Asian stocks rose, heading for their second day of gains on Tuesday, as the dollar slipped before a swath of inflation prints that’s expected to influence the direction of global monetary policy. The MSCI AC Asia Pacific index rose, with stocks in Hong Kong leading gains. US and European equity futures remained firm. The Bloomberg dollar index was down for a third day, falling against all of its Group-of-10 peers as investors mull prospects for US interest-rate cuts. Australia’s currency outperformed. The 10-year Treasury yield remained steady. Chinese property shares advanced after Shanghai lowered down-payment ratios and the minimum mortgage threshold, as bigger Chinese cities follow through on the central government’s aid for the property sector. Tech stocks in China gained as major Chinese state banks said they will put a combined 114 billion yuan ($15.7 billion) into a semiconductor investment fund. Traders will this week be studying fresh inflation data from Australia to Japan, the euro region and the US. Bank of Japan Governor Kazuo Ueda and his deputy indicated there is scope for gradually raising interest rates now that the nation has shifted away from an inflation norm of 0%. Japan’s April producer prices beat estimates, jumping 2.8% from a year earlier. The Federal Reserve’s favorite measure of underlying inflation is expected to show modest relief when it lands on Friday. Chair Jerome Powell has stressed the need for more evidence that inflation is on a path to the 2% goal before easing policy. John Williams, Lisa Cook, Neel Kashkari and Lorie Logan are among US central bankers due to speak this week. In commodities, gold steadied. Oil advanced as focus shifted to an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season. Copper resumed its rally as China steps up efforts to rescue its property market and as the dollar weakened. Wheat briefly touched the highest level in more than nine months on concerns over shrinking stockpiles. Palm oil headed for its highest close since late April on expectations that shipments from top growers in Southeast Asia will rise to fulfill renewed demand from major buyers.
The ECB shouldn’t rule out lowering borrowing costs at both its June and July meetings, Governing Council member Francois Villeroy de Galhau said, pushing back against fellow monetary officials uncomfortable with the idea of consecutive cuts. Chief Economist Philip Lane told the Financial Times the central bank will have to keep policy restrictive through 2024, even with the prospect of an interest-rate cut next month. While an ECB rate cut in June has been widely telegraphed, subsequent steps are less clear given uncertainty over wage growth and factors like the fighting in the Middle East. Data this week may show headline inflation in the euro region ticked up in May.
Nikkei -0.15% Hang Seng +0.01% CSI -0.50% Shanghai -0.22% Shenzen -0.82%
Eur$ 1.075 CNH 7.2586 CNY 7.2460 JPY 156.75 GBP 1.2776 CHF 0.9120 RUB 88.9666 TRY 32.2009 WTI$ 78.86 +1.47% Gold 2,353 +0.08% BTC 67,800 -2.54% ETH 3,875 -1.15%
S&P +0.14% Nasdaq +0.25% EuroStoxx +0.10% FTSE +0.10% Dax +0.10% SMI +0.02%
Macro :
- MESTER DOESN'T COMMENT ON OUTLOOK FOR ECONOMY, INTEREST RATES
- History Says ‘Don’t Fight the PBOC’ on the Yuan: Macro Models
- UK Election Windfall Tax Risk for Banks' £770 Billion Reserves
Keep an eye on :
Keep an eye on :
- ABN NA : ABN Amro Buys German Bank Hauck & Aufhäuser From China’s Fosun
- ADJ GY : Adler Group 1Q FFO I Loss EU27M Vs. Profit EU16M Y/y
- AMZN US : Amazon in Talks with Italy to Invest Billions into Cloud:Reuters
- AMZN US : Amazon in Talks with Italy to Invest Billions into Cloud:Reuters
- BP/ LN : EOG Shares Seen Gaining on Report of BP Talks, Says Roth MKM
- CGCBV FH : Cargotec Publishes New Long Term Targets for Hiab Business
- DOV IM : DoValue Nears €450 Million Bank Financing Accord in Elliott Deal
- DWS GY : DWS Names Matthias Naumann as CIO Real Estate, Asia Pacific
- EFGN SW : EFG Reports Profit Above CHF110M in First 4 Months
- EQT SS : EQT to Buyback Shares for Up to SEK1b
- IIA AV : Immofinanz 1Q Net Income EU49.7M Vs. EU18.4M Y/y
- ISP IM : Intesa Launches Planned €1.7 Billion Buyback
- PHR LN : Nokia to Supply 5G Radio Equipment to Portugal’s MEO: Reuters
- LEHN SW : Lem FY Ebit Misses Estimates
- LHA GY : EU May Set N. America Request for ITA-Lufthansa Deal: Corriere
- MC FP : LVMH Names Pierre-Emmanuel Angeloglou CEO of Fendi
- NCCB SS : NCC Signs Agreement for New Swim Center; Order Value ~SEK460m
- NG/ LN : National Grid to divest UK's Grain LNG terminal
- NOKIA FH : Nokia to Supply 5G Radio Equipment to Portugal’s MEO: Reuters
- NOVOB DC : Eli Lilly, Novo Nordisk Top Pharma's Wide-Ranging Growth Outlook
- QDT FP : Quadient Q1 2024 Sales and Revenue Call
- STLA US : Stellantis Offers Two More Models for Italy to Defuse Row
- Sunrise Medical IPO : Nordic Capital’s Sunrise Seeks €240 Million in Frankfurt Listing
- TLGO SM : SPAIN SOUNDS OUT ESCRIBANO TO MAKE OFFER FOR TALGO:CONFIDENCIAL
- TCELL TI : Turkcell Raises FY Revenue Outlook
- UBSG SW : UBS Says Mostly Done ‘Optimizing’ Roles in Asia Pacific
- VMC US : Vulcan Open to Talks After Mexico Govt Offer Undervaluing Assets