Stocks fell at the start of a pivotal week for markets, with the artificial intelligence trade under pressure ahead of key tech earnings and the Federal Reserve’s annual gathering. Treasuries rose as oil fell. MSCI’s Asia Pacific equities gauge dropped 1%, with Samsung Electronics Co. and Alibaba Group Holding Ltd. contributing most to its losses. Samsung slid 8.7% in Seoul as investors were underwhelmed by its plans to return as much as 110 trillion won ($80 billion) to shareholders. Alibaba tumbled 9.6% in Hong Kong after announcing plans to raise HK$80 billion ($10.2 billion) in a share sale. SoftBank Group Corp. shares slipped 4.9% in Tokyo after announcing plans for a record ¥1 trillion ($6.3 billion) retail bond offering. Treasuries rose ahead of a fiscal consolidation plan announcement by US Treasury Secretary Scott Bessent. A decline in oil also helped bonds, with Brent falling 1.3% to about $93.20. The US 10-year yield eased two basis points to 4.71%, with yields in Australia and New Zealand also falling. It’s a crucial week for markets, with investors looking to Fed Chair Kevin Warsh’s comments at Jackson Hole, Wyoming, for clues on the path for interest rates as elevated oil prices stoke inflation pressures and bond yields soar to multi-decade highs. Traders are also bracing for Nvidia’s earnings and guidance to gauge whether this year’s rally in AI shares has further to run. Nvidia, which reports Wednesday, was also in the news after notifying customers about price hikes. The developments add to already brewing concerns over the sustainability of the AI spending boom, with soaring hardware costs threatening returns just as companies commit ever-larger sums to the technology. Investors are “just not necessarily focusing on the building of AI, but also what companies will be able to be very disciplined in terms of having that monetization roadmap and having that return on investment,” she said. In other corners of the market, the Canadian dollar weakened following the collapse of trade talks with the US late Friday that saw Washington place a 50% duty on about $20 billion of Canadian goods. Prime Minister Mark Carney said Canada will apply counter-tariffs on $20 billion of US products on Sept. 8. in response. Gold extended its gains from last week, trading around $4,640 an ounce. The commodity is close to a three-month high after the US Treasury’s intervention in the bond market revived concerns about a weaker dollar and pushed investors toward alternatives. A Bloomberg gauge of the dollar was little changed after posting its third weekly decline in four weeks. Bitcoin edged lower to about $77,100. Attention is also on Bessent Monday and his economic isolation plans for Iran. Traders are also watching Bessent’s fiscal consolidation plans after last week’s announcement of increased buybacks of long-term bonds whipsawed the Treasury market. While Bessent has attempted to ease concerns over US fiscal policy, the Congressional Budget Office offers little evidence of fiscal consolidation, projecting large budget deficits and debt rising to a record 120% of GDP in 10 years, Elias Haddad, global head of markets strategy at Brown Brothers Harriman, wrote in a note to clients.
Nikkei -0.61% Hang Seng -2.09% CSI -1.26% Kospi -3.53% Shanghai -0.71% Shenzen -2.07%
Eur$ 1.1680 CNH 6.7234 CNY 6.7234 JPY 158.85 GBP 1.3646 CHF 0.8003 RUB 82.8953 TRY 48.0777 WTI$ 85.58 -1.70% Gold 4,635 +0.71% BTC 77202 -0.29% ETH 2443 -0.33%
S&P -0.10% Nasdaq -0.31% EuroStoxx -0.12% FTSE +0.06% Dax -0.09% SMI
Macro :
- Gold Advances to Three-Month High as Debasement Trade Returns
- Agriculture Stocks Slide as EPA Exemptions Seen Higher
- Agriculture Stocks Slide as EPA Exemptions Seen Higher
- Switzerland’s Big Food Question Keeps Voters Busy at Ballot Box
- RedBird Exploring Deal to Become Premiership Rugby Backer: Sky
- Josh Kushner’s Fortune Tripled This Year Thanks To Stakes In OpenAI, SpaceX And More
- Trump's Family Joins the Sprint to Get a National Bank Charter
Keep an eye on :
- AALN SW : Allreal 1H Net Income CHF75.6M Vs. CHF62.6M Y/y
- BABA US : Alibaba Raising $10 Billion in Share Sale, Faces Burry Criticism -8%
- BABA US : Burry Says He Sold Alibaba, Calling It Pricey Before Share Sale, Burry Says He Sold Alibaba to Buy JD.Com a Few Months Ago
- AMG NA : AMG to Apply for Secondary Listing on Frankfurt Stock Exchange
- AMGN US : FTC Backs Antitrust Scrutiny of Amgen Over Enbrel Patent Deal
- Anthropic IPO : Anthropic Could Aim to Raise $100 Billion in Blockbuster I.P.O.
- AMGN US : FTC Backs Antitrust Scrutiny of Amgen Over Enbrel Patent Deal
- Anthropic IPO : Anthropic Could Aim to Raise $100 Billion in Blockbuster I.P.O.
- Anthropic IPO : Anthropic Taps Google Chip Veteran as Part of Push Into Hardware
- Anthropic IPO : Claude Investigating Elevated Errors on Mythos 5, Fable 5, Opus
- AAPL US : Apple Cuts Jobs in Siri, Vision Pro 3D Video and Gaming Teams
- BGN IM Banca Generali Says It Is Evaluating Paschi’s Unsolicited Offer
- BP/ LN : BP’s Head of Nymex Natural Gas Trading Departs for Gunvor
- BF/B US : Brown-Forman Family Members Rebuked Retiring CEO
- BWO NO : BW Offshore Cuts FY Ebitda Forecast
- CAN LN : African nations join the space race, Greater access to satellite systems means the continent can now utilise more data than ever - FT
- ENI IM : Eni Sees Commercial Fusion Plant in Europe by Early 2040s: FT
- ENX FP : ‘I don’t have any close friends in business’: Euronext CEO on a decade shaping Europe’s markets
- XOM US : Shell draws Exxon interest in $8bn US chemical assets sale
- LULU US : Lululemon Promotes China Head to Lead APAC, Hires Former Louis Vuitton Executive for Regional Role - WWD
- MC FP : Europe’s Luxury Giants Discern Green Shoots in Key China Market
- ITX SM : Shein Targets Up to $27 Billion Valuation in Long-Awaited HK IPO
- MGN NO : Magnora Data Center Signs Network Connection Deal in Finland
- META US : Meta hires OpenAI veteran Luke Metz
- METN SW : Metall Zug 1H Net Loss CHF4.4M Vs. Loss CHF10.3M Y/y
- Nscale IPO : AI Cloud Firm Nscale Is Said to Seek Up to $3 Billion in US IPO
- NVDA US : Nvidia Discusses Investing in AI Startup Perplexity: Information
- OXY US : Occidental tries to free itself from the messy legacy of Anadarko deal
- PSKY US : Paramount and State A.G. to Meet Monday to Discuss Settlement of Antitrust Case
- PSKY US : California Expected to Seek TV Channel Sales From Paramount-Warner -- WSJ
- ROP SW : Hanmi Pharm Signs Up to $2.3b License-Out Deal With Genentech
- SHEL LN : Shell draws Exxon interest in $8bn US chemical assets sale
- TSLA US : Nevada NTA Approves Tesla, Waymo, Uber Robotaxi Permits
- TSLA US : Tesla Recalls 3 Million EVs in China Over Door Handle Safety
- TTE FP : Denmark Reports TotalEnergies to Police Over Oil Spills
- UBER US : Uber Faces €825 Million Dutch Fine Over Driver Data Breach
- ALVIO FP : Valerio Therapeutics Announces Signing of Definitive Agreements for the Acquisition of Etherna Immunotherapies, Building a
- VOD LN : UK orders reviews of franchising sector after Vodafone allegations
- WMT US : Walmart Keeps Pushing Into Fashion With New Clothing Brand -- WSJ