Shares in Asia gained after US stocks rallied and Treasury yields retreated following lackluster economic reports that support the case for the Federal Reserve to pause interest rate hikes. Equity benchmarks in Japan, Australia and South Korea rose while shares in Hong Kong advanced led by a gain in tech stocks. The S&P 500 rose 1.1% Wednesday, its best session since June, while the Nasdaq 100 added 1.6%. Futures contracts for the two benchmarks rallied further following bullish earnings from Nvidia Corp. The chip-maker, a major constituent of both US benchmarks, advanced in extended trading following earnings that forecast quarterly sales to reach $16 billion, eclipsing the $12.5 billion anticipated by analysts. The company’s Asia-based suppliers also rallied, with the tech-reliant South Korean won also surging. Those moves were helped along by US flash purchasing managers index data for August that came in softer than expected, echoing underwhelming eurozone data. Pockets of concern remained, however. In China, the $2.9 trillion trust industry is showing signs of strain, adding further pressure on the economy, while insiders are also worried that efforts to improve the health of local government financing vehicles may not play out as hoped. The People’s Bank of China provided further support for the yuan, setting the daily reference rating stronger than estimates. Meanwhile, the Bank of Korea held its benchmark interest rate steady as did policy makers in Sri Lanka. Traders will also be monitoring Bank Indonesia’s rate decision later today. The drop in Treasury yields weighed on the greenback and comes ahead of Powell’s speech on Friday at the Jackson Hole symposium. The Fed chair is expected to outline the final steps in the central bank’s inflation-fighting campaign following weeks of pressure on stocks and government bonds, which has increased borrowing costs for businesses and households. US mortgage applications for home purchases tumbled to an almost three-decade low. A US government report also said that job growth in the year through March will probably be revised down by around 300,000. Elsewhere in corporate news, Esmark Inc. said it won’t make a takeover offer for US Steel Corp. and WeWork Inc. is rounding up advisers for help with a restructuring as it struggles with a heavy debt load, according to people with knowledge of the matter. In commodities, oil fell for a fourth day as an improving supply outlook hit a market grappling with sluggish demand in the biggest importers. Gold edged higher. US After Hours NVDA +8.2% sharply higher on another huge beat-and-raise, many semi names up in sympathy; GES +15.3%, SPLK +11.5%, ADSK +6.2%, SNOW +3.5% also higher on earnings.
Nikkei +0,84% Hang Seng +2,12% CSI +1,17%% Shanghai +0,59% Shenzen +1,05%
Eur$ 1,0869 CNH 7,2756 CNY 7,2713 JPY 144,99 GBP 1,2719 CHF 0,8771 RUB 94,1443 TRY 27,2182 WTI$ 78,59 Gold 1921,50 BTC 26,427 ETH 1,647,50
S&P +0,74% Nasdaq +1,28% EuroStoxx +0,75% FTSE +0,46% Dax +0,56% SMI +0,31%
Macro :
- Bond Buyers Haven’t Had It This Good Since the Financial Crisis
- Dollar’s Use in Global Payments Jumps to Record, Swift Says
- Buyside Seeks MiFID II Changes to Boost Liquidity, Study Shows
- UK Steel Industry Faces Hit From Post-Brexit EU Climate Levy
Keep an eye on :
Keep an eye on :
- AIR FP : Qantas Orders 24 Boeing, Airbus Widebody Jets Amid Record Profit
- ALKB DC : ALK-Abello 2Q Ebitda Beats Estimates
- MT NA : Esmark Says It Will Not Make Takeover Bid for US Steel
- BA US : Boeing Finds New 737 Max Defect, Threatening Delivery Target
- BMW GY : Audi, BMW, Volkswagen 2H Earnings Risk Amid Falling List Prices
- CAI AV : CA Immo Boosts FY Ebitda Forecast
- EVD GY : CTS Eventim 1H Normalized Ebitda Beats Estimates
- EKTAB SS : Elekta 1Q Operating Profit Beats Estimates
- GAM SW : Liontrust Gets 33.64% of GAM at End of Offer, Below 66.67% Bar
- GAM SW : GAM Enters Talks with NewGAMe, Expects Liontrust Offer to Fail
- JNJ US : Janssen Scales Down Dutch Vaccine Ops: Telegraaf (Aug. 22)
- KUD SW : Kudelski 1H Oibda Loss $3.49B Vs. Profit $0.47M Y/y
- MDM FP : Maisons Du Monde’s CFO Massuyeau Departs
- MOR GY : MorphoSys' Pelabresib Data Nears, Commercial Questions Remain
- NAS NO : Norwegian Air 2Q Ebit Misses Estimates
- NVDA US : Nvidia Analyst Sees 15% Upside for Stock on Strong Chip Demand
- 6965 JP : NKT’s Photonics Unit Is Still M&A Target for Hamamatsu: Borsen
- PRX NA : Prosus Holders Approve Removal of Cross-Holding With Naspers
- ROG SW : Roche, Merck Gain as Data Boosts Faith in New Cancer Drug Class
- SALM NO : Salmar 2Q Operating Ebit Misses Estimates
- SIKA SW :Sika Early Redemption of 0.15% Convertible Bonds 2018–2025
- 9984 JP : IPO Wannabes Face More Hurdles Than Just Success of Arm’s Deal
- SWON SW : SoftwareONE 1H Adjusted Ebitda Misses Estimates
- MNG LN : Terrafina Buys Two Industrial Portfolios for $221M Via Sidecar
- UBSG SW : Credit Suisse Funds AG Opts Not to Proceed With Planned 4Q IPO
- VLK NA : Van Lanschot Kempen 1H Underlying Profit EU54.7M Vs. EU60.7M Y/y
- VGP BB : VGP 1H EPRA Net Tangible Assets per Share EU82.05
- VOW GY : Audi, BMW, Volkswagen 2H Earnings Risk Amid Falling List Prices
- WE US : WeWork Taps Advisers for Restructuring Help Amid Viability Doubt