Most Asian stocks declined following losses on Wall Street after an unimpressive start to the earnings reports from the “Magnificent Seven” megacap technology companies. Equity benchmarks in Japan, Hong Kong and mainland China all fell along with US stock futures. Earnings from some of corporate America’s largest businesses including Tesla Inc. and Alphabet Inc. were seen as insufficient to justify the recent rally in global equities. The yen gained for a third day before next week’s Bank of Japan meeting. Alphabet retreated in US trading Tuesday after the company’s chief signaled patience will be needed to see concrete results from artificial-intelligence investments. Tesla slid as much as 7% after profit missed estimates and the electric-vehicle giant delayed its Robotaxi event to October. Most shares of Tesla suppliers and electric vehicle peers in Asia declined such as suppliers Panasonic Holdings Inc. in Japan and Ningo Joyson Electronic Corp. in China. Taipei’s bourse is shut for a typhoon, meaning shares of tech giant Taiwan Semiconductor Manufacturing Co. are not trading. The yen strengthened past 155 per dollar for the first time since early June as traders repositioned for the possibility the BOJ will raise interest rates in coming months if not at its policy meeting next week. Only about 30% of BOJ watchers predict the authorities will hike rates on July 31, but more than 90% say there is a risk of such a move, according to a Bloomberg survey. The New Zealand dollar fell to the weakest level in nearly three months as lower bond yields in the nation deterred carry trade investors. Most Chinese shares fell, extending recent losses amid economic troubles and geopolitical risks. Still, the outstanding balance of short trades on China’s stock exchanges fell to 27.9 billion yuan ($3.8 billion), the lowest in more than four years, on Monday, when China’s new measures to curb short-selling went into effect, China Securities Journal reported Wednesday.
The amount of redemptions from China’s stock-focused mutual funds was one of the largest since 2005 in the second quarter, with more than half of the best-performing products seeing net selling by existing investors, according to Changjiang Securities. Typhoon Gaemi is approaching Taiwan with strong winds and heavy rain, compelling Taipei to suspend stock trading. The Philippines will also close its financial markets, schools and offices after the typhoon lashed Manila. Upbeat earnings on Wall Street would be a much-needed driver for equities after a bumper first half of the year. The market is facing pressure heading into a seasonally weak period, with volatility likely to be heightened by the US presidential election. In addition to the woes for Big Tech, United Parcel Service Inc. suffered its worst plunge ever on a profit miss. The five biggest US technology companies are facing tough comparisons with stellar earnings cycles of the past year. Profits for the group are projected to rise 29% in the second quarter from the same period a year earlier, data compiled by Bloomberg Intelligence show. Treasuries were little changed in Asia as investors awaited US debt auctions Wednesday and manufacturing PMI data. Oil rose, snapping a run of losses, after an industry report indicated that US crude inventories fell for a fourth week. Gold held an advance before key US economic data this week, that is forecast to support the case for interest-rate cuts. US After Hours TSLA -4.3%, CSGP -3.8%, V -2.9%, GOOG -1.3% lower on earnings; MANH +8%, STX +5.5%, ENPH +3.6%, TXN +3% higher on earnings.
Nikkei -1.13% Hang Seng -0.62% CSI -0.10% Shanghai +0.10% Shenzen -0.22%
Eur$ 1.0849 CNH 7.2866 CNY 7.2755 JPY 154.58 GBP 1.2888 CHF 0.8912 RUB 87.8501 TRY 32.8410 WTI$ 77.16 Gold 2,416 BTC 65,813 ETH 3,437
S&P -0.62% Nasdaq -0.95% EuroStoxx -0.61% FTSE -0.25% Dax -0.43% SMI
Macro :
- China’s Slowdown Is Taking a Rising Toll on European Profits
- UK Says Banks Must Preserve Access to Cash After Branch Closures
Keep an eye on :
Keep an eye on :
- ABDN LN : Abrdn’s Stanners Is Said to Leave for Pictet After Two Decades
- ADP LN : ADP 1H Revenue Beats Estimates
- AIR FP : Airbus A220 to Get Another Cash Injection From Quebec Government
- AIR FP : Airbus in Talks With Rolls-Royce on Narrow-Body Engine, Airbus Executive Says
- ALSN SW : Also 1H Ebitda Misses Estimates
- ALO FP : Alstom 1Q Sales Meets Estimates
- ANTIN FP : Antin’s Excellence Imagerie Deal Not Completed Over Regulations
- ASCL LN : Ascential Gets Cash Offer Proposal from Informa at 568p/Share
- ASM NA : ASM International Orders Soar 56% in Quarter, Beating Estimates
- AOF GY : Atoss Software SE Sees FY Ebit Margin at Least 33%, Saw 30%
- BNP FP : BNP Paribas 2Q Net Income Beats Estimates
- BNP FP : BNP Paribas Sees Two More ECB Rate Cuts This Year, CFO Says
- BA US : Boeing Resumes 737 Max Deliveries to China After Two-Month Pause
- BOSN SW : Bossard to Buy Aero Negoce Intl. Group; No Deal Terms
- ALCLS FP : Cellectis Treatment Granted Orphan Drug Status by FDA
- CMBN SW : Cembra Money Bank 1H Net Income Meets Estimates
- COPN SW : Cosmo 1H Pretax Profit EU88.7M Vs. EU3.67M Y/y
- AM FP : Dassault Aviation 1H Adjusted Net Sales Beats Estimates, Dassault Aviation Says French Political Instability Is Worrying
- DBK GY : Deutsche Bank 2Q FIC Sales & Trading Revenue Misses Estimates
- DSV DC : DSV Narrows FY Ebit Before Significant Items Forecast
- DWS GY : DWS Group Promises Better 2024 Despite Quarterly Client Outflows
- EFGN SW : EFG International 1H IFRS Net CHF162.8M
- ELI BB : Elia Group Boosts FY Net Income Forecast Endesa 1H Net Income Meets Estimates
- ELE SM ; Endesa 1H Net Income Meets Estimates
- EQNR NO : Equinor 2Q Adjusted Operating Income After Tax Beats Estimates
- ERF FP : Eurofins Scientific 1H Adjusted Ebitda Beats Estimates
- EXN FP : Exclusive Networks Holders to Get €24.25/Shr in CD&R Buyout Deal
- FTK GY : flatexDEGIRO Beats, Guidance May Be Conservative
- GFC FP : Gecina Maintains FY Recurrent Net per Share View, Beats Est.
- GOOGL US : Alphabet’s Revenue Boosted By Cloud Computing, Search Ads
- INF LN : Informa's Ascential Buy May Be Justified by Big Synergies
- IVG IM : Iveco 2Q Adjusted Diluted EPS Beats Estimates
- KINDSDB SS : Kindred 2Q Adjusted Ebitda Beats Estimates
- KPN NA : KPN 2Q Adjusted Ebitda After Leases Beats Estimates
- MMB FP : Lagardere 1H Recurring Ebit EU212M Vs. EU141M Y/y
- LOGN SW : Logitech Raises Outlook After Second Quarter of Sales Growth
- LOOMIS SS : Loomis 2Q Ebita Beats Estimates
- MC FP : LVMH Weak 2Q to Elevate Luxury Caution on China, Japan
- MMT FP : M6 1H Ebita Misses Estimates
- MAT US : Mattel Pares Gain as Analyst Questions Logic of L Catterton Deal
- MAT US : Mattel 2Q Adjusted EPS Beats Estimates
- MRL SM : Merlin Properties Offers Up to 94m Shares
- MRL SM : Merlin Properties Raising Capital to Expand Data Center Business
- EGP PL : Mota-Engil Extends Guinea Mining Contract Worth About $290m
- NEM GY : Nemetschek Reaffirms Organic 2024 Outlook, Adds M&A Boost: React
- NEX FP : Nexans Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- NVDA US : Nvidia Falls as Musk Says Tesla Will ‘Double Down’ on Dojo
- ORA FP : Orange Revenue Rises in French Market After Resisting Price War
- RI FP : Pernod’s New Delhi Liquor License Appeal Rejected: Reuters
- RKT LN : Reckitt Holders Urge Company to Revisit Nutrition Unit Sale: FT
- RCO FP : Remy Cointreau 1Q Organic Revenue Misses Estimates
- RNO FP : Renault Alpine Considers Halting Production of Own F1 Engine
- RR/ LN : Airbus in Talks With Rolls-Royce on Narrow-Body Engine, Airbus Executive Says
- RR/ LN : Rolls-Royce boss warns of prolonged supply chain strains - FT
- SANOMA FH : Sanoma 2Q Ebit Beats Estimates
- SAN SM : Santander 2Q Net Income Beats Estimates
- SKFB SS : SKF CFO Niclas Rosenlew to Leave; Search for Successor Underway
- STX US : *SEAGATE SHARES RISE 4.6% AFTER 1Q PROFIT OUTLOOK TOPS ESTIMATE
- SW FP : Sodexo to Sell Sofinsod to Bellon for EU918m
- SOI FP : Soitec 1Q Revenue Beats Estimates
- SOI FP : Soitec 1Q Revenue Beats Estimates
- STERV FH : Stora Enso Names Niclas Rosenlew CFO
- STERV FH : Stora Enso 2Q Operating Ebit Beats Estimates
- SSABA SS : SSAB 2Q Sales Meets Estimates
- TEMN SW : Temenos Cuts Guidance as Hindenburg Report Weighs on Sales
- TSLA US : Tesla Shares Slump After 2Q Adjusted EPS Miss: Snapshot
- TSLA US : Musk Asks X Followers If Tesla Should Sink $5 Billion Into xAI
- TXN US : Texas Instruments Gives In-Line Forecast, Calming Downturn Fear
- TOKMAN FH : Tokmanni Group Lowers Guidance for 2024 Revenue, Profit
- UCG IM : UniCredit to Buy Vodeno, Aion for €370 Million in Digital Push
- UCG IM : UniCredit 2Q Net Income Beats Estimates; Raises FY Net Rev.
- UTG LN : Unite Group Seeks to Raise £450m Offering Shares
- VOD LN : Masorange, Vodafone Espana Agree to Create Joint Fiberco