Chinese shares rallied on optimism that more economic support will come from Beijing, while traders also geared up for a number of key central bank rate decisions later this week. Technology shares in Hong Kong jumped more than 4% while a China property stock gauge was on course to post the biggest gain since December as the nation’s top leaders used a crucial Politburo meeting to flag more aid. Other Asian markets were narrowly mixed, with the benchmark index in Australia marginally higher and Japanese equities trading slightly lower. While the Communist Party’s top decision-making body fell short of announcing large-scale stimulus, it signaled more support for the troubled real estate sector, alongside pledges to boost consumption and resolve local government debt. That helped give bullish momentum for equity traders. The offshore yuan also advanced to its strongest level in more than a week after the People’s Bank of China continued its support for the currency. The commodity-heavy Australian dollar, which is sensitive to China’s growth outlook, gained 0.4%. The big question that comes next is whether the positive sentiment will be sustainable. Key Federal Reserve and European Central Bank’s gatherings this week will be closely watched for signs policymakers may be reaching the end of the cycle of aggressive policy tightening. There were fresh reminders about the negative recessionary affects of continuous rate hikes with disappointing data from both the US and euro-area. Aside from the economic picture, global companies with a combined $27 trillion in value were set to report results, including giants Microsoft Corp., LVMH and Samsung Electronics Co. Yields on the two-year Treasury declined around eight basis points Tuesday in Asia after an auction Monday drew the highest yield since 2007, while those for the 10-year were steady. The dollar edged slightly lower. The outlook for the world’s largest economy will likely hinge on the Fed’s willingness to tolerate inflation markedly higher than it would prefer. After taking a break from tightening last month, Chair Jerome Powell and his colleagues look locked in to raising interest rates by a quarter percentage point on Wednesday. Among the corporate highlights from the US, Tesla Inc. advanced after disclosing strong sales outside the US and China. Apple Inc. gained as Bloomberg News reported the company is keeping its iPhone shipments steady despite the 2023 turmoil. Elsewhere, oil held near three-month high as China moved to bolster growth. Wheat and corn gained as Russia attacked one of Ukraine’s biggest Danube river ports. US After Hours FFIV +8.4%, NXPI +1.1%, PKG +1% up on earnings; TBI -12.5%, CDNS -4.1%, MEDP -3.9%, WHR -1.1% tracking lower following earnings; SOUN -17.1% plunges on mixed shelf filing; AMC -11.5% down big potentially on court filing.
Nikkei -0.47% Hang Seng +3.16% CSI +2.61% Shanghai +1.89% Shenzen +1.94%
Eur$ 1.1075 CNH 7.1529 CNY 7.1523 JPY 141.36 GBP 1.2838 CHF 0.8690 RUB 90.6333 TRY 26.9497 WTI$ 78.95 +0.27% Gold 1,962 +0.35% XBT 29,082 -0.22% ETH 1,848 -0.12%
S&P +0.05% Nasdaq -0.01% EuroStoxx -0.05% FTSE -0.16% Dax -0.10% SMI
Macro :
- GlobalFoundries criticises German subsidies for TSMC
- Chinese Stocks Rally Sharply on Politburo Message: Macro Squawk
- ‘We Were Wrong’: Morgan Stanley’s Wilson Offers Stocks Mea Culpa
- Citi Says Investors in Profit-Taking Mode Amid Earnings Flurry
- Dubai Taxi IPO Plan Puts Privatization Back in Focus: ECM Watch
Keep an eye on :
Keep an eye on :
- ABBN SW : Green Energy Spending, Air Travel Brighten Industrials Outlook
- AC FP : Accor Ebitda Can Top Forecast With €1 Billion in Sight: BI Focus
- ADS GY : Adidas Sees FY Oper Loss EU450M, Saw Loss EU700M; ADS Rise
- AIR FP : Airbus Weighs a Separate Leader for Its Planemaking Arm: Reuters
- AKZA NA : Akzo Nobel Raises FY View; 2Q Adjusted Ebitda Misses Estimates
- ALO FP : Alstom Signs Contract Valued at About EU900m for Stream Trains
- ALO FP : Alstom 1Q Backlog Beats Estimates
- AAD GY : Amadeus Fire 1H Operating Ebita EU32.9M
- AAPL US : Apple iPhone 15 Pro Could Surprise Buyers With A Price Hike
- AZN LN : Ono, Bristol-Myers Settle PD-L1 Patent Suit With AstraZeneca
- BAYN GY : Bayer Cuts 2023 Outlook Amid Slump in Prices for Roundup
- BEN FP : Beneteau 2Q Revenue EU550.1M Vs. EU398.2M Y/y
- BIIB US : Biogen Alzheimer’s Drug Launch to Eclipse Results: Preview
- BNP FP : AMF Says BNP Paribas Must Reimburse up to EU7.75M in Mgmt Fees
- CRL IM : Carel Industries Announces Plan to Acquire 82.4% of Kiona
- AM FP : Qatar Weighs Buying 24 Extra Rafale Fighter Jets: La Tribune
- DSY FP : Dassault Systemes 2Q Non-IFRS Rev Ex-FX Misses Estimates
- DIS US : Disney Weighs Delaying Some 2023 Movie Releases Amid Strikes
- EDEN FP : Edenred Sees FY Ebitda EU1.02B to EU1.09B, Est. EU1.02B
- FFARM NA : ForFarmers to Merge Feed Activities With Piast Pasze in Poland
- FTK GY : flatexDEGIRO 2Q Ebitda Misses Estimates
- GAM SW : Niel’s Investor Group Asks Swiss Regulator to Reprimand GAM
- GVOLT PL : Greenvolt to Sell Two Renewable Projects in Poland for €107m
- HMB SS : Shein Sued by H&M for Copyright Infringement in Hong Kong
- HMB SS : Shein Sued by H&M for Copyright Infringement in Hong Kong
- IDIA SW : Idorsia Suspends '25 Profitability Goal, Beats 2Q Op. Loss Est.
- IPAR US : Inter Parfums FY Net Sales Forecast Beats Estimates
- ITP FP : Interparfums Boosts FY Sales Forecast
- KINDSDB SS : Kindred Reiterates FY Guidance as 2Q Profit Beats Estimates (1)
- KNIN SW : Kuehne + Nagel 2Q Ebitda Beats Estimates
- LBTYA US : Liberty Global Misses Profit Estimates, Boosts Share Buybacks
- LISN SW : Lindt & Spruengli Boosts FY Organic Sales Forecast
- LOGN SW : Logitech's 1Q Signals Better Days Beyond 2Q Margin Trough: React
- LHA GY : Lufthansa Takes Fight Over €6 Billion Covid Aid to Top EU Court
- MC FP : LVMH to Sponsor Paris Olympics in a First for Luxury Group (1)
- NUE US : Nucor 2Q EPS Beats Estimates
- NXPI US : NXP Semi Sees 3Q Adjusted EPS $3.39 to $3.82, Est. $3.43
- PETM US : BC Partners Agrees to Sell Minority Stake in PetSmart to Apollo
- PST IM : Poste Italiane 2Q Ebit Beats Estimates
- RAND NA : Randstad 2Q Organic Revenue Beats Estimates
- RCO FP : Remy Cointreau 1Q Organic Revenue Beats Estimates
- SHEL LN : Shell, Pertamina, Petronas Agree on Masela Stake Transfer
- SOF BB : Sofina Prelim 1H Net Asset Value per Share EU279
- SPOT US : Spotify Drops Most Since December on Subscription Price Hike
- SO FP : Sodexo’s Pluxee Announces Partnership With Santander in Brazil
- SUN SW : Sulzer 1H Ebit CHF151.5M Vs. Loss CHF25.5M Y/y
- TSLA US : Tesla Looks Abroad to Keep Growth Going as US Revenue Plateaus
- HO FP : Thales Buys Imperva From Thoma Bravo for $3.6B Ent. Value
- TUI1 GY : TUI Says All Bookings to Rhodes Canceled Through July 28
- UBSG SW : Swiss Regulator Orders UBS to Take Archegos-Related Measures
- UTG LN : Unite Group 1H Pretax Profit GBP116.9M Vs. GBP334.1M Y/y
- DG FP : Vinci Takes Over Cabo Verde Ops After Financial Structuring
- VAR NO : Var Energi 2Q Ebit $778M Vs. $1.43B Q/Q
- TEF SM : Virgin Media O2 Plans to Cut ‘Some’ Jobs This Year
- VOW GY : BYD Widens Lead Over Volkswagen as China’s Top Car Brand on EVs