Most stocks in Asia advanced at the start of a week packed with major central bank policy decisions, with China equities lagging as traders hold out for signs of more policy support. Japanese stocks rose, boosted by a report late Friday that said Bank of Japan’s officials see little urgent need to address the side effects of their ultra-loose monetary policy. Steelmaker Posco Holdings Inc. surged a record 24% after it unveiled a second-quarter profit that beat estimates. The jump helped propel the Kospi Index to the highest since mid-June. Things were less upbeat in Hong Kong and China as stocks declined. Chinese shares notched their worst week in four on Friday, despite a series of vows from Beijing to boost consumption and businesses. Global fund managers are bracing for prolonged gloom in markets although some are still hoping for strong policy support for the economy from an expected Politburo meeting. Meanwhile, jitters surrounding China’s developers may ease with Dalian Wanda Commercial Management’s plan to pay a yuan bond’s principal and interest. Dalian Wanda Group Co. is selling a stake in one of its entertainment units for 2.26 billion yuan ($314 million), raising the odds the Chinese conglomerate will avert default on a maturing dollar bond. Contracts for US shares were largely steady in Asia on Monday after the S&P 500 closed little changed on Friday and the Nasdaq 100 saw continued selling in technology companies following a disappointing batch of results. The yen rose after weakening more than 2% last week, with the sharpest part of the move coming following the BOJ report. Most major currencies traded within narrow ranges versus the dollar Monday.
Treasury yields were little changed across tenors in Asian trading hours. Earnings and central bank decisions will be in focus this week. US heavyweights including Alphabet Inc., Exxon Mobil Corp. and Meta Platforms Inc. are all due to report, while in Asia investors will be watching names including Samsung Electronics Co., Rio Tinto Ltd. and Hitachi Ltd. Traders are positioning for the Fed and the European Central Bank to raise interest rates and to signal whether more hikes are likely. The BOJ is projected to stand pat, letting the rate gap with its peers widen as it waits for sustainable inflation. In commodities, oil edged down after notching its fourth weekly gain amid tentative signs that global markets are tightening. Gold opened the week little changed after slipping against a stronger dollar on Friday.
Nikkei +1.12% Hang Seng -1.69% CSI -0.41% Shanghai -0.08% Shenzen -0.29%
Eur$ 1.1119 CNH 7.1993 CNY 7.1953 JPY 141.56 GBP 1.2869 CHF -0.09% RUB 90.6677 TRY 26.9521 WTI$ 76.85 -0.29% Gold 1,960 -0.08% BTC 29,790 -1.18% ETH 1,871 -1.17%
S&P -0.07% Nasdaq -0.02% EuroStoxx -0.47% FTSE -0.26% Dax -0.39% SMI -0.21%
Macro :
- G-20 Energy Ministers Meet as Extreme Heat Spurs Climate Focus
- Italy May Propose Cipollone to Replace Panetta on ECB Board: FT
- Sam Altman’s Worldcoin Token to Launch Monday, Semafor Reports
- Core Lithium Plunges Most in Eight Months as Lower Output Seen
- Watch Spanish Stocks as Sanchez Holds Upper Hand in Elections
Keep an eye on :
- ABDN LN : HighVista Strategies Buys US Private Markets Business From Abrdn
- ADS GY : Adidas Gets Over €508m of Orders for Yeezy Shoes by June 2: FT
- AC FP : Accor in Exclusive Talks to Take Over Potel & Chabot
- ALM SM : Almirall 1H Normalized Net Income EU11.6M
- BEAN SW : Belimo 1H Ebit Beats Estimates
- BEIJB SS :
- BMW GY : BMW Sees European EV Demand Holding Up; Kicks Off i5 Production
- CABK SM : Caixa Geral 1H Net Income EU608M Vs. EU486M Y/y
- CVX US : Chevron Prelim 2Q Adjusted EPS Beats Estimates: Snapshot
- CFN PL : Cofina Says It Will Analyze Media Capital’s Offer for Media Unit
- DAE SW : Daetwyler 1H Net Revenue Misses Estimates
- ELIS IM : Elis Signs 12-Year USPP Financing for $200M
- FILA IM : Fila Says Pencil Maker Doms to Issue EU39m Shares in India IPO
- IAG LN : IAG to Invest in Sustainable Fuel Company Nova Pangaea; No Terms
- ICAD FP : ICADE FY Group NCCF/Shr Forecast Misses Estimates
- IPN FP : Ipsen Announces Simplification of Concert of Principal Holders
- IRRAS SS : Irras Committee Recommends IR Holding Bidco’s SEK0.18/Share Bid
- BAER SW : Julius Baer Profit Jumps as New Money Flows From Credit Suisse
- KPN NA : KPN 2Q Adjusted Ebitda After Leases Meets Estimates
- MBTN SW : Meyer Burger Plans US Solar Cell Facility; Sees 1H Ebitda Loss
- NOVN SW : Novartis: Natalizumab Gets Positive CHMP Opinion in Europe
- PHIA NA : Philips Raises FY Outlook; 2Q Adj. Ebita Beats Estimates
- POM FP : Plastic Omnium 1H Ebitda Beats Estimates
- ROG SW : Roche, Alnylam in Deal for Hypertension Drug Worth Up to $2.8b
- RYA ID : Ryanair 1Q Profit After Tax Beats Estimates
- SAA LN : M&C Saatchi Chief Moray MacLennan to Step Down: Sky
- SGSN SW : SGS 1H Adjusted Ebitda Misses Estimates
- SKAB SS : Skanska Gets Order in the US for About SEK730m
- SOW GY : Software AG 2Q Adjusted Ebita Beats Estimates
- SWON SW : SoftwareOne Board Rejects 2nd Bain Bid, Starts Strategic Review
- STLA IM : Stellantis, Samsung SDI Agree to Build Second US Battery Plant
- TSLA US : Tesla Is Lapping Germany’s Automakers in the Global EV Race
- UBSG SW :
- VOD LN : Vodafone Idea Fails to Renew Some Bank Guarantees: ET