Asian stocks held near the lowest levels since March, under pressure from a likely protracted period of higher US interest rates and a relentless property crisis in China. A benchmark of Asian shares fell for a third straight session as benchmarks in Japan and Australia declined, while losses in South Korean shares placed the Kospi Index on track for a six-month low. Equities in Hong Kong gained with those on the mainland cooling after sharp gains earlier as China reported improved industrial profits, in a rise that appeared to shrug off further turmoil in the property sector. A gauge of Chinese property developers fell for a third day. Cifi Holdings Group Co. shares halved after trading was reinstated after a six-month break, China Evergrande Group’s billionaire founder and chairman Hui Ka Yan was placed under police control, and Country Garden Holdings Co Ltd faced fresh interest payment deadlines. A looming holiday that will shut markets on the mainland for six trading days also added to the sentiment. US equity futures ticked higher after the S&P 500 and Nasdaq 100 indexes both slumped 1.5% Tuesday. The selling pushed Wall Street’s fear gauge — the Cboe Volatility Index or VIX — to the highest since May after US consumer confidence fell to a four-month low. Pressure on equities left the MSCI All Country World Index, one of the broadest measures of global equities, lower for a ninth day, heading for its longest losing streak in more than a decade. China will just about meet its economic growth target of around 5% for this year, the latest Bloomberg survey shows, although the ongoing property crisis is raising the risk of a miss.
Yields on Treasuries remain near decade highs while the Bloomberg dollar index held around its 2023 peak. The yen remains near 149 per dollar, keeping traders on edge for any step up in language from Japanese officials to gauge whether intervention to support the currency is on the horizon. One Fed speaker after another in the past week has delivered emphatic messages that they will keep policy tighter for longer if the economy is stronger than expected. The Fed’s hikes have hit consumer sentiment which dropped to 103 from a revised 108.7 in August, missing the median estimate of 105.5 in a Bloomberg survey of economists.
Meanwhile, Senate Democratic and Republican leaders agreed Tuesday on a plan to keep the government open through mid-November and provide $6 billion in assistance to Ukraine. The plan to avert a shutdown on Oct. 1 still needs to overcome gridlock in the House. Elsewhere in Asia, Australia’s monthly inflation gauge accelerated, reflecting global trends amid higher oil prices, bolstering the case for the Reserve Bank to hike at least one more time. In commodities, oil resumed its climb, moving back above $91 a barrel, as the effect of rapidly tightening supplies outweighed a weakening risk appetite in broader markets, while gold held around $1,900 an ounce. US After Hours COST -1.5% lower on earnings; MLKN +17% higher on earnings; HAYW +8.4% to join S&P SmallCap 600; MLI +2.9% declares 2-for-1 stock split.
Nikkei -0,09% Hang Seng +0,59% CSI +0,29% Shanghai +0,30% Shenzen +0,57%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P +0,27% Nasdaq +0,24% EuroStoxx +0,12% FTSE -0,12% Dax +0,01% SMI
Macro :
- Quant Trader Mulvaney Gains 60% Fueled by Soft Commodities
- Las Vegas Culinary Union Members Vote to Authorize Strike
- VIX Index’s Only Rival Faces Extinction After Petition Is Denied
Keep an eye on :
Keep an eye on :
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