Stocks in Asia rose, following a US tech rally and fresh economic data that rekindled hopes for US interest rate cuts.
The MSCI Asia Pacific Index gained the most in a month, with benchmarks from Hong Kong to Japan and South Korea all in the green. The region’s chip-related stocks tracked the strength in their American peers. US and European futures also advanced.
The Australian dollar climbed 0.5% versus a broadly weaker greenback after a hot inflation print pointed to sticky local price pressures and reinforced the case for the central bank to hold rates at a 12-year high. The South Korean won led the gains in Asian currencies. Treasuries were largely steady. In addition to the strong performance of the US tech giants, weakness in measures of business activity in the world’s largest economy also helped keep alive forecasts for Federal Reserve policy easing this year. Like on Wall Street, the focus is also on tech earnings in Asia as the region has entered its busiest week for corporate results. The S&P 500 notched its best back-to-back rally in two months. Nvidia Corp., the poster child of the artificial-intelligence boom, led a surge in chipmakers. Texas Instruments Inc. gave a bullish revenue forecast — a good sign for the chip industry that may help lift Asian producers on Wednesday. Oil held a gain as an industry report showed shrinking US crude stockpiles and traders tracked progress toward fresh sanctions against Iran. Gold edged higher.
Elsewhere, the yen remained a whisker away from the key 155 level to the dollar, with a former top Japanese foreign exchange official warning the country is on the brink of currency intervention. In the corporate world, Silchester International Investors disclosed it has taken a stake in Nikon Corp., pushing the shares up by the most in almost three years. Trading in SenseTime shares was halted after a 36% surge in Hong Kong, following the Chinese tech firm’s launch of its upgraded AI model. In late US hours, Tesla Inc. soared as the electric-vehicle giant struck an upbeat tone despite a sales miss, the first of the “Magnificent Seven” megacaps to report. The stock halted a seven-day plunge, climbing alongside other members of the group. Morgan Stanley’s Mike Wilson said the bar is high for US firms to deliver on earnings, particularly for megacap technology names, which face tough comparisons from the growth they showed last year. Besides Tesla, Microsoft Corp., Meta Platforms Inc. and Alphabet Inc. are also due to report earnings this week. Profits for the “Magnificent Seven” group — which also includes Apple Inc., Amazon.com Inc. and Nvidia Corp. — are forecast to rise about 40% in the first quarter from a year ago, according to Bloomberg Intelligence data. The group of tech megacaps is crucial to the S&P 500 since the companies carry the heaviest weightings in the benchmark. After this year’s advance, valuations have gotten lofty. After the latest selloff, the Magnificent Seven still traded at a combined 31 times forward earnings, according to data compiled by Bloomberg. US After Hours TSLA +9.9%, TXN +6.5%, LRN +6.1%, CSGP +3.2%, V +2.7%, STLD +2.3%, STX +1.2% higher on earnings; MANH -7%, ENPH -6.1% lower on earnings
Nikkei +2.18% Hang Seng +2.10% CSI +0.27% Shanghai +0.52% Shenzen +0.85%
Eur$ 1.0704 CNH 7.2601 CNY 7.2456 JPY 154.86 GBP 1.2453 CHF 0.9119 RUB 93.2083 TRY 32.5725 WTI$ 83.48 +0.14% Gold 2,325 +0.15% BTC 66,857 +0.75% ETH 3,260 +1.59%
S&P +0.40% Nasdaq +0.75% EuroStoxx +0.50% FTSE +0.63% Dax +0.47% SMI +0.06%
Macro :
- Corporate Bonds and Stocks to Continue to Split, JPMorgan Says
- US Senate Passes Ukraine Aid, Arms Shipments to Resume in Days
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Keep an eye on :
Keep an eye on :
- AIR FP : Airbus CEO Faury and China NDRC Vice Chairman Talked Cooperation
- AI FP : Air Liquide 1Q Revenue Misses Estimates
- AKRBP NO : Aker BP 1Q Revenue Meets Estimates
- ALLFG NA : Allfunds Is Said to Abandon Discussions About Potential Sale
- APPS SM : Applus Services Offer Condition Has Been Fulfilled
- ARG FP : Argan Offers €150m New Shares in Capital Increase
- ASMI NA : ASMI 1Q Orders Beats Estimates
- ASMI NA : ASMI Orders Ahead, Guidance Beats Expectations: Street Wrap
- ASM NA : ASM Orders Beat Estimates as Chinese Demand Remains Strong
- BIC FP : BIC 1Q Adjusted Ebit Misses Estimates
- BILL SS : Billerud 1Q Adjusted Ebitda Beats Estimates
- BMW GY : VW, BMW Out to Prove They’re Not a Spent Force at China Car Show
- BA US : Boeing Cash Burn a Concern Amid 35% Stock Plunge: Preview
- BA US : Boeing to Pay Spirit AeroSystems $425m Advance Payment Under MOA
- BT/A LN : UK Broadband, Mobile Provider Promotions Mask April Price Hikes
- BONAVA SS : Bonava 1Q Operating Loss SEK22M
- BRG NO : Borregaard 1Q Ebitda Meets Estimates
- COOR SS : Coor 1Q Ebit Beats Estimates
- COV FP : Covivio Fuller Offices, Hotel Deals May Lift EPS Guidance: React
- COV FP : Covivio Delivers Positive Operational Performance: Street Wrap
- DB1 GY : Deutsche Boerse 1Q Ebitda Beats Estimates
- DSV DC : DSV 1Q Adjusted Net Income Misses Estimates
- EPROB SS : Electrolux Professional 1Q Ebit Beats Estimates
- ENI IM : Ithaca Energy to Pay About £750 Million for Eni’s UK Business
- ENI IM : Eni 1Q Adjusted Net Meets Estimates, Sees FY Adj Ebit Over €14b
- ERF FP : Eurofins Scientific 1Q Revenue Misses Estimates
- EVT GY : Evotec SE FY Adjusted Ebitda Misses Estimates
- GALD SW : Galderma 1Q Sales at Constant Exchange Rates +12.4%
- SHBA SS : Handelsbanken 1Q Net Interest Income Misses Estimates
- HEIA NA : Heineken 1Q Org. Beer Volume Beats Estimates
- HUSQB SS : Husqvarna 1Q Operating Profit Beats Estimates
- INTRUM SS : Intrum 1Q Revenue Misses Estimates, Intrum 1Q Revenue Misses; Reviews Debt Capital Structure
- IPN FP : Ipsen 1Q Sales Beats Estimates
- ITH LN : Ithaca Energy to Pay About £750 Million for Eni’s UK Business
- KAMBI SS : Kambi 1Q Ebit Beats Estimates
- KINDSDB SS : Kindred 1Q Adjusted Ebitda GBP59.3M
- KNEBV FH : Kone 1Q Orders Meets Estimates
- LMT US : Australia Invests A$500M in Air Missile Defence Pact
- MMT FP : M6 1Q Revenue Beats Estimates
- MELE BB : Melexis FY Revenue Forecast Meets Estimates
- MTGB SS : MTG Launches New SEK100m Share Buyback Program
- MTGB SS : MTG Sees FY Adjusted Ebitda Margin 26% to 29%
- NEX FP : Nexans 1Q Revenue Meets Estimates
- NOD NO : Nordic Semiconductor 2Q Revenue Forecast Beats Estimates
- NHY NO : Norsk Hydro 1Q Adjusted Ebitda Beats Estimates
- NOVN SW : UK’s NICE Recommends Novartis Drug Combination for Brain Cancer
- ORA FP : Orange 1Q Revenue Misses Estimates
- ORA FP : Orange Sales Rise Less Than Forecast on Declines in Europe
- PUIG IPO : Puig Advised by Banks to Increase IPO Price: Cinco Dias
- REC IM : CVC Said to Explore Options for €11 Billion Drugmaker Recordati
- RKT LN : Reckitt 1Q Like-for-Like Sales Beats Estimates
- ROG SW : Roche 1Q Avastin Sales Beats Estimates
- ROG SW : Roche 1Q Sales Misses Estimates, Confirms FY Outlook
- SHOT SS : Scandic 1Q Net Sales Misses Estimates
- SCF IM : Salcef Holders, Morgan Stanley Infrastructure Bid at €26.55/Shr
- SAN FP : Sanofi Is Said to Ask Banks to Pitch for $20 Billion OTC Spinoff
- SCANFL FH : Scanfil 1Q EPS Misses Estimates
- SEBA SS : SEB 1Q Net Interest Income Misses Estimates
- TEMN SW : Temenos Names Jean-Pierre Brulard as CEO
- TEMN SW : Temenos 1Q Non-IFRS Ebit Margin Beats Estimates
- TSLA US : Tesla Allows China Consumers to Buy Model 3 With No Down Payment
- TSLA US : Tesla Cuts Price of Model 3, Model Y in Japan by 300,000 Yen
- TSLA US : Tesla’s Musk Warns Wall Street Autonomous Future Is Main Goal
- TKO FP : Tikehau AuM Reach €44.4B at End-March, Up 12% Y/Y
- UBXN SW : U-blox 1Q Revenue CHF56.0M
- UBSG SW : Appaloosa Sues Credit Suisse Over $17 Billion AT1 Bond Wipeout
- VERX US : Vertex Said to Offer 0.75%-1.25% Coupon for $250M Convertibles
- V US : Visa Profit Surges 17% as Consumer Card Spending Climbs (1)
- VTY LN : Vistry Shares Gains After Betaville Issues ‘Uncooked Alert’
- VTY LN : Vistry Shares Gains After Betaville Issues ‘Uncooked Alert’
- VOD LN : Bharti Says Not in Talks With Vodafone to Buy Indus Towers Stake
- VOLVB SS : Volvo Car 1Q Operating Income Misses Estimates
- VPK NA : Vopak Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- VOW GY : VW, BMW Out to Prove They’re Not a Spent Force at China Car Show
- VOW GY : Volkswagen China Price, Cost Challenge to Retain Top Spot: React
- WHA NA : Wereldhave 1Q EPS EU0.41 Vs. EU0.46 Y/y
- XXL NO : XXL 1Q Gross Margin 38.8%