Asian stocks and US futures fluctuated in choppy trading Thursday as traders weighed downbeat remarks on China’s economy by Premier Li Keqiang with Federal Reserve minutes that struck a less hawkish note.
An MSCI Inc. gauge of Asia-Pacific shares wavered as Japan edged up, while Hong Kong slipped. S&P 500 and Nasdaq 100 futures swerved between gains and losses. Overnight, the S&P 500 rebounded from a drop to end higher, while the tech-heavy Nasdaq 100 outperformed. Chinese stocks saw mixed trade as investors remain watchful of measures to combat an economic malaise from strict Covid curbs. China’s economy is in some respects faring worse than in 2020 when the pandemic first emerged, Premier Li said, urging efforts to reduce a soaring unemployment rate. “We’ve seen a couple of false dawns where we’ve heard what sounded like very encouraging words, but so far we haven’t seen the follow-up actions coming through the policy space - nothing in the shock-and-awe category to give markets confidence to move forward,” Ben Powell, BlackRock Investment Institute Chief APAC strategist, said on Bloomberg Television. Yields on 10-year Treasuries edged higher, as did two-year rates, which are more sensitive to imminent policy moves. Fed policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed. The dollar slipped. Investors took some comfort from the Fed minutes that didn’t show an even more aggressive path being mapped to tackle elevated prices. Still, volatility has spiked as the risk of a US recession, the impact from China’s lockdowns and the Ukraine war simmer. Markets continued to show traders pricing in 100 basis points of rate hikes over the next two meetings. The Bank of Korea raised its key interest rate on Thursday as newly installed Governor Rhee Chang-yong demonstrated his intention to tackle inflation at his first policy meeting since taking the helm. New Zealand’s central bank has also shown its commitment this week to combat surging prices. US After Hours NTNX -27.9%, SNOW -14.8%, NVDA -6.6% fall on earnings; TWTR +5.4% higher as Musk increases commitment in takeover bid;
Nikkei -0.19% Hang Seng -0,63% CSI +0,48% Shanghai +0,65% Shenzen 0,79%
Eur$ 1,0691 CNH 6,7460 CNY 6,7266 JPY 127,44 GBP 1,2575 CHF 0,9619 RUB 60,5697 TRY 16,3713 WTI$ 110,91 Gold 1,846,66 BTC 29,800 ETH 1,942
S&P -0,31% Nasdaq -0,61% EuroStoxx -0,27% FTSE -0,18% Dax -0,24% SMI
Macro :
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