Stocks struggled for traction in Asia on Tuesday as a global bounce from a bear market stalled amid ongoing worries about high inflation and slowing economic growth. An Asian equity index fell for the first session in four. Chinese tech shares were among the weaker performers on concerns that investors may look to take profits after a strong rally.
US and European equity futures dipped following losses for the S&P 500 and Nasdaq 100 on Monday. Institutional portfolio rebalancing at month- and quarter-end may also be affecting trading flows. Caution in the Asian session was evident in a stronger yen and a climb in Treasuries that left the 10-year yield around 3.17%. Crude rose past $110 a barrel -- Libya and Ecuador flagged potential output cuts on political unrest. Rallies in risk assets have proved fleeting this year as higher borrowing costs to fight inflation restrain economic activity. Some analysts argue still-bullish earnings estimates are next in line for a reality check. The People’s Bank of China pledged to keep monetary policy supportive to help the nation’s economy. It signaled that stimulus would likely focus on boosting credit rather than lowering interest rates. In the Bavarian Alps, Russia’s war in Ukraine and limiting its profits from rising energy prices have been among the main topics of discussion at a Group of Seven summit. G-7 leaders are set to instruct ministers to explore implementing a price cap on Russian gas. The leaders are also expected to mention a mechanism to cap prices on Russian oil in the final communique. US After Hours Lots of comments from banks on stress test, many plan to raise dividends; NKE -2.6% falls on earnings/guidance; FTX CEO pours cold water on HOOD -5% M&A talk, according to MarketWatch
Nikkei +0.42% Hang Seng -0.46% CSI +0.18% Shanghai +0.16% Shenzen +0.49%
Eur$ 1.0579 CNH 6.6961 CNY 6.6969 JPY 135.41 GBP 1.2267 CHF 0.9567 RUB 54.5031 TRY 16.5904 WTI$ 110.54 +0.89% Gold 1,825.35 +0.14% BTC 20,747 -0.72% ETH 1,186.82 -1.23%
S&P +0.13% Nasdaq +0.19% EuroStoxx -0.25% FTSE -0.02% Dax -0.26% SMI +0.06%
Macro :
- Goldman Sachs Says US Rates Market Underprices Recession Risk
- Pulled IPOs Are Starting to Pile Up Again in Europe: ECM Watch
- Credit Contagion from Record Fosun Rout Is Limited: China Today
- UK Plan to Override Brexit Deal Passes Hurdle Amid Tory Dissent
Keep an eye on :
- AIBG ID : Irish Govt. to Sell About 134M Shares in AIB Group: Terms
- AIR FP : Park Aerospace Says Fully Supports Airbus A320 Ramp-Up
- ACX GY : Bet-at-Home Says it Loses Legal Dispute; Cuts FY Rev. Forecast
- AKZA NA : AkzoNobel Names Gregoire Poux-Guillaume New CEO as of Nov. 1
- ACA FP : Credit Agricole Said to Eye Parts of Poland’s Getin Noble Bank
- BSLN SW : Basilea to File Ceftobiprole Antibiotic in US Around Year End
- CLNX SM : *CELLNEX SEEKS EU6B LOAN FOR DEUTSCHE TELEKOM TOWERS BID: CONFI
- ERICB SS : Ericsson, Vonage Working to Close Transaction Before End of July
- ERF FP : Eurofins Gets EU308m Offers to Repurchase EU600m of Hybrid Bonds
- GSK LN :GSK’s £40 Billion Consumer Arm Said to Pick Citi, UBS as Brokers
- HELN SW : Helvetia Increases Stake in Caser to 80%; No Terms
- HOOD US : Bankman-Fried’s FTX Said to Be Seeking Path for Robinhood Deal
- LAM LN : Lamprell, Blofeld In Talks for Debt Facility Payment Extension
- LUNE SS : Lundin Energy Cuts Est. Total Capital Costs For Karskruv to $90m
- MEDX SW : Medmix Chairman Won’t Run for Re-Election; Is New AkzoNobel CEO
- NESTE FH : Neste to Invest $2 Billion in New Renewable Products Refinery
- NKE US : Nike Shares Rise on 4Q Revenue Beat, Buyback Plans: Snapshot (1)
- EGL PL : Mota-Engil Wins EU128.8m Stadium Contract in Guinea
- OVS IM : OVS Signs MoU on Possible Purchase of Coin Department Stores
- S30 FP : Solutions 30 Enters Exclusive Talks for Purchase of EnergyGo
- SAN FP : Sanofi Says EU Commission Approves Xenpozyme as ASMD Treatment
- SAN SM : *SANTANDER HIRES CS, GOLDMAN SACHS TO BID FOR BANAMEX: EXPANSION
- SPM IM : Saipem Awarded ~$1.25b Contracts in the Middle East
- SHEL LN : Dutch Regulator Approves Shell, Total Cooperation in CO2 Storage
- SIE GY : Siemens to Buy Buildings Software Firm Brightly for $1.6 Billion
- SIE GY : VW Nears Deal to Sell Stake in Electrify America to Siemens: DJ
- STLA IM : Stellantis’s Italian Battery Plant to Start Production in 2026
- TSLA US ; Electrek.co: Tesla pauses some Berlin-built Model Y deliveries over electric motor issue https://t.co/UcolwJUf5I by
- TTE FP : French Strikes May Curb Output at Power Plants June 28-July 31
- TTE FP : Dutch Regulator Approves Shell, Total Cooperation in CO2 Storage
- TIT IM : Telecom Italia to Get State Guarantee for $2.1B Loan: Reuters
- VOW GY : VW Nears Deal to Sell Stake in Electrify America to Siemens: DJ
- WISE LN : UK Battery-Storage Firm Field Raises $95 Million of New Funding