Chinese stocks outperformed Asian equities after the nation’s sovereign wealth fund bought exchange-traded funds to shore up the market. Treasuries stabilized following a volatile session on Monday. Asian shares were mixed after the lowest S&P 500 close since May, with equities paring declines of more than 1% in Japan, South Korea and Hong Kong. Oil eked out a gain as the next stage of the Israel-Hamas war remained unclear. The rebound in Chinese equities “shows that while it may still be too early to call a bottom, the authorities are making it a rule to step on the brakes whenever there looks like there’s overwhelming downward momentum,” said Raymond Chen, fund manager at Zizhou Investment Asset Management. “This does help somewhat ease the panic, assuring investors that the nation will continue offering support if it drops further.” The CSI 300 Index was little changed, while gauges in Shanghai and Shenzhen rose. Treasury 10-year yields were steady, as some of the market’s most prominent bears said the historic rout in US government bonds had gone too far. Yields slumped on Monday after hitting 5%, amid volatility fueled by expectations the Federal Reserve will keep rates elevated and the government will boost bond sales to cover widening deficits. A gauge of the dollar retreated, giving a boost to emerging Asian currencies such as the Thai baht, South Korea’s won and the Malaysian ringgit. Oil edged higher in Asia trading after dropping the most since Hamas’ attack on Israel as Tel Aviv was seen holding off on an invasion of Gaza amid hostage negotiations, containing the conflict for the time being. There are growing calls inside the country to rethink the scope of a ground invasion of Gaza. China reiterated that Israel must protect civilians even as it has the right to defend itself in a conflict. In Japan, the central bank announced an unscheduled bond-purchase operation on Tuesday, underscoring its desire to curb the speed of increases in sovereign yields. The Topix benchmark dropped to the lowest since June after Nidec, a key supplier to the tech and electric vehicle industries, plunged over 10% on disappointing quarterly earnings. Elsewhere, billionaire investor Bill Ackman wrote in a social media post that he unwound his bet against US government bonds amid rising global risks. Bill Gross, co-founder of Pacific Investment Management Co., wrote that he’s buying short-dated interest-rate futures in anticipation of a recession by year-end. US After Hours AGYS +10.2%, CR +5.6%, MEDP +5% on earnings; TBI -12.3%, HXL -7.7%, AAN -6.9% down on earnings.
Nikkei +0.36% Hang Seng -0.91% CSI -0.21% Shanghai +0.22% Shenzen +0.68%
Eur$ 1.0679 CNH 7.3093 CNY 7.3035 JPY 149.66 GBP 1.2266 CHF 0.8906 RUB 94.56 TRY 28.0852 WTI$ 85.93 Gold 1,976 +0.18% BTC 34,415 +9.15% ETH 1,823 +6.69%
S&P +0.30% Nasdaq +0.46% EuroStoxx -0.03% FTSE -0.11% Dax +0.08% SMI +0.12%
Macro :
- BITCOIN EXTENDS JUMP, HITS $35,000 FOR FIRST TIME SINCE 2022
- Bill Gross Is Buying SOFR Futures, Sees Recession By Year End
- Bill Gross Is Buying SOFR Futures, Sees Recession By Year End
- JPMorgan’s Kolanovic Says Tightening to Be Felt ‘Well Into 2024’
- Citi’s Montagu Says Traders Boosted Short Positions in Equities
- JPM Asset Likes High-Yield Bonds, Neutral on Stocks: Laskowitz
- EU Utilities Have 2023 Consensus in Their Sights, 2024 Trickier
- Corn and Soy Extend Losses; Palm Oil Drops
Keep an eye on :
Keep an eye on :
- AAD GY : Amadeus Fire Sees FY Operating Ebita +7% to +9%
- ADM LN : Ferrari Insurance Still Looks Cheap Even After UK Price Surge
- AJAX NA : Ajax Head Coach Leaves Club After Weekend Defeat (Oct. 23)
- ARM LN : Nvidia, Arm to develop chips based on Arm technology: report
- BORR NO : Borr Drilling Intends to Offer $1.5b Senior Notes Due 2028, 2030, Contemplates Offer of $50 Million Shares
- BRG NO : Borregaard 3Q Pretax Profit Beats Estimates
- CNA LN : Worst Still to Come for Energy Debts, British Gas Boss Fears
- CVX US : Guyana Government ‘Very Supportive’ of Chevron Deal, Hess Says
- CVX US : Hess to Pay $1.72B Breakup Fee if Chevron Deal Fails
- DSV DC : DSV 3Q Adjusted Net Income Misses Estimates
- EQV1V FH : eQ 3Q Operating Profit Misses Estimates
- ERF FP : Eurofins Scientific 3Q Core Business Organic Revenue Beats Est.
- EXO NA : Juventus FC Board Approves up to €200m Proposed Capital Boost
- FDP LN : FD Technologies Cuts FY Adjusted Ebitda Forecast
- GALE SW : Galenica Sees Net Sales Growing by 3% to 5% in Next Few Years
- RMS FP : Hermes 3Q Sales at Constant Exchange Rates Beats Estimates
- HUBN SW : Huber+Suhner 9M Orders CHF639.2M Vs. CHF757.0M Y/y
- IBE SM : Iberdrola Agrees to Sell 49% of UK Wind Farm to Masdar: Cinco
- IDIA SW : Idorsia Boosts FY Operating Loss Forecast
- INWI SS : Inwido 3Q Net Sales Beats Estimates
- ITP FP : Inter Parfums 3Q Net Sales Beats Estimates, Interparfums 3Q Sales EU214.6M Vs. EU195.3M Y/y
- JUVE IM : Juventus FC Board Approves up to €200m Proposed Capital Boost
- KEMIRA FH : Kemira 3Q Oper Ebitda Beats Estimates
- LRE SM : Lar Espana RE Socimi's MSCI ESG Rating Lowered to BB from BBB
- LOGN SW : Logitech 2Q Sales Beat, Strong Margin Welcome
- MTRS SS : Munters 3Q Ebit Beats Estimates
- NEM GY : Nemetschek Boosts FY Revenue Forecast
- NEM GY : Nemetschek Results Defy Slowdown Concerns, Morgan Stanley Says
- NHY NO ; Norsk Hydro 3Q Adjusted Ebitda Misses Estimates
- NUE US : Nucor Sees Weaker Q4 Earnings Due to Lower Pricing
- NOVN SW : Novartis 3Q Beovu Sales Misses Estimates, Novartis Raises FY Core Operating Profit Growth Forecast
- ORA FP : Orange 3Q Comparable Revenue +1.8%
- ORA FP : Orange Confident Masmovil Deal Will be Approved by Year End
- RAND NA : Randstad 3Q Organic Revenue Misses Estimates
- RNO FP : France Mulls Subsidy of Up to €13,000 for Leased EVs: Les Echos
- RR/ LN : Griffin Global, Bain Capital to Buy 17 Rolls-Royce Engines
- SDZ SW : Sandoz Group 9M Net Sales $7.1B
- SIGN SW : SIG Group 3Q Adjusted Ebitda Misses Estimates
- STLAM IM : UAW Strikes Stellantis’ Michigan Truck Plant; 6,800 Walk Out
- STRA1V FH : Stora Enso 3Q Operating Ebit Misses Estimates
- TLX GY : Talanx Boosts FY Net Income Forecast
- THRU LN : Pentland to Invest in Thruvision via Subscription
- UCG IM : UniCredit 3Q Net Income Beats Estimates, Raises FY Outlook
- UCG IM : UniCredit Won’t Pay Italy Windfall Tax, Opts for Get-Out Clause
- UCG IM : *UNICREDIT CEO SAYS 'PREMATURE' TO LIFT FY NET GUIDANCE
- VAR NO : Var Energi 3Q Net Income Misses Estimates
- VPLAYB SS : Viaplay Delays 3Q Results Due to Continuing Discussions
- VIRP FP : Virbac SACA Boosts FY Adj. Current Oper Income Margin Forecast
- VIRP FP : Virbac SACA Boosts FY Adj. Current Oper Income Margin Forecast
- WIHL SS : Wihlborgs 3Q Rental Income Meets Estimates
- WPP LN : WPP Fires Executive Detained in China After Police Raid