Asian stocks tracked a drop on Wall Street while Treasury yields stabilized after further upward pressure as traders await Jerome Powell’s speech for clues on the interest-rate outlook. Equity markets in Japan, Australia, South Korea and China all slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in US tech shares on Wednesday. The Nasdaq 100 fell 2.2%, its worst day in three weeks. A drop of more than 1% for the S&P 500 almost wiped out its weekly gain. Futures contracts for the two US benchmarks were little changed in Asian trading. Treasuries were largely flat after two-year yields, which are more sensitive to imminent policy moves, climbed above 5% Thursday, providing support for the US dollar. The greenback advanced further against its G-10 peers while the yen weakened beyond 146 per dollar for the first time since Tuesday after inflation data for Tokyo came in slightly below forecasts. The slump in Chinese stocks came even after authorities urged the country’s top financial institutions to support a struggling market. Morgan Stanley cut price targets for Chinese equity benchmarks for the second time in three months. Shares in Meituan slid after the company warned that growth in its core meal delivery business will slow. Investors are keeping a close eye on the annual gathering of top central bankers in Jackson Hole, Wyoming — where Powell is scheduled to deliver a speech at 10:05 a.m. Washington time Friday. The Fed chief will likely use his platform to outline how officials will assess whether rates should go higher and determine when it’s time to start cutting them. Speaking earlier in an interview on Bloomberg Television, former St. Louis Fed President James Bullard said a pickup in economic activity this summer could delay plans for the Fed to wrap up interest-rate increases. In commodities, oil was headed for a second weekly decline. European natural gas tumbled as strike fears in Australia eased, while gold and copper were set to notch their first weekly gains. Meanwhile, iron ore was headed for a third weekly advance amid increasing speculation Chinese steel mills will ramp up output. US After Hours AFRM +6.7%, WDAY +3.3%, ULTA +2.2% higher on earnings; DOMO -21.8%, MRVL -4%, JWN -3.2%, INTU -1.8% lower on earnings.
Nikkei -2,02% Hang Seng -1,23% CSI -0,62% Shanghai -0,76% Shenzen -1,52%
Eur$ 1,0782 CNH 7,2912 CNY 7,2873 JPY 146,09 GBP 1,2566 CHF 0,8863 RUB 94,4826 TRY 25,9393 WTI$ 79,32 Gold 1913,92 BTC 26,024 ETH 1,648,25
S&P +0,08% Nasdaq -0,03% EuroStoxx -0,14% FTSE -0,12% Dax -0,24% SMI -0,03%
Macro :
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