Stocks in Asia erased earlier gains as the dollar and Treasury yields climbed, with investors reassessing the global economy’s outlook given expectations for higher interest rates. An Asia equity benchmark gave up a 0.5% gain as most gauges in the region came off their highs. The Hang Seng Index, which earlier rose as Hong Kong dropped its mask mandate, and Chinese gauges traded lower after the mid-day break. US contracts were rangebound following a 0.3% advance for the S&P 500 and a 0.7% gain for the tech-heavy Nasdaq 100 on Monday. Treasury yields ticked higher after the 10-year yields fell three basis points on Monday as the benchmark pulled back from the 4% mark. Yields on Australian and New Zealand 10-year bonds fell. Traders are now pricing US rates to peak at 5.4% this year, compared with about 5% just a month ago. US data on Monday further outlined the challenge facing the central bank. Pending home sales increased in January by the most since June 2020. Durable goods orders fell, but after accounting for a drop in transportation equipment rose more than expected. Orders placed with factories for business equipment also rose. The next key agenda in Asia is China’s National People’s Congress, due to kick off this weekend. Investors are looking for more pro-growth measures that could revive the China stock rally. Abrdn plc said the firm is more positive on Chinese onshore shares versus offshore peers due to potential policy windfall. Investors are also keeping a close eye on Adani Group shares as the conglomerate continues an investor roadshow in the region. Developer China Evergrande Group has yet to reach an agreement with major creditors on a debt restructuring framework as key deadlines loom. The company, which is at the epicenter of China’s real estate crisis, has said it wanted to get support from the noteholders by early March and it faces a March 20 court hearing in Hong Kong on a winding-up petition. oil was set for a fourth straight monthly decline as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in China. Gold headed for its worst month since the middle of 2021. US After Hours PGNY +11.8%, HIMS +9.6%, ZM +8%, VMEO +7.3%, AAON +3.9%, TREX +3.2% all up on earnings; AHCO -15.8%, AMRC -9.3%, TTEC -8.1%, DAR -5.6%, NGVT -4.9%, UHS -4.7% all down on earnings.
Nikkei +0.01% Hang Seng -0.37% CSI -0.29% Shanghai -0.24% Shenzen -0.11%
Eur$ 1.0583 CNH 6.9614 CNY 6.9399 JPY 136.34 GBP 1.2039 CHF 0.9371 RUB 74.3800 TRY 18.8867 WTI$ 75.83 Gold 1,813.50 -0.20% BTC 23,396 +0.05% ETH 1,630 +0.12%
S&P +0.06% Nasdaq +0.09% EuroStoxx -0.07% FTSE -0.02% Dax -0.13% SMI -0.11%
Macro :
- Citi’s Montagu Says Futures Flows Turn Bearish in US, Europe
- JPMorgan Sees Quants Selling $50 Billion of Stocks on Chart Test
- EU Considers ‘No-Regret’ Option for Gas Demand Cuts: Simson
- EU Considers ‘No-Regret’ Option for Gas Demand Cuts: Simson
- Yellen Says Fed Will Succeed in Its Battle Against Inflation
- US Hedge Funds Step Up Selling of Chinese ADRs in February
- Oaktree Seeks to Raise $10b for Funding Leveraged Buyouts: FT
- German Finance Chief Won’t Bow to Defense Minister’s Cash Appeal
Keep an eye on :
- ANE SM : Acciona Energia FY Net Income Beats Estimates
- ACS SM : ACS FY Net Income Beats Estimates
- ACKB BB : Ackermans FY Net Income Meets Estimates
- ADEN SW : Adecco 4Q Revenue Beats Estimates
- AENA SM : Aena FY Net Income Beats Estimates
- AIXA GY : Aixtron 2023 Revenue Forecast Beats Estimates
- ALC SW : Alcon Sees 2023 Net Sales $9.2B to $9.4B, Est. $9.22B
- AOX GY : Alstria Office FY Dividend per Share EU0.060
- ARBN SW : Arbonia Sees 2023 Revenue About CHF1.3B, Est. CHF1.29B
- AMUN FP : Banque Postale in Talks to Acquire La Financière de L’Échiquier
- CS FP : Axa to Sell Shares in Monte Paschi Through Private Placement
- BATS LN : Altria in Advanced Talks to Buy NJOY for At Least $2.75B: WSJ
- BAYN GY : Bayer 4Q Adjusted Ebitda Beats Estimates
- BCP PL : BCP FY Net Income Beats Estimates
- BMRN US : BioMarin 2023 Revenue Forecast Misses Estimates
- BMPS IM : Monte Paschi Holder AXA Offers 100m Shrs Via Private Placement, Offering by Holder AXA Prices at EU2.33/Share
- BWO NO : BW Offshore 4Q Ebitda Beats Estimates
- BWLPG NO : BW LPG 4Q Time Charter Equivalent Revenue Misses Estimates
- CO FP : Casino 4Q Net Sales Beats Estimates
- CSGN SW : Swiss Regulator Ends Greensill Proceedings Against Credit Suisse
- EDP PL : EDP Renovaveis Boosts Target Dividend Payout Ratio to 30-50%
- EKTAB SS : Elekta Gets US FDA Clearance for Unity Motion Management
- EQT SS : EQT Is Said to Near Deal to Buy Radius Global Infrastructure
- EBS AV : Erste 4Q Net Income Beats Estimates
- 3333 HK : Evergrande Fails to Win Creditors’ Support as Key Dates Loom
- FAE SM : Faes Farma FY Net Income Meets Estimates
- FTK GY : flatexDEGIRO FY Ebitda EU183.3M
- FCX US : Freeport Sees Copper Industry M&A Given Limited Organic Growth
- GE US : General Electric Files $20 Billion Mixed-Securities Shelf
- ISN SW : Intershop FY Net Income CHF145.5M Vs. CHF144.2M Y/y
- LLOY LN : Banker Bashing Is Back as Rates Soar on Everything But Deposits
- MEL SM : Melia Hotels 4Q Net Income Beats Estimates
- MRL SM : Merlin Properties FY FFO Beats Estimates
- MUV2 GY : Munich Re Eyes Higher Catastrophe-Price Gains at Later Renewals
- NEL NO : Nel 4Q Ebitda Loss NOK216M, Est. Loss NOK200.7M
- NEXI IM : Nexi to Acquire 80% of Sabadell Payments Unit for €280 Million
- OXY US : Occidental 4Q Adjusted EPS Misses Estimates: Snapshot
- OMV AV : OMV Exploring Possible Sale E&P Assets in Asia-Pacific Region
- OMV AV : OMV Exploring Possible Sale E&P Assets in Asia-Pacific Region
- PAT GY : Patrizia Sees Assets Under Management EU60.0B to EU65.0B
- RECT BB : Recticel FY Adjusted Ebitda Misses Estimates
- RED SM : Red Electrica 4Q Net Income Misses Estimates
- SAB SM : Sabadell €280 Million Disposal Could Add Return Potential: React
- SAN SM : Santander to Carry Out New €921m Buy-Back Program
- SANN SW : Santhera Secures Added Funding, to Review Strategic Options
- SPM IM : Saipem Sees 2023 Revenue Above EU11B, Est. EU10.38B
- G24 GY : Scout24 SE Sees 2023 Operating Ebitda +13%
- SDRL NO : Seadrill Postpones Release of 4Q Results Until About April 5
- SEM PL : Semapa FY Net Income EU307.1M Vs. EU198.1M Y/y
- SHEL LN : Shell explored quitting Europe and moving to the US
- SIGN SW : SIG Group Sees 2023 Adjusted Ebitda Margin 24% to 25%
- STLA IM : Stellantis to Cut Up to 2,000 Workers in Italy This Year
- TSLA US : Elon Musk Regains Spot as World's Richest Person as Tesla Surges
- VOD LN : Abu Dhabi’s Emirates Telecom Raises Stake in Vodafone to 14%
- VOW GY : Volkswagen Stands By Xinjiang Plant Despite Uyghur Concerns