Asian stocks advanced, fueled by China’s support for its equities market and remarks by Jerome Powell that the Federal Reserve would “proceed carefully” on whether to raise interest rates again. Chinese equities rallied as the government lowered stamp duty on stock trades for the first time since 2008 and pledged to slow the pace of initial public offerings. The CSI 300 Index was on course for the biggest gains in more than a month, while the Shanghai Composite Index looked poised to rise the most since November. Shares also rose across benchmark indexes in the region. Contracts for US equities were little changed after both the S&P 500 Index and the Nasdaq 100 Index advanced Friday post Powell’s remarks. Euro Stoxx 50 climbed 0.7%. The yield on China’s 10-year government bond advanced on the stamp duty cut while the offshore yuan strengthened after the People’s Bank of China again set a stronger-than-expected reference rate on the currency. The news has raised hopes of a turnaround for China’s equities market. investors in Chinese equities still have countervailing forces to weigh, with data on Sunday showing a decline in industrial profits eased while deflation risks remain an overhang. investors in Chinese equities still have countervailing forces to weigh, with data on Sunday showing a decline in industrial profits eased while deflation risks remain an overhang. Powell cautioned that policy will remain tighter for longer and that the process of bringing inflation back to its target “still has a long way to go.” He also suggested officials could hold rates steady in September, as investors expect. this week in Asia will be a busy one for investors with more than 360 members of the MSCI Asia Pacific Index expected to announce results in the highest weekly tally this season. Traders will watch for signs of corporate profits bottoming out, which may support further gains in Asian equities. oil fluctuated and gold steadied.
Nikkei +1.66% Hang Seng +1.48% CSI +1.63% Shanghai +1.56% Shenzen +1.70%
Eur$ 1,0807 CNH 7,2885 CNY 7,2838 JPY 146,47 GBP 1,2601 CHF 0,8833 RUB 94,9852 TRY 26.5438 WTI$ 79,77 Gold 1915.36 BTC 26,014 ETH 1,649.10
S&P +0,15% Nasdaq +0,12% EuroStoxx +0,78% FTSE +0,08% Dax +0,58% SMI
Macro :
- Wall Street’s Hot Options Come to Europe. Will They Take Off?
- Junkiest Debt Rallies as Investors Brush Off Fed: Credit Weekly
- Florida Braces for a Hurricane Forming in the Gulf of Mexico
Keep an eye on :
- ADES IPO : Saudi PIF, Holders to Offer 30% Stake in Oil Driller Ades IPO
- AIR FP : Resumed Boeing Max Deliveries to China Lifts Profit, Cash: React
- ATUS US : Corruption, debt, sale of BFM… The truths of Arthur Dreyfuss, CEO of Altice France - Le Figaro
- AMGN US : Amgen-Horizon Deal Challenge Paused by FTC for Settlement Talks
- BBN SW : Bellevue Replaces CEO With Credit Suisse’s Giselbrecht
- BNP FP : UN warns banks that fund Saudi Aramco about possible human rights breach - FT
- BP/ LN : BP Working With India’s Reliance to Boost EV Charging
- BPOST BB : Bpost E-Logistics North America CEO De Romrée to Leave Group
- BWO NO : BW Offshore 2Q Ebitda Misses Estimates
- 285 HK : BYD Electronic Falls on Deal to Buy Jabil’s Newly Formed Unit
- CO FP : Casino Says Court to Rule in September on Grace Period Request
- ENI IM : Eni Starts Production at Ivory Coast’s Baleine Oil and Gas Field
- 3333 HK : China Evergrande Reports First-Half Loss of $4.5 Billion
- 3333 HK : Evergrande Delays Creditor Meetings on Restructuring Plans
- EVN AV : Austria Boosts Energy Windfall Tax as Profit Debate Lingers
- FLOW NA : Flow Traders’ Folkert Joling Resigns as Chief Trading Officer
- TWNK US : Hostess Brands Soars on Reuters Report It’s Exploring a Sale --> +20%
- KTN GY : Kontron Buys Hartmann and W-Ie-Ne-R for €22.1M
- NOVOB DC : Catalent’s Indiana Plant to Make Novo’s Wegovy Drug: Reuters
- POM FP : Plastic Omnium to Build Hydrogen Plant in Michigan
- SHEL LN : Shell Delivers First Gas From Timi Platform in Malaysia
- STLA IM : Unifor Members at Ford, GM, Stellantis Authorize Strike Mandate
- TTE FP : Business Day.za: Transnet sues Sasol and TotalEnergies for R1.3bn
- UBSG SW : UBS Faces Hurdles Selling Real Estate Fund Management in Brazil
- VLA FP : Valneva Says Initial Data Shows Chikungunya Vaccine Is Safe