TheChek News Flow

Stocks in Asia extended gains as risk appetite across financial markets got a further boost from China’s latest stimulus measures and upbeat US momentum.  China’s benchmark CSI 300 Index was set for its biggest weekly gain since 2008 after officials pledged to increase fiscal support and stabilize the property sector to revive growth. The yen weakened 1% against dollar and Japanese bond futures rose as traders speculated that chances are increasing that economic security minister Sanae Takaichi will be the nation’s next leader. Stimulus in the world’s two largest economies has been a catalyst for markets this week, with China lowering the amount of cash banks must keep in reserve on Friday, ahead of a weeklong holiday. The Federal Reserve’s preferred inflation indicator and a snapshot of consumer demand are both due later Friday, and will provide additional cues on the path for US interest rates.  Today’s Asian market is “totally driven by China stimulus and support to overall global growth as a consequence,” said Matthew Haupt, a portfolio manager at Wilson Asset Management International. “We are still waiting for more stimulus to give this rally more duration.” The People’s Bank of China unleashed one of the country’s most daring policy campaigns in decades on Tuesday, with Beijing rolling out a strong stimulus package in a push to shore up the slowing economy and investor confidence. The moves sent Chinese shares soaring with the frenzy resulting in delays at Shanghai’s stock exchange.

Holding the politburo “meeting in September rather than waiting until the normally scheduled December meeting is in itself a signal that the authorities are willing to take more urgent action to achieve the 5% growth target,” senior analysts including Robert Carnell at ING Groep NV said in a note. “We saw a more aggressive-than-expected policy package from the PBOC this week and it is reasonable to expect other policies will soon follow.” Further bullishness came from US economic data overnight while Hong Kong’s tech index hit its highest in over a year. Over in China, bonds slumped as investors favored risk assets instead of havens. Meanwhile in Japan, the focus is on Takaichi, who argued earlier this week that “it’s stupid to raise rates now” given the merits of a weak yen. If elected she could become Japan’s first female prime minister. The Sankei newspaper reported that former premier Taro Aso intends to have his faction vote for Takaichi in the ruling Liberal Democratic Party’s election. Adding to the dovish picture, consumer inflation in Tokyo eased this month after outgoing Prime Minister Fumio Kishida reinstated energy subsidies to help households cope with one of the hottest summers on record.  Shares of New World Development surged as much as 24% in Hong Kong on Friday, the most since 1998, as the stock resumed trading after being suspended when the indebted firm announced its chief executive officer was stepping down.  As for the US, revised data showed the US economy in better shape than initially expected, spurred mainly by bigger consumer-driven growth fueled by robust incomes. A decline in US jobless claims underscored the resilience of the labor market. But investors tuning into commentary from Fed Chair Jerome Powell on Thursday didn’t get any details on the economic outlook or path for monetary policy. Futures for US indexes softened Friday after the S&P 500 climbed to its 42nd closing record of this year. The dollar edged higher on Friday, while 10-year US Treasury yields were flat.  US After Hpours SCHL +6.7%, BB +1.4% gaining on earnings; COST -0.8% ticks lower following AugQ results.

Macro :
- Goldman’s Rubner Sees ‘Buy China’ Trade Playing After Election

- Robinhood, Revolut Explore Joining $170 Billion Stablecoin Field

- Hurricane Helene Slams Florida With Powerful Winds and Rain

- Europe’s Banks Launch Wero Payments to Dislodge Visa, Mastercard

- China Stimulus Lifts Stocks, Bonds Sink on US Data: Macro Squawk

Keep an eye on :

- AIR FP : AAR Gets Up To $1.2b Engine Overhaul Contract by US Navy

- ARM US : Arm Rebuffed by Intel After Inquiring About Buying Product Unit

- T US : DirecTV, Dish Are Said Close to Clinching Merger Agreement

- BAVA DC : Bavarian Raises Guidance After Securing More Mpox Vaccine Orders

- BLND LN : British Land to Replace Darktrace in FTSE 100 Index

- DIE BB : Belron Talks With Lenders to Raise €8.1b in New Bonds, Loans: FT

- DORO SS : Xplora Offers SEK34/Share Cash for Doro in Recommended Bid

- ENI IM : Suitors Approach Eni About Second Enilive Stake Sale: Reuters

- ENGI FP : Medco Energi Is Said in Talks to Buy Controlling Stake in Senoko
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- GET FP : Getlink to Temporarily Suspend ElecLink After Detecting a Fault

- IBS PL : Ibersol 1H Net Income EU1.8M Vs. EU3.1M Y/y

- INTC US : Intel, US on Track to Finalize $8.5b Chips Funding by Yr-End: FT

- INTC US : Arm Rebuffed by Intel After Inquiring About Buying Product Unit

- MONC IM : Moncler Option Trading Highest Since Oct 2021

- MONC IM : LVMH Invests in Moncler Through Deal With CEO Remo Ruffini

- NOAP NO : Nordic Aqua Partners Offering Prices at NOK75/Share

- PRU LN : Prudential to Buy Remaining Shares of Nigeria’s Insurance JV

- RNO FP : Renault Says Nissan Share Sale to Impact Net Income

- SAND SS : Sandvik Option Trading Highest Since June 2023

- SAP GY : SAP Staff Morale Plunges in Internal Survey Amid Restructuring

- SBBB SS : SBB Board Member Schuss Sells 6.4 Million Shares in Landlord

- SIE GY : Siemens Sees High Demand for US Grid Offerings From Data Centers

- SW FP : Sodexo's Bellon Family May Need to Cede Majority to Buy Aramark

- SOL SM : Spanish Regulator Suspends Soltec Power Holdings Trading

- TIT IM : Telecom Italia Reports 1H With Discontinued Network (Sept. 26)

- TRI FP : Trigano FY Revenue Meets Estimates

- UCB BB : UCB Sees Meaningful Improvements With Bimzelx in HS Over 2 Years

- VCP LN : Victoria Says Keeping Refinancing Options Open as Bonds Plunge

- DG FP : French company Vinci wins bid for concession of Crystal Route Thu, 26 Sep 2024 14:43:19 -0300

- XPLRA NO : Xplora Offers SEK34/Share Cash for Doro in Recommended Bid