Stocks in Asia fell as investors trimmed their positions to reduce risks ahead of the Federal Reserve’s rate decision with Chinese equity markets giving up Tuesday’s gains. Hong Kong stocks declined, with technology shares falling over 1%. Equities were also lower in Japan and South Korea. Australian stocks advanced after quarterly inflation came in slower than expected. While Chinese assets rallied following the Politburo meeting Monday, investors continue to wait for Beijing to deliver more tangible support for the economy amid concern that debt and demographics constraints will weigh on growth. Imminent follow-through of actionable policy measures, especially those for the property sector, will be key to sustaining a China market rally, according to Morgan Stanley strategists. Meanwhile, more explanation of planned property policies, particularly those affecting prices in first top-tier cities, will be crucial to restore confidence among investors. The S&P 500 closed Tuesday at its highest since April 2022, the Nasdaq 100 outperformed and the Dow Jones Industrial Average saw its 12th straight advance — the longest winning run in over six years — as the Conference Board’s US consumer confidence index climbed to a two-year high. Big tech led equity gains, with traders counting on the earnings season to see whether the enthusiasm around artificial intelligence will justify this year’s market advance. In the approach to the Fed’s decision, strong consumer confidence data bolstered the soft-landing narrative for the US economy — while suggesting policymakers aren’t done with their inflation fight yet. Rates on swap contracts continued to price in a quarter percentage-point Fed hike later on Wednesday, with some additional increase factored in by year-end as well. n late trading in the US, a $210 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) climbed as Google’s parent Alphabet Inc. reported revenue that beat analysts’ expectations. Microsoft Corp. posted tepid sales growth, while Texas Instruments Inc. gave a lukewarm forecast. There are so many bulls in the US stock market that any disappointment on the economy or earnings poses a risk to the rally, according to Citigroup Inc. strategists. Investor exposure to the S&P 500 remains extended and one-sided, even after bullish momentum has waned in recent weeks, a team including Chris Montagu said.
oil fell Wednesday after recent gains amid tighter supplies and optimism that China’s government will boost the country’s economy. Gold was little changed. US After Hours GOOG +6.2%, TENB +8.7%, TDOC +5.3% higher on earnings; SNAP -18.6%, RHI -10.9%, MSFT -3.7%, TXN -3.7% lower on earnings; PACW +36.6% and BANC +12% announce merger.
Nikkei -0,05% Hang Seng -0,67% CSI -0,26% Shanghai - 0,43% Shenzen -0,61%
S&P +0,00% Nasdaq -0,17% EuroStoxx -0,39% FTSE -0,30% Dax +0,02% SMI -0,08%
Macro :
- Three Friends Who Help Manage $640 Billion Clash on China Bonds
- Hedge Funds Hear ‘Sell’ When Strategists Say ‘Buy’: China Today
- BofA Clients Post Biggest Outflow from US Stocks since Nov. 2020
- EU Regulators Rejected Meta Offer to Curb Use of Ad Data: Rtrs
Keep an eye on :
- AIR FP : Boeing and GE Dethrone RTX After a $15 Billion Market Rout
- AIR FP : Airbus Gets Order from Canada for Four Airbus A330 MRTTS
- ALSN SW : Also 1H Adjusted Ebitda EU116M
- ASM NA : ASMI 2Q Net Sales Misses Estimates
- BOBNN SW : Bobst 1H Ebit CHF46.8M Vs. CHF28.6M Y/y
- BVI FP : Bureau Veritas 1H Adjusted Operating Margin Beats Estimates
- CARM FP : Carmila 1H Gross Rental Income EU188.8M Vs. EU182.8M Y/y
- BN FP : Danone Sales Gain as Yogurt Maker Shifts Inflation to Consumers
- DBK GY : Deutsche Bank 2Q FIC Sales & Trading Revenue Beats Estimates
- DBK GY : Deutsche Bank to Resume Share Buybacks of Up to €450 Million
- DWS GY : DWS Group’s Recovery Gains Pace With a Second Quarter of Inflows
- ECONB BB : Econocom 1H Rev. Cont Ops EU1.34B Vs. EU1.29B Y/y
- EDP PL : EDP to Seek Compulsory Purchase of Remaining EDP Brasil Shares
- EDP PL : EDP Renovaveis 1H Net Income Beats Estimates
- EFGN SW : EFG International 1H Net New Client Assets CHF3B
- ELI BB : Elia Group 1H Ebitda EU605.9M Vs. EU544.2M Y/y
- ELE FP : Endesa 1H Net Income Beats Estimates (1)
- ENG SM : Enagas 1H Net Income EU176.8M Vs. EU30.2M Y/y
- EQNR NO : Equinor Profit Falls on Softening Prices for Natural Gas, Oil
- ERA FP : Eramet Gets Offer for Ilmenite Transformation Plant in Norway
- ERICB SS : Intel to Manufacture Future Custom 5G Soc for Ericsson
- EL FP : EssilorLuxottica Plans to Grow Into Hearing Solutions Market
- ERF FP : Eurofins Scientific 1H Adjusted Ebitda Matches Estimates
- IBE SM : Iberdrola Sells 49% Stake in Baltic Eagle Wind Farm for ~€375M
- IPS FP : Ipsos Maintains FY Organic Revenue Forecast
- ISS DC : ISS Plans to Hire 50,000 in India, CEO Tells Borsen
- TKWY NA : Just Eat Takeaway 1H Adjusted Ebitda Beats Estimates
- KAMBI SS : Kambi 2Q Ebit Beats Estimates
- KCR FH : Konecranes 2Q Orders Beats Estimates
- MTX GY : MTU Aero 2Q Adjusted Ebit Beats Estimates
- NWG LN : NatWest Says Paul Thwaite to Take Over Interim CEO Duties: PA
- FII FP : LISI 1H Ebitda EU77.5M Vs. EU88M Y/y
- MC FP : *LVMH 2Q US ORGANIC SALES -1%
- MC FP : LVMH Drops After Results Stoke US Slowdown Concerns: Street Wrap
- MMT FP : M6 1H Ebita Misses Estimates
- NEX FP : Nexans 1H Ebitda Beats Estimates
- NEX FP : Nexans to Build Third Cable Laying Vessel
- ORA FP : Orange 2Q Ebitda After Leases Matches Estimates
- P911 GY : Porsche Profit Climbs on Robust 911, Macan Combustion-Car Sales
- RKT LN : Reckitt 2Q Like-for-Like Sales Beats Estimates
- RNO FP : Nissan Invests $663 Million in Renault EV Unit in Alliance Rejig
- RWE GY : RWE Raises Earnings Outlook With Boost From Trading Unit
- RWE GY : RWE Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- SANOMA FH : Sanoma 2Q Revenue Misses Estimates
- SPM IM : Saipem, Stockholm Exergi to Cooperate on CO2 Capture Project
- S30 FP : Solutions 30 2Q Revenue EU263.4M Vs. EU221.7M Y/y
- SAN SM : Santander Earnings Beat Estimates as Rates Boost Spain, Europe
- SOI FP : SOITEC 1Q Revenue Misses Estimates
- STLA IM : Stellantis Profit Beats on Easing Supply-Chain Woes, Cost Cuts
- O2D GY : Telefonica Deutschland Narrows FY23 Outlook to Upper Range
- 8TRA GY : Traton 1H Adjusted Operating Profit Beats Estimates
- TKA AV : America Movil Boosts Telekom Austria Stake as Citi Bond Matures
- TIT IM : Italy Could Take Direct Role in Telecom Italia Network Bid: MF
- UCG IM : UniCredit Lifts Targets for Second Quarter as Profit Surges
- UN01 GY : Uniper Prelim 1H Adjusted Ebit EU3.7b; Reviewing Obligations
- VAR1 GY : Varta FY Adjusted Ebitda Forecast Misses Estimates
- VRLA FP : Verallia FY Adjusted Ebitda Forecast Beats Estimates
- VER AV : Verbund Adds Spanish Wind Power Capacity in Deal Valued at €460m
- VIV FP : Vivendi Risks Fines as EU Probes Gun Jumping in Lagardere Deal
- WLN FP : Worldline 1H OMDA Beats Estimates