Asian stocks retreated for a second day as negotiations over raising the US debt ceiling remained at an impasse, sapping risk sentiment. The New Zealand dollar dropped after the central bank signaled its rate-hike cycle has peaked. The MSCI Asia Pacific Index headed for its lowest close in a week, following losses of more than 1% for both the S&P 500 and Nasdaq 100 on Tuesday. Chinese stocks were close to wiping this year’s gains on persistent concerns over geopolitics and economic growth. Yields on New Zealand bonds fell and the currency dropped more than 1% after the Reserve Bank of New Zealand hiked interest rates to 5.5%, in line with projections, while suggesting that rate cuts may begin in late 2024. It was a mixed picture in commodities as gold held Tuesday’s gains amid speculation the debt impasse will boost demand for haven assets. Oil climbed for a third day after the Saudi energy minister warned short-sellers of pain ahead. Copper declined below $8,000 per ton for the first time since November on waning economic recovery in China. Toyota Motor Corp. shares bucked the trend in Tokyo, rising as much as 6.6% after sliding in the final minute of trading Tuesday. Japanese travel-related and retail companies fell, tracking a slump in European luxury stocks that wiped out more than $30 billion from the sector. Other major currencies were little changed and the offshore yuan slipped to the weakest level this year following the currency’s daily fix. The benchmark US 10-year yield was little changed at 3.68%. In economic news, US new-home sales unexpectedly rose to a more than one-year high, and US business activity grew in May by the most in over a year. Minutes due Wednesday from this month’s Federal Open Market Committee meeting will offer traders the latest insights into whether interest rates will be paused at the Fed’s June gathering. US After Hours PTCT -21.4% after drug did not meet primary endpoint; seen as positive for peer RETA +9.8%; URBN +9.3%, PANW +3.8% higher on earnings; NEWR -7.5%, A -6.5%, INTU -5.5% lower on earnings.
Nikkei -1,09% Hang Seng -0,90% CSI -0,52% Shanghai -0,49% Shenzen +0,19%
Eur$ 1,0779 CNH 7,0664 CNY 7,0584 JPY 138,41 GBP 1,2427 CHF 0,9009 RUB 80,1789 TRY 19,8711 WTI$ 73,68 +1% Gold 1,976,6 BTC 26,750 -1,4% ETH 1,818,82 -2%
S&P +0,11% Nasdaq +0,12% EuroStoxx -0,46% FTSE -0,42% Dax -0,45% SMI
Macro :
- Taiwan Won’t Get US F-16s Until 2024 Thanks to More Than Covid
- France Says Future of Rail Freight at Risk in EU State-Aid Talks
Keep an eye on :
- BABA US : Alibaba’s Cloud Arm Is Said to Cut 7% of Staff in Overhaul
- Ansaldo IPO : Ansaldo to Extend Medium-Long Term Loans, Propose Capital Boost
- ANTO LN : Antofagasta Mine Supervisors Vote New Wage Offer in Chile
- BC IM : Cucinelli to Sell 18.5% Stake in Cariaggi Lanificio to Chanel
- CRI FP : Chargeurs 1Q Revenue EU169.7M Vs. EU203.5M Y/y
- DPW GY : DHL Express CEO Says Global Air Cargo Market Has Hit a Bottom
- EMBRACB SS : Embracer Cuts Forecast as Major Strategic Partnership Canceled
- EXN FP : Exclusive Networks Holder Breittmayer Offers About 3m Shares
- EPIA SS : Epiroc to Utilize Mandates to Buyback and Sell Shares
- HAUTO NO : Hoegh Autoliners Offering by Holder Prices at NOK62.50/Share
- HOLN SW : Holcim Buys UK Building Blocks Supplier Besblock; No Terms
- HUSCO DC : Huscompagniet Offers Up to 3.5m Shares
- IMI LN : IMI Indicated to Join FTSE 100 Index, Ocado to Leave
- JUVE IM : Juventus Committed to Winning a Spot in EU Competitions
- MAJ NA : Teleperformance-Majorel Deal Could Be Cleared By 4Q23 (May 23)
- MB IM : Mediobanca Targets Shareholder Remuneration of €3.7b in ‘23-’26
- OCDO LN : Ocado Set to Exit FTSE 100 in Fresh Blow to UK’s Tech Hopes
- RNO FP : Renault, Valeo Partner to Develop Software-Defined Vehicles
- REP SM : EU Refiners Target Hydrogen to Turbocharge Energy Transition
- SIE GY : Siemens chief vows to ‘defend and expand’ market share in China
- GLE FP : SocGen Holders Approve Krupa’s Appointment as Director at AGM
- TEP FP : Teleperformance-Majorel Deal Could Be Cleared By 4Q23 (May 23)
- FR FP : Renault, Valeo Partner to Develop Software-Defined Vehicles
- VGP BB : VGP JV Announces a €253M Logistics Portfolio Purchase
- VONN SW : Vontobel CEO to Step Down to Focus on Swiss Politics
- WH IS : Wyndham Climbs on Report That Choice Hotels May Consider Offer
- YPSN SW : Ypsomed FY Sales Meets Estimates