The dollar fell and Asia stocks gained on growing speculation the Federal Reserve is close to the end of its tightening cycle after the central bank said any further tightening would be data dependent. The commodity-driven New Zealand and Australian dollars strengthened the most against the greenback as traders trimmed bets on further Fed interest-rate increases this year. Major equity indexes advanced across the region, with Hong Kong-listed technology stocks gaining almost 3%. The dollar is extending losses as the “market has digested the FOMC decision and the opinion is Powell isn’t more hawkish than before, therefore we’re back to the original peak rate expectation and timeline,” said Mingze Wu, a foreign-exchange trader at StoneX Group in Singapore. “S&P futures are climbing, with the dollar weakening as a result.” There was something for everyone in Fed Chair Jerome Powell’s remarks Wednesday after the Fed hiked its benchmark to a 22-year high, but the market finished the US session betting the next move would possibly be a pause. Traders and Fed policymakers will also have plenty of US data to examine on Thursday, including GDP, personal consumption expenditures and initial jobless claims. US stock futures climbed in Asia after the Dow Jones Industrial Average gained for a 13th day Wednesday — the longest winning run since 1987.
Another driver in the US session was a batch of earnings reports, with results from big tech being scrutinized after shares notched a historic advance in the first six months of the year. Facebook parent Meta Platforms Inc. climbed in late trading after projecting revenue that beat estimates, while eBay Inc. fell on a disappointing profit outlook. XPeng Inc. soared more than 30% Thursday, the best performer in MSCI Inc.’s Asia Pacific Index, after Volkswagen AG plans to invest $700 million in the Chinese electric-vehicle maker. Peers Nio Inc. and Li Auto Inc. also gained on the news. Samsung Electronics Co.’s shares also gained Thursday after the company reported earnings for the second quarter that beat estimates, another signal global tech spending is beginning to recover. Samsung’s results came a day after smaller rival SK Hynix Inc. reported better-than-expected sales. The current situation in Japan, with inflation running above target and wage growth ticking up, is right for the BOJ to spring the YCC tweak surprise, according to Homin Lee, senior macro strategist at Lombard Odier in Singapore. “It’s going to be a good story for the yen,” he said on Bloomberg Television. Oil advanced amid declines in US crude inventories and gold rose for a third day. US after Hours ALGN +12.5%, CLS +8.2%, META +7.7%, LRCX +2% higher on earnings; PI -16.7%, MXL -9.1%, CMG -8.7%, NOW -3.7% lower on earnings.
Nikkei +0,79% Hang Seng +1,20% CSI +0,18% Shanghai +0,10% Shenzen -0,16%
Eur$ 1,1093 CNH 7,1373 CNY 7,1379 JPY 140,20 GBP 1,2948 CHF 0,8612 RUB 89,9916 TRY 26,9560 WTI$ 79,51 Gold 1976 BTC 29,465 ETH 1878
S&P +0,24% Nasdaq +0,58% EuroStoxx +0,39% FTSE +0,24% Dax +0,28% SMI
Macro :
- Fed Raises Rates to 22-Year High, Leaves Door Open For More
Keep an eye on :
- AALB NA : Aalberts 1H Revenue Meets Estimates
- AC FP : Accor Boosts FY Ebitda Forecast
- AIR FP : Airbus 2Q Adjusted Ebit Beats Estimates
- AI FP : Air Liquide 1H Recurring Operating Income Beats Estimates
- AIXA NA : Aixtron Boosts FY Orders Forecast
- AMG NA : AMG Critical Materials NV Sees FY Ebitda $350M to $380M
- APAM NA : Aperam 2Q Adjusted Ebitda Misses Estimates
- ANDR AV : Andritz 2Q Revenue Beats Est.; Sees Significant 2023 Growth
- MT NA : ArcelorMittal Lowers FY Global Ex-China Steel Consumption View
- ARGX BB : Argenx 2Q Vyvgart Sales Beats Estimates
- BANB SW : Bachem 1H Ebitda Misses Estimates
- BFSA NA : Befesa 2Q Adjusted Ebitda Misses Estimates
- BESI NA : BE Semiconductor 2Q Gross Margin Beats Estimates
- BB FP : BIC 2Q Net Sales Misses Estimates
- BNP FP : BNP Paribas 2Q Net Income Beats Estimates
- BUCN SW : Bucher 1H Orders Misses Estimates
- CA FP : Carrefour's French Profit Jump Validates Strategy Drivers: React
- CO FP : Casino 2Q France Net Debt EU5.52B
- DRW3 GY : Draegerwerk Still Aims to Return to Growth, Profitability '23
- ELIS FP : Elis 2Q Revenue Matches Estimates
- ENEL IM : Enel First Half Beats Consensus as New CEO Eyes Efficiency
- EOAN GY : E.ON, RWE Asset Swap Faces EU Top Court Challenge From Utilities
- ECV GY : Encavis, Badenova to Invest €200m in Renewable Energy, Form JV
- ERA FP : Eramet Cuts FY Ebitda Forecast
- ERA FP : Glencore to Pay Eramet $400 Million as Advance in Lithium Deal
- RF FP : Eurazeo SE 1H Net Income EU1.80B Vs. Loss EU96M Y/y
- FCT IM : Fincantieri 1H Revenue EU3.67B
- FRVIA FP : Forvia Boosts FY Operating Margin Forecast
- FUR NA : Fugro 2Q Adjusted Ebit Beats Estimates
- GLEN LN : Glencore to Pay Eramet $400 Million as Advance in Lithium Deal
- GTT FP : GTT Gets Order for Tank Design of 10 LNG-Fueled Vessels
- HEI GY : Heidelberg Materials Forecasts FY Results
- HOLN SW : Holcim Second-Quarter Sales Fall 11%, Missing Estimates
- IDR SM : Indra 2Q Net Income Beats Estimates
- IFCN SW : Inficon Boosts FY Sales Forecast, Beats Estimates
- INF LN : Informa Tech to Buy Channel & Mobility Firm Canalys
- INW IM : INWIT 2Q Ebitda Meets Estimates
- IPN FP : Ipsen Sees FY Core Op. Margin Above +30%, Saw About +30%
- DEC FP : JCDecaux Sees 3Q Organic Adjusted Revenue About +7%
- JMT PL : Jeronimo Martins' 7% Earnings Beat Can't Quell 2H Caution: React
- KARN SW : Kardex 1H Ebit EU43.1M Vs. EU23.8M Y/y
- KESKOB FH : Kesko Narrows FY Adjusted Ebit Forecast
- KGX GY : Kion Boosts FY Adjusted Ebit Forecast
- LEHN SW : Lem 1Q Ebit CHF26.2M Vs. CHF19.5M Y/y
- LIN US : Linde’s Focus May Be on Regions Outside of Europe: Preview
- MDM FP : Maisons du Monde 1H Sales EU543.4M Vs. EU603.9M Y/y
- MBG GY : Mercedes-Benz Raises 2023 Guidance on Improved Car, Van Pricing
- MERY FP : Mercialys 1H FFO EU57.5M
- ML FP : Michelin Boosts FY Total Segment Operating Income Forecast
- ML FP : Michelin CEO Planning More Acquisitions in Years to Come
- MONC IM : Moncler 1H Revenue Beats Estimates
- NESN SW : Nestle Sales Beat Estimates on Higher Prices for Purina, KitKat
- NXI IM : Nexity FY Revenue Forecast Misses Estimates
- NDX1 GY : Nordex 1H Ebitda Loss EU114.3M Vs. Loss EU173.3M Y/y
- OCDO LN : Short-Seller Favorite Ocado Adds £1.6 Billion in Wild Rally
- ORP FP : Orpea 2Q Organic Revenue +8.8%
- QDT FP : Bpifrance Takes Stake of About 5% in Quadient; to Buy More Stock
- RNO FP : Renault’s Margin Rises to Record on Strong Car Demand, Prices
- ROG SW : Roche 1H Sales Misses Estimates
- RWE GY : E.ON, RWE Asset Swap Faces EU Top Court Challenge From Utilities
- SAB SM : Sabadell 2Q Net Income Beats Estimates
- SAF FP : Safran Boosts FY Adj. Recurring Operating Income Forecast
- SPM IM : Saipem 2Q Revenue Misses Estimates
- SFL IM : Safilo and Fossil announce the renewal of their eyewear licensing agreement
- SGO FP : Saint-Gobain Raises FY Margin Guidance, 1H Ebitda Beats Est.
- SCR FP : Scor 2Q Net Income EU192M Vs. Loss EU240M Y/y
- SU FP : Schneider Electric Boosts FY Adj. Ebita Organic Growth Forecast
- SK FP : SEB's Robust Operational Model Supports Margin Upgrades: React
- WAF GY : Siltronic 2Q Sales Meets Estimates
- SOP FP : Sopra Steria Sees FY Organic Rev. at Least +6%, Saw +3% to +5%
- SPIE FP : Spie 1H Revenue Meets Estimates
- SNH GY : Steinhoff’s End Comes as Advisers Collect $495 Million in Fees
- STMPA FP : STMicro Boosts Quarterly Revenue 13% as Auto Demand Drives Sales
- TKTT FP : Tarkett 1H Adjusted Ebitda EU126.1M Vs. EU126.2M Y/y
- TE FP : Technip Energies Boosts FY Adj. Recurring Ebit Margin Forecast
- TEF SM : Telefonica 2Q Oibda Meets Estimates
- TOD IM : Tod's 1H Revenue Meets Estimates
- UCB BB : UCB 1H Core EPS Beats Estimates
- UMG NA : Universal Music 2Q Revenue Beats Estimates
- UNI SM : Unicaja 2Q Net Income Beats Estimates
- VACN SW : VAT Sees FY Ebitda Margin Below 32% to 37%
- VASTN NA : Vastned 1H EPS EU0.95 Vs. EU0.98 Y/y
- VCT FP : Vicat 1H Net Income EU94.0M Vs. EU78M Y/y
- VIV FP : Vivendi Enters Put Option Pact With Figaro for Sale of Gala
- VONN SW : Vontobel First Half Profit Beats Estimates Amid Client Inflows
- VOW GY : VW’s Xpeng Deal Is Evidence of China’s Growing Dominance in EVs
- VOW GY : Volkswagen Earnings Miss on Hedging Effects, China Pressure