Asian equities rallied Thursday as fresh signs of vigor in technology stocks spread across the region. The yen struggled for traction against the dollar. Equity benchmarks in the tech-heavy markets of Japan and South Korea advanced alongside futures for the Nasdaq 100. The gains were partly driven by an after-hours rally in Micron Technology Inc., a Nasdaq 100 constituent, following a strong revenue forecast. Futures for the S&P 500 also rose. Asian tech stocks outperformed as a gauge of the region’s equities rekindled a rally from earlier in the week to trade at the highest level in nearly three years. The benchmark CSI 300 index gained for a seventh straight session after the government rolled out more stimulus to help the economy, including cash handouts. A gauge of Chinese stocks in Hong Kong rose for a 10th consecutive day, the longest winning streak in more than six years. Asian equities have soared this week after the People’s Bank of China came out with a slew of measures to revive the world’s second-largest economy. Still, some analysts have questioned whether the rally is sustainable amid concerns over deflation and a revival of consumption. The Golden Dragon index of US-listed Chinese stocks fell on Wednesday, which may be a sign of fatigue for the rally. As part of the stimulus, China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, Bloomberg reported Thursday, citing people familiar with the matter. Such a move would be the first time since the global financial crisis in 2008 that Beijing has injected capital into its big banks. Treasury yields were steady after rising across the curve on Wednesday, supporting gains in the dollar, as investors faced an onslaught of new bond supply from an auction of five-year notes. An index of greenback fell after a 0.7% increase Wednesday. The yen traded at around 145 per dollar after a Wednesday decline against the greenback of more than 1%. Softness in the Japanese currency comes amid signs the Bank of Japan is in no rush to further increase interest rates. With China’s central bank recently surprising the market with its broad package of monetary stimulus steps, more fiscal measures may come in the next few days as President Xi Jinping’s 24-member Politburo is set to meet ahead of the weeklong holiday. In a rare announcement of direct aid, coming just a day after unveiling a sweeping program to stimulate the world’s second-largest economy, authorities said they will give one-off cash handouts to people in extreme poverty, the state broadcaster CCTV reported Wednesday, without providing details. The cash handout announcement has made investors “wondering whether this will signal a new urgency in Beijing for more direct stimulus, especially in consumption related,” said Wong Kok Hoong, the head of institutional equities sales trading at Maybank Securities Pte. “Personally, I would suggest adding to positions, especially index tracking large-caps: the internet names, tech, and insurance. The rally would probably be broad-based, given how underweight HK/China has been.” Elsewhere in Asia, data set for release includes industrial production in Singapore, machine tool orders in Japan and Hong Kong trade data. US After Hours MU +12.8% higher on earnings; WDC +4.8%, STX +2.4% higher in sympathy; CNXC -13.7%, FUL -9.6%, WS -5.3% lower on earnings; House passes funding bill.
Nikkei +2.56% Hang Seng +2.70% CSI +2.21% Shanghai +1.27% Shenzen +1.30%
Eur$ 1.114 CNH 7.0085 CNY 7.0159 JPY 144.75 GBP 1.3347 CHF 0.8497 RUB 92.1139 TRY 34.1586 WTI$ 69.05 -0.92% Gold 2,663 +0.25% BTC 63,521 +0.05% ETH 2,605 +0.93%
S&P +0.58% Nasdaq +1.02% EuroStoxx +1.05% FTSE +0.56% Dax +0.83% SMI +0.56%
Macro :
- Hurricane Helene Churns Toward Florida’s Coast as Large Storm
- Hedge Funds Snap Up Chinese Equities on Stimulus Optimism
- Italy Says It Won’t Seek to Impose Tax on Extra Company Profits
- UK PM’s ‘Whisperer’ Brings Connections, Complications From Past
- UK PM’s ‘Whisperer’ Brings Connections, Complications From Past
- Worst of Real Estate Downturn Has Passed, DWS Group’s Kelly Says
- OpenAI to Ax Nonprofit Control, Give Altman Equity, Reuters Says
- *OCASIO-CORTEZ SAYS MAYOR ERIC ADAMS SHOULD RESIGN: NYT
Keep an eye on :
Keep an eye on :
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- BBVA SM : BBVA Approves Issuance of CoCos for as Much as €1.5 billion
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- HARL LN : UK Wants Spain’s Navantia to Bid for Harland & Wolff Asset: FT
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- MC FP : LVMH’s Head of Sephora, Department Store Division to Leave
- MU US : Micron Lifts Mood as China Stimulus Rally Extends: Macro Squawk
- EGP PL : Mota-Engil Plans to Issue as Much as €50m in Bond Offering
- MOWI NO : Mowi Targets 600,000 Metric Ton Harvest, Cut Costs by €300m-400m
- NCCB SS : NCC Oxelosund Project Enters Next Phase Valued at About SEK400m
- NEXI IM : EIB Provides €220M to Nexi for Digital Payments Innovation
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- NOVOB DC : Novo’s Ozempic Reduced Opioid Overdose Risk, Research Shows
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- Open AI : OpenAI Discusses Giving Altman 7% Stake in For-Profit Shift
- PHARM NA : Pharming Reports Marketing Authorization in UK for Joenja
- PLX FP : Pluxee Reports Completion of Cobee Acquisition
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- ENR GY : Siemens Energy Supervisory Board Extends Contract With CEO
- SPI AV : Immofinanz Boosts Shareholding in S Immo to 89%
- S92 GY : SMA’s Restructuring Aims to Stabilize Profit Trajectory: React
- S30 FP : Solutions 30 Sees Adj. Ebitda Margin >10% in 3 Regions by ‘26
- STLA US : Stellantis, Orano Won’t Finalize Planned Recycling Joint Venture
- SW FP : Olympics Caterer Sodexo Is Said to Weigh Acquisition of Aramark
- TELIA SS : Telia Announces Financial Outlook for 2025, Mid-Term Ambitions
- UBI FP : Ubisoft Sees FY Net Bookings About EU1.95B, Est. EU2.42B
- UBI FP : Ubisoft Sees FY Net Bookings About EU1.95B, Est. EU2.42B
- UBI FP : Ubisoft Game Delay, Booking Reset Confirms Fears: Street Wrap
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- X US : US Steel Says Board of Arbitration Ruled in Favor of Nippon Deal
- VOW GY :