Date of $6.2 Billion Deal
- EVHM RU : Swiss Unfreeze Accounts as Melnichenko’s Wife Takes Control: T-A
- SGRE SM : Siemens Energy Takeover of Gamesa to Speed Resolving Issues: CEO
- IDIA SW : Idorsia Precision Phase 3 Meets Primary, Key Secondary Endpoints
- LEO GY : Leoni in Advanced Talks on Further Financing
- NEX LN : National Express Confirms Combination With Stagecoach Lapsed
- OMV AV : OMV Makes Russia Gas Payment in Euros, Sees Obligation Fulfilled
- POG LN : UMMC May Bid for Petropavlovsk’s Gold Assets: Kommersant
- RNO FP : Renault CEO De Meo May Visit Japan Again in June, Reuters Says
- RENE PL : REN 1Q Net Income EU6M Vs. EU4.5M Y/y
- ENR GY : Siemens Energy to Offer 18.05 Euros Per Share in Gamesa Takeover
- TSCO LN : Mayfair-based hedge fund Marshall Wace emerges with a £100m bet against Tesco, Britain's biggest supermarket
- DG FP : Vinci Construction France Faces Corruption Charges: AFP
- VOW GY : Audi Apologizes Over China Advert’s Potential Copyright Breach