Most Asian stocks rose, led by a rally in China and Hong Kong, as investors bet that the latest stimulus measures from Beijing provide a floor for the country’s cratering stock market. Shares in Hong Kong and mainland China rallied, adding to Wednesday’s sharp gains, after the People’s Bank of China surprised investors with plans to cut the reserve requirement ratio for banks next month and hinted at more. Stocks in South Korea and Japan declined. SK Hynix Inc., the world’s no. 2 maker of memory chips, dropped as investors assessed its fourth-quarter results and the outlook on the chip sector. US equity futures were little changed. PBOC Governor Pan Gongsheng said Wednesday the RRR will be cut by 0.5 percentage points on Feb. 5 to inject 1 trillion yuan ($140 billion) in long-term liquidity. The regulators followed up the PBOC announcement by adding more measures to bolster the slumping property and stocks. Still, doubts persist if the latest monetary stimulus will prove to be the panacea investors have been hopping for after a turbulent start to the new year. Since 2020, cuts to the RRR have not boosted China stocks, with CSI 300 benchmark losing nearly 4% three months after such a reduction. Meanwhile, the dollar strengthened against all of its major Group of 10 peers and treasury yields steadied in Asia trading after 30-year yields climbed to the highest level so far this year in Wednesday’s session following a poor auction. In Japan, yield on the benchmark 10-year government bond climbed after a sharp jump Wednesday as investors bet that the Bank of Japan remains on track to end its negative interest rate policy later in the year. Later Thursday, focus will shift to the European Central Bank. While policy makers are expected to keep rates on hold this week, attention will be on clues for the path forward. Euro-area data Wednesday showing private-sector activity contracted again in January points to the ECB holding off from rate cuts till June, according to Bloomberg Intelligence. In the US, investors will parse a slew of US economic data — including gross domestic product — due Thursday, as they mull when the Federal Reserve will cut interest rates. Oil advanced to trade near a one-month high after US crude inventories dropped by far more than expected. US After Hours IBM +7.2%, RMD +6.6%, URI +4.4%, LVS +2.9% higher on earnings; ETD -8.1%, HXL -8%, TSLA -3.5% lower on earnings.
Nikkei +0.03% Hang Seng +2.14% CSI +1.85% Shanghai +2.88% Shenzen +2.40%
Eur$ 1.0876 CNH 7.1670 CNY 7.1622 JPY 147.77 GBP 1.2710 CHF 0.8647 RUB 88.8149 TRY 30.2627 WTI$ 75.39 +0.40% Gold 2,016 +0.10% BTC 39,940 +0.40% ETH 2,212 -0.16%
S&P +0.05% Nasdaq +0.02% EuroStoxx -0.10% FTSE -0.21% Dax -0.22% SMI -0.16%
Macro :
- Deutsche Bank’s Nolting Says US Stocks Ripe for a 10% Drop
- UK Makes 1 Million Vehicles Again for the First Time Since 2019
- EU Sees Power Generation Doubling by 2050 to Reach Net Zero
Keep an eye on :
- AF FP : Dutch Govt Likely to Postpone Schiphol Flight Cap Again: FD
- ASY FP : Assystem Sells Its 5% Stake in Framatome to EDF for €205M
- BA US : Boeing Halted From Further Max Production Increases by FAA --> -3%
- BA US : Panama’s Copa Air Plans to Restart 737 Max 9 Flights Thursday
- BA US : *UNITED SAYS IT WILL RESUME MAX 9 FLIGHTS STARTING ON JAN. 28
- BA US : Alaska Air to Bring First 737-9 Max Back Into Service Friday
- IAG LN : IAG’s €400 Million Air Europa Deal Gets EU In-Depth Probe
- CA FP : Carrefour to Buy 31 Stores From Intermarché
- CDI FP : Reporting today Post Market
- CGON US : CG Oncology Raises $380 Million in Nasdaq IPO Priced Above Range
- DD US : *DUPONT SUFFERS WORST DAY SINCE 2008, CLOSING LOWER BY 14%
- EDF FP : Fr. government presses the UK to help fill multibillion-pound hole in nuclear projects - FT
- EDPR PL : EDP Renovaveis Secures 15-Year PPA to Sell Energy in Germany
- ELM LN : KPS Explored, Paused Takeover Offer for UK’s Elementis: Reuters
- EMMN SW : Emmi FY Sales Meets Estimates
- ESSITYA SS : Essity 4Q Net Income SEK2.89B
- GET FP : Getlink 4Q Revenue Meets Estimates
- GIVN SW : Givaudan FY Ebitda Misses Estimates
- GRNG SS : Granges 4Q Adjusted Operating Profit Beats Estimates
- HMB SS : H&M Inks Deals for Clean Power From New Solar Parks in Sweden
- MC FP : Reporting today Post Market
- MAERSKB DC : Maersk Confirms Attempted Attacks on Two Vessels Near Red Sea
- MDM FP : Maisons du Monde 4Q Sales EU329.6M Vs. EU358M Y/y
- MAU FP : Maurel & Prom Says Has Made Proposals to Gabon on Assala
- MSFT US : Microsoft Closes at Record, Ends Just Shy of $3 Trillion Value
- AERO SW : Montana Aerospace Misses ‘23 Sales Goal on E-Mobility Challenges
- NETC DC : Netcompany Sees 2024 Adjusted Ebita Margin 15% to 18%, Est. 14%
- NOKIA FH : Nokia 4Q Adjusted Operating Profit Beats Estimates
- PARA US : David Ellison Makes Offer for Redstone Family’s Media Empire
- PPH LN : PPHE Hotel Sees Earnings Above Expectations
- PUB FP : Publicis Prelim 4Q Organic Revenue Beats Estimates
- SBMO NA : SBM Offshore Names Oivind Tangen CEO to Succeed Bruno Chabas
- SEBA SS : SEB to Start SEK1.75b Buyback Program of Class A Shares
- SEBA SS : SEB 4Q Net Interest Income Misses Estimates
- SRG IM : Snam Raises FY Adj Net Guidance, Sees ~4% Annual Growth in Plan
- GLE FP : Societe Generale Mulls Sale of Fintech Shine: Echos (Jan. 24)
- STM FP : STMicroelectronics 1Q Net Revenue Forecast Misses Estimates
- S30 FP : Solutions 30 4Q Revenue EU285.7M Vs. EU247.8M Y/y
- TSLA US : Tesla 4Q Adjusted EPS Misses Estimates
- TSLA US : Musk Wants Dual Class of Stock to Boost Tesla Stake to 25%
- TSLA US : Tesla’s Battery-Business Growth Set to Outpace EVs This Year
- TOD IM : Tod's FY Sales Meets Estimates
- TRYG DC : Tryg 4Q Profit After Tax Beats Estimates
- VOW GY : Mexico’s Audi Plant Workers Begin Strike, El Financiero Reports
- VU FP (ex SESL FP) : VusionGroup 4Q Sales EU238.2M Vs. EU153.2M Y/y