Asia’s stock benchmark swung between gains and losses as markets awaited further catalysts. The Australian dollar strengthened following faster-than-expected inflation data. Japanese, South Korean and Taiwanese equity gauges rose, while those in mainland China and Australia declined. US stock futures were little changed in Asian trading after a rebound in Nvidia Corp. shares helped boost the S&P 500 on Tuesday. Australia’s dollar and bond yields climbed after the inflation numbers suggested price pressures remain stubbornly strong and bolstered the case for the central bank to resume raising interest rates. The yen held just below the psychologically important level of 160 per dollar, a breach of which will likely boost intervention concern. China’s 10-year bond yield fell to a more than two-decade low as investors flocked to fixed-income securities amid concern about the slowing economy and expectations for further stimulus. The PBOC once again loosened its grip on the yuan as the currency traded close to the weak end of its fixed daily trading band. The outlook for China’s exports is set to improve, buttressing growth in the world’s second-biggest economy even as consumer spending slows, according to a survey by Bloomberg. The Bank of Japan is forecast to raise its interest rate in July in addition to unveiling a roadmap for its path toward quantitative tightening, according to one-third of economists in a separate survey by Bloomberg. The next big pain point for the yen may emerge from a readout on the Fed’s favored US inflation gauge on Friday, according to traders. Elsewhere in Asia, HSBC lifted its view on South Korean stocks to overweight from neutral, citing “ample growth opportunities in the memory sector and excitement around the ‘Value-Up’ program.” In US trading hours Tuesday, a report showed consumer confidence slowed amid a more muted outlook for business conditions, the job market and incomes. Fed Governor Michelle Bowman said she sees a number of upside risks to the inflation outlook. Her colleague Lisa Cook said it will be appropriate to reduce rates “at some point,” adding that she expects inflation to improve gradually this year. Nvidia climbed roughly 7% after a $430 billion rout. In late trading, FedEx Corp. — a barometer of economic growth — jumped about 15% on a bullish forecast. In other corporate news, Rivian Automotive Inc. surged as Volkswagen AG will invest $5 billion to form a joint venture with the electric-vehicle maker. Investors are likely to keep piling into US stocks at the sign of any pullback as the Fed edges closer to reducing interest rates, according to Societe Generale SA, which anticipates the easing cycle will begin early next year. In commodities, oil held a decline after an industry report signaled a small build in US crude inventories ahead of official government data. US After Hours FDX +14.9% gaps higher on MayQ results; RIVN +49.2% energized on Volkwagen JV; WOR -9.3% falls following quarterly results.
Nikkei +1.30% Hang Seng +0.12% CSI -0.03% Shanghai +0.02% Shenzen +0.88%
Eur$ 1.0704 CNH 7.2930 CNY 7.2663 JPY 159.82 GBP 1.2684 CHF 0.8958 RUB 88.2622 TRY 32.9681 WTI$ 81.27 +0.54% Gold 2,310 -0.37% BTC 61,540 -0.60% ETH 3,386 -0.70%
S&P +0.10% Nasdaq +0.20% EuroStoxx +0.72% FTSE +0.20% Dax +0.61% SMI +0.61%
Macro :
- Cliff Asness Says the Machines Are Making More Decisions at AQR
- Groq to Be Valued at $2.5b in Funding Round: Business Insider
Keep an eye on :
Keep an eye on :
- AENA SM : Aena Sees FY Passenger Traffic +8.3%
- AIR FP : Airbus Warning Weighs, Novo Buoys Health: Stoxx 600 Sector Wrap
- ALFEN NA : Alfen Cuts FY Revenue Forecast, Misses Estimates
- BAR BB : Barco’s Charles Beauduin to Retire as Co-CEO and Become Chairman
- BIM FP : Biomerieux Respiratory Test Gets Special 510(k) FDA Clearance
- ATD CN : Couche-Tard 4Q Adjusted EPS Misses Estimates
- EDPR PL : EDP Gets Agreements to Sell Energy From Three Solar Projects
- EFGN SW : EFG CEO Says Scanning for Private Banking Deals in Asia
- ECV GY : Encavis Gets €300M Revolving Credit Line For Renewables Deals
- FDX US : FedEx Shares Soar After Profit View for the Year Impresses
- FREY FP : Frey to Extend Debt Maturity With €400M New Corporate Financing
- ROO LN : Doordash Held Talks With UK’s Deliveroo on Takeover: Reuters
- SONG LN : Blackstone Offer for Hipgnosis Declared Final
- IDIA SW : Court Approves Changes to 2024 Idorsia Convertible Bonds Terms
- IFCN SW :Inficon’s Growth Outlook Now Reflected, Berenberg Downgrades
- LCID US : LUCID SHARES RISE 6% POSTMARKET AMID VW'S EV PUSH WITH RIVIAN
- MC FP : LVMH Buys High-End Swiss Clock Manufacturer L’Epée 1839
- NOVOB DC : Novo Weight-Loss Drug Poses Risk to Bone Health, Study Finds
- NOVOB DC ; SK Pharmteco to Sell Virginia Plant to Novo Nordisk, Daily Says
- NVDA US : Nvidia challenger Groq is set to double its valuation to $2.5 billion in fresh funding round led by Blackrock
- PIRC IM : Pirelli Issues a €600M Sustainability-Linked Bond
- RIVN US : VW-Rivian Deal to Spur Gains, Resolves Liquidity Concerns
- ROVI SM : KKR, CVC Among Bidders for €3.5B of Rovi Assets: Expansion
- IDS LN : Sky News: Royal Mail takeover to land advisers £130m fee bonanza
- SAN FP : Sanofi Said to Seek Initial Offers for $20 Billion Consumer Arm
- SAN FP : Sanofi Said to Seek Initial Offers for $20 Billion Consumer Arm
- GLE FP : SocGen Says S&P Will Stay in ‘Buy-the-Dip Mode’ as Fed Cut Nears
- 9984 JP : SoftBank’s Son to Tout AI Health-Care in Rare Public Showing
- STORB SS : Storskogen to Take SEK920m Write-Down on Sale of 9 Units
- TEF SM : *STC SEEKS SPAIN'S NOD TO REACH 9.9% IN TELEFONICA: CONFIDENCIAL
- TGGS NO : TGS to Start Wind, Metocean Survey Offshore California
- VWS DC : Vestas Gets 155MW Order from Mercury Energy in New Zealand
- DG FP : Vinci Airports Closes Purchase of Edinburgh Airport for £1.27b
- VIV FP : Interpublic Explores Sale of Prominent Digital Agency to Consulting Giant -- WSJ
- VOW GY : Volkswagen's $5 Billion Rivian JV Unlikely to Be Its Last: React
- VU FP : VusionGroup Selected by Netto to Digitalize Stores in Denmark
- ZEAL DC : Zealand Offers $900 Million in Shares to Fund New Obesity Drugs, Zealand Pharma Offering of 8.35m Shares Prices at DKK843/Share
- ZURN SW : Zurich Buys AIG’s Travel Insurance Business for $600 Million