Treasuries slipped as a Federal Reserve official emphasized that recent US economic data might delay the number of interest-rate cuts seen this year. Japanese stocks dragged down broader Asian equities. Yields on Treasuries climbed across tenors in Asia following Fed Governor Christopher Waller’s remarks after the Wednesday close that there is no rush to lower interest rates, and he wants to see “at least a couple months of better inflation data” before cutting. Two-year Treasury yields, which are more sensitive to policy moves, rose more than four basis points. The dollar strengthened against most of its Group-of-10 peers. An Asia-Pacific equity gauge declined, with Japanese shares the worst performers as they traded ex-dividend. The move also came after the Nikkei 225 index Wednesday advanced to near its record high. Meanwhile, Australian stocks climbed to a fresh record. Hong Kong and mainland Chinese shares rose. Shares of Hon Hai Precision Industry Co. — which makes iPhones for Apple Inc. — soared as artificial-intelligence mania outweighed concerns over a sluggish recovery in the smartphone sector. Contracts for US equities were flat in Asian trading after the S&P 500 closed at a record, with many institutional investors potentially rebalancing their portfolios. Thursday is the last trading day of the quarter in some markets. In Asia, the yen remains in focus. The currency steadied in early trading after pulling back from the lowest level since 1990. The yen had weakened to 151.97, beyond the level at which policymakers stepped in during October 2022. A summary of opinions from the Bank of Japan’s policy meeting last week shows that officials discussed the need to stay cautious in their approach toward further interest rate hikes. Investors will be monitoring a slew of earnings by Chinese banks later Thursday. Chinese stocks already erased their gains for March as earnings disappointments weighed down sentiment, fueling concern that more of the policy-driven rally will unwind. In commodities, oil climbed to head for a solid quarterly gain on expectations OPEC+ supply cuts would tighten the global market. Gold steadied Thursday after three sessions of gains.
The US government’s credit score was affirmed by S&P Global Ratings at AA+, even as the country continues to face fiscal challenges. “Bipartisan cooperation to strengthen the US fiscal profile — namely to meaningfully lower deficits and tackle budgetary rigidities — remains elusive,” S&P said in a statement. Meanwhile, after the S&P 500 soared about 25% since late October, many have flagged concern that positioning is stretched and stocks are more vulnerable to short-term profit taking. JPMorgan Chase & Co.’s Dubravko Lakos-Bujas warned clients on Wednesday that they could be “stuck on the wrong side” of the momentum trade when it eventually falters. US After Hours CXM +7.6%, RH +7.6%, VRNT +6.1% higher on earnings; MLKN -12.1%, FC -10.2%, CC -9.5% lower on earnings.
Nikkei -1.46% Hang Seng +1.50% CSI +0.96% Shanghai +0.99% Shenzen +2.31%
Eur$ 1.0815 CNH 7.2526 CNY 7.2270 JPY 151.33 GBP 1.2626 CHF 0.9058 RUB 92.4520 TRY 32.3118 WTI$ 81.71 +0.48% Gold 2,199 +0.17% BTC 70,220 +1.96% ETH 3,561 +1.43%
S&P -0.07% Nasdaq -0.08% EuroStoxx +0.30% FTSE +0.40% Dax +0.20% SMI +0.22%
Macro :
- Germany to Speed Up Arms Purchases in Defense Industry Shakeup
- EU Defense Ministers to Meet April 22 in Luxembourg: Politico
- Goldman Strategists Say S&P 500 is Expensive But Can Rise More
- RBC’s Calvasina Raises S&P 500 Target on Economic Growth Outlook
- StanChart Sees $30 Billion of Added Inflows Into Indian Bonds
Keep an eye on :
- API LN : Abrdn Property’s Merger With Custodian Property Terminated
Keep an eye on :
- API LN : Abrdn Property’s Merger With Custodian Property Terminated
- ACC NO : Aker Carbon to in Pact With SLB Valued at NOK9.19/Shr
- ATUS US : Altice France Cut to Caa2 From B3 by Moody’s; Outlook Negative
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- BAYN GY : Bayer-Backed Drug Maker Boundless Bio Raises $100 Million in IPO
- BYW6 GY : BayWa FY Ebit Misses Estimates
- BA/ LN :
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- CO FP : *CASINO SHARE TRADING TO RESUME AT MARKET OPEN
- CO FP : Kretinsky Takeover of Casino Finalized, New Leadership Named
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- GEV-W US : GE Vernova, Solventum to Join S&P 500; VF, Dentsply to Leave
- HAL GY : HAL FY Net Income EU1.00B Vs. EU646.8M Y/y
- RMS FP : Chanel Flap Bag Now Costs More Than €10,000 in Paris
- IIA AV : Immofinanz FY FFO I EU275.3M
- INPST NA : InPost 4Q Adjusted Ebitda Beats Estimates
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- JUVE IM : Juventus Says 97.6% of Shares in Rights Issue Were Subscribed
- KTN GY : Kontron Sees 2024 Revenue at Least EU1.9B, Est. EU1.48B
- MC FP : LVMH-Backed L Catterton Raises Stake in Tod’s to Over 8%
- MC FP : Citi Sells Investors LVMH Exposure With Rare Exchangeable Bond
- BMPS IM : Monte Paschi Gets ECB Approval for Cash Dividend Proposal
- NOVOB DC : Novo Nordisk Urged by Sanders to Cut ‘Outrageous’ Ozempic Price
- RNO FP : Renault Sold to Nissan 99,132,100 Nissan Shares for €358M
- SGO FP : Australia Construction Boom Drives M&A Wave Europeans Can Ride
- SOI FP : SOITEC Affirms 2024 Outlook, Sees 2025 Revenue `Stable' Ex-FX
- SOI FP : Soitec’s 2025 Outlook is Far Below Expectations: Morgan Stanley
- SPI LN : Keysight Prepares Roughly 200p Per Share Offer for Spirent: Sky
- STLAM IM : Stellantis Cuts 8% of Italy Workers in Savings Push, Union Says
- TOD IM : LVMH-Backed L Catterton Raises Stake in Tod’s to Over 8%
- UBSG SW : UBS Cuts Bonus 2023 Pool by 14% After Deal, Trading Slowdown
- UBSG SW : UBS Hints CEO Ermotti Could Stay After Credit Suisse Integration
- VAR1 GY : Varta Likely to Report Results After Apr. 30: Preview
- DG FP : Vinci, Aena Said in Race to Acquire £3 Billion Edinburgh Airport
- VU FP : VusionGroup FY Ebitda Beats Estimates