Asian equities advanced, following gains in US stocks ahead of the Federal Reserve’s preferred inflation gauge due Friday. Japan’s benchmark Topix index was set for a 34-year high. Australian, South Korean and Chinese stocks advanced. The moves follow a downbeat day in the prior session when a gauge of the region’s stocks fell for the first time in three days. Contracts for US equities rose. President Joe Biden and former President Donald Trump faced off in their first 2024 debate late Thursday in the US. The dollar and Bitcoin rose as the debate got going, and the yen weakened past 161 to the greenback, its lowest levels since 1986 — though they all pared or erased the moves through the course of the debate. While markets think Trump is winning, “it’s still early to make the conclusion,” said Carol Kong, a strategist at Commonwealth Bank of Australia in Sydney. “The PCE report will be the bigger market mover that can add to the US dollar gains if we are right about a stronger core PCE.” Treasuries retreated, paring gains from the prior session, when lackluster US economic data reinforced speculation the Fed will cut interest rates this year to prevent a bigger slowdown in the economy. The US government marked down personal spending to an annualized 1.5% in the first quarter. Separate releases showed declines in orders and shipments of certain business equipment, weakness in the job market and a slide in homebuying. Meanwhile, India is preparing itself for the inclusion of the nation’s government bonds into a JPMorgan Chase & Co. emerging markets index on Friday, opening up a $1.3 trillion market to a broader range of investors. Fed Bank of Atlanta President Raphael Bostic said he continues to expect one rate reduction this year amid signs inflation has resumed its decline. His projection echoes that of the Federal Open Market Committee. Swaps markets are pricing in about 45 basis points of easing in 2024, which would equate to less than two cuts. Economists expect data Friday to show that the Fed’s preferred gauge of underlying inflation slowed to an annualized rate 2.6% last month from 2.8%. While that’s the lowest reading since March 2021, it remains above the Fed’s goal for 2% inflation. In Japan, the yen strengthened below 161 per dollar after the Nikkei Shimbun reported that Atsushi Mimura has been appointed as the new vice finance minister for international affairs, making him the face of official efforts to manage the yen as Masato Kanda steps down. The Mexican peso fell against the dollar before clawing back some ground. Traders will be parsing clues from the US presidential debate as well as comments from Banco de Mexico’s Governor Victoria Rodriguez that a decrease in volatility is one of the elements that has opened the door for the central bank to consider interest rate cuts. In late New York trading, Nike Inc. sank as sales missed estimates. Walgreens Boots Alliance Inc. tumbled 22% in regular hours after slashing its guidance. US Aftzer Hours NKE -10.3%, ACCD -27.7%, KRUS -15% lower on earnings/guidance; INFN +21.7% jumps as NOK will acquire INFN; PTGX +9.1% to join S&P SmallCap 600.
Nikkei +0.42% Hang Seng +0.54% CSI +0.74% Shanghai +1.20% Shenzen +1.14%
Eur$ 1.0690 CNH 7.2992 CNY 7.2680 JPY 160.98 GBP 1.2629 CHF 0.8994 RUB 85.5000 TRY 32.9047 WTI$ 82.13 +0.48% Gold 2,321 -0.30% BTC 61,777 +0.59% ETH 3,456 +0.49%
S&P +0.20% Nasdaq +0.33% EuroStoxx +0.35% FTSE +0.21% Dax +0.17% SMI +0.12%
Macro :
- ‘Alarming’ E.Coli Levels to Mar UK’s 189-Year-Old Rowing Regatta
- 67% of Debate Watchers Say Trump Won Debate, CNN Poll Shows
- Swiss Bourse Sees an End to Lull in Chinese Listings: ECM Watch
- Swiss Bourse Sees an End to Lull in Chinese Listings: ECM Watch
- Balyasny, Schonfeld Cut Merger Arb Traders After Bad Bets
- Block CFO Says Cash App Owner’s Bitcoin Bet Is Long-Term Play
- Marshall Wace Hires Ex-Citadel Money Manger Richard Northridge
- Schonfeld Parts Ways With Volatility Portfolio Manager Fazel
Keep an eye on :
Keep an eye on :
- ACX SM : Haynes Says CFIUS Approves Acquisition by Acerinox Subsidiary
- ADS GY : Watch Nike’s European Peers as It Warns of Worsening Sales Drop
- AAPL US : Apple Explores Novel Method for Making iPhone Batteries More Replaceable
- AAPL US : Sam Altman-Backed Rain AI Hires Apple Chip Vet to Lead Hardware
- BIIB US : Eisai, Biogen Say Alzheimer’s Treatment Launched in China
- BRNK GY : Branicks Sells Properties to VIB, Repays Some Bridge Financing
- DHER GY : Delivery Hero Appoints Marie-Anne Popp as Interim CFO
- DTE GY : Hellenic Telecom Issues Bond, Deutsche Telekom Fully Subscribes
- ENGI FP : Masdar, Engie, Total to Bid for Brookfield’s Saeta: Cinco
- ENGI FP : Renewable energy investor ENGIE Energy Access begins building 15 solar mini grids in Zambia
- FABG SS : Fabege’s Rating of Baa2, Negative Outlook Affirmed by Moody’s
- GNRO FP : GeNeuro Announces Results of the GNC-501 Study in Post-Covid-19 Syndrome
- ENSU NO : Ensurge Cancels Plan for Subsequent Share Placement
- GRF SM : Grifols Says It Continues to Have a ‘Strong’ Liquidity Position
- GRF SM : Grifols Says It Continues to Have a ‘Strong’ Liquidity Position
- IMPN SW : Implenia Gets Contract for Tunnel in Switzerland Worth >CHF250M
- IG IM : Italgas Looks to Close €5 Billion Local Grid Deal in Early 2025
- OHLA SM : Atitlan Set to Launch Offer for OHLA Stake: El Confidencial
- OR FP : L’Oreal Shares Slip; CEO Trims Beauty Market Growth Outlook
- OMV AV : OMV Petrom secures raw material for renewable diesel from local producer
- LOGIA SS : M2 Asset Management Buys Shares for SEK29m in Logistea
- NKE US : Nike Shares Slump After 4Q Sales Trail Estimate: Snapshot
- NKE US : -7% sympathy plays; other footwear stocks lower on weak NKE results--> FL -3.5%, ONON -1.6%, DECK -1.6%, DKS -1.6%, SKX -1.2%, UAA -0.9%; SCVL, CAL not moving
- NOKIA FH : Nokia to Buy Networking Company Infinera in $2.3 Billion Deal
- SAN FP : Sanofi Health-Unit Deal Lenders Mull €1.5 billion PIK Financing
- FP FP : Masdar, Engie, Total to Bid for Brookfield’s Saeta: Cinco
- UBSG SW : MUFG’s Unit Sued Again in Japan for Credit Suisse AT1 Losses