Japanese stocks declined as the yen rose after the country’s top currency official warned against speculative moves in the foreign-exchange market. The yuan climbed following signs of support from Chinese authorities. Tokyo’s Topix index dropped as much as 1% after recording its biggest weekly gain in two years. South Korea’s Kospi benchmark index also fell while Chinese and Australian shares inched higher — offering a mixed picture for the region. The offshore yuan rose as the dollar weakened and China’s central bank set a stronger-than-expected daily reference rate. The gap between the yuan’s daily fixing versus estimates was the widest since November, while Bloomberg calculations indicated the People’s Bank of China injected a net 40 billion yuan ($5.56 billion) in open market operations. Chinese Premier Li Qiang had earlier downplayed investor concerns of challenges facing the economy, saying Beijing was stepping up policy support to spur growth and systemic risks are being addressed. Treasuries were mostly steady following a rally on Friday that wiped seven basis points from the 10-year yield. Australian and New Zealand bond yields ticked lower Monday. The moves come ahead of a busy week of economic data that will include the Federal Reserve’s preferred inflation gauge due Friday. The core personal consumption expenditures index, which excludes food and energy costs, is seen rising 0.3% on the heels of its biggest monthly increase in a year. Inflation readings are also due in Australia, France, Italy and Spain later this week, offering clarity on rising prices as investors begin to position for rate cuts. US equity futures were little changed after a muted end to the week on Wall Street with the S&P 500 declining 0.1% and the Nasdaq index rising by the same margin on Friday. The recent advances for the dollar reflect a shift in investor thinking about the world’s reserve currency. At the start of the year, many expected the dollar to weaken against its peers as the Fed edged closer to rate cuts. Now, the prospect that other developed market central banks will also cut has rekindled the currency’s appeal. Forecasts for Fed cuts have spurred renewed interest in the so-called bond steepener trade, where investors load up on short-dated US bonds that offer attractive short-term price appreciation as rates fall. In commodities, oil advanced after a three-day drop on signs of a tightening market driven by sanctions, geopolitical risks, and OPEC+ supply cuts. Gold edged higher, extending a weekly gain.
Nikkei -1.16% Hang Seng -0.13% CSI -0.19% Shanghai -0.27% Shenzen -1.20%
Eur$ 1.0817 CNH 7.2516 CNY 7.2087 JPY 151.25 GBP 1.2607 CHF 0.8976 RUB 92.2385 TRY 32.0319 WTI$ 81.08 +0.56% Gold 2,166 +0.02% BTC 67,095 +1.40% ETH 3,466 +1.54%
S&P -0.18% Nasdaq -0.20% EuroStoxx +0.01% FTSE -0.20% Dax +0.06% SMI -0.21%
Macro :
- Goldman Strategists Raise Stoxx 600 Target on Growth, Rate Cuts
- FED'S BOSTIC SAYS HE NOW EXPECTS JUST ONE RATE CUT IN 2024
- FED'S BOSTIC SAYS HE NOW EXPECTS JUST ONE RATE CUT IN 2024
- Bitcoin ‘Halving’ Spurs Exodus of Old US Mining Computers Abroad
- Goldman Says Megacap Bull Case Might Take S&P 500 to 6,000
- Goldman’s Hedge-Fund Clients Get More Active in Crypto Options
- US investment funds pull $13.3bn from BlackRock in anti-ESG campaign
- TPG Will Halve China Investments in New $5 Billion Asia Fund
Keep an eye on :
Keep an eye on :
- AGS BB : Ageas Says It Won’t Make Third Offer for Direct Line Insurance
- AIR FP : Boeing’s Largest Union Seeks Seat on Plane Maker’s Board: FT
- ATO FP : Atos Shareholder Onepoint Opposes Any Sale Plan for Atos: Figaro
- AVOL SW : Avolta Adds Cologne Bonn Airport to Operational Portfolio
- BLV FP : Believe Board Requests Warner Music to Submit Offer by April 7
- CPG LN : Compass Serves Super Bowl Champs, Taylor Swift to Lead US Market
- BN FP : Danone Gets Regulatory Approval for Russia EDP Business Transfer
- DHER GY : Delivery Hero CFO Thomassin to Leave in October
- DTE GY : Deutsche Telekom Increases First Buyback Tranche to €800m
- DLG LN : Ageas Says It Won’t Make Third Offer for Direct Line Insurance
- DIS US : Peltz Questions Disney Casting for ‘Marvels’, ‘Black Panther’
- XOM US : Exxon Signs Ammonia Accord, Presses Case for Hydrogen Tax Credit
- RACE IM : Ferrari Sales in Taiwan Doubled in Past Four Years: FT
- FER SM : Macquarie Group Mulls Buying Heathrow Airport Stake: Telegraph
- IBE SM : Iberdrola Solar Project in Portugal May Be Delayed, Publico Says
- JMT PL : Jeronimo Martins Creates Foundation to Help Vulnerable Families
- BAER SW : Ralph Hamers Potential Candidate for Julius Baer Top Job: Finews
- MASI US : Activist Politan Plans Second Proxy Battle at Masimo -- WSJ
- PIRC IM : Pirelli Signs €600m Credit Line Linked to Emissions-Cut Goals
- PNL NA : PostNL Agrees With Unions on New Labor Pact for Mail Deliverers
- QCOM US : Qualcomm Ends Bid for Autotalks After Antitrust Probe: Reuters
- QCOM US : Qualcomm Ends Bid for Autotalks After Antitrust Probe: Reuters
- SBBB SS : SBB Reports Results of Tender Offers
- STLA IM : Chrysler Files Recall of 1,201 Vehicles: NHTSA
- STMPA FP : Italy Drops Opposition to STMicro CEO, Settling Spat With France
- STLN SW : Swiss Steel Board Members Resign due to Possible PCS Exit
- SYAB GY : Synlab FY Adjusted Ebitda Misses Estimates
- TIT IM : Italy, Asterion Weigh Joint Bid for Telecom Italia Sparkle Unit
- WHATS BB : What’s Cooking Weighs Sale of Savoury Confectionery Ops Unit