Stock-index futures slid and Treasuries halted a three-day rally amid lingering concern about the fiscal health of the US economy. Weak demand at a Japanese bond auction also hurt sentiment. Asian shares erased their earlier gains to drop 0.1% with stocks in Hong Kong among the region’s biggest decliners. Longer maturities led Treasury losses while a 40-year auction in Japan drew the weakest demand since July. South Korean chip stocks rose before earnings from Nvidia Corp. due later Wednesday. Futures for the S&P 500 were flat while those for European shares retreated 0.2%. Investors have remained wary about the fiscal health of the US economy after President Donald Trump unleashed his tariff war and pushed for tax cuts, which raised concerns about the country’s burgeoning deficit. The Federal Reserve has reiterated it’s waiting to gather more evidence before cutting interest rates, while the “Sell America” trend has hurt the dollar, with a gauge of the currency losing almost 7% this year. The decline in demand at Japan’s 40-year auction risks fueling further volatility in global debt markets. The nation’s 30-year yield jumped 10 basis points following the sale, while the yen trimmed its decline. Japan’s debt sale came at a time when long-term borrowing costs have also surged in other major economies, including the US. Japanese yields, particularly in the super-long part of the curve, have been rising as the Bank of Japan scales back its bond purchases, while life insurers are failing to fill in that gap. Concerns on the ability of governments to cover massive budget deficits have weighed on developed-market debt in recent days, pushing up longer-maturity US yields toward levels last seen in 2007. Meanwhile, the Reserve Bank of New Zealand delivered its sixth interest-rate cut to fan economic recovery. The New Zealand dollar rose while the country’s short-dated bonds extend their decline following the RBNZ’s comment that the policy rate is now in a neutral zone. Federal Reserve Bank of New York President John Williams says pandemic-era price shocks have changed American consumers’ inflation perceptions. He speaks at a Bank of Japan conference in Tokyo. Attention Wednesday will be on the earnings of Nvidia, the maker of chips vital to a build-out of AI infrastructure. The company will give an earnings report late Wednesday that will provide investors with a sense of whether that flood of spending is sustainable. US After Hours BOX +9.5% higher on earnings; OKTA -11.7%, SMTC -2.4% lower on earnings; MTN +10.1% as Rob Katz returns as CEO
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Macro :
- Trump Says He’s ‘Working’ on Taking Fannie, Freddie Public
- Blackstone Buys $5B in New York Pension PE: Financials Wrap
- Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat
- US Solar Makers See Tariff Loophole for Asian Competitors
- PornHub Among Adult Sites Probed by EU on Child Safety Fears (3)
Keep an eye on :
Keep an eye on :
- AEDAS SM : Neinor in Talks to Buy Stake in Rival Spain Developer Aedas (2)
- AIFORIA FH : Aiforia Technologies Offers EU7 million Shares via Danske Bank, Aiforia Technologies Offering Prices at EU3.20/Share
- AIR FP : Air Niugini Signs Order for Two Airbus A220s Aircraft
- ARCAD NA !: Arcadis Gets Services Contract for Louisiana Bridge Project
- AT1 GY : Aroundtown 1Q Net Income EU318.6M Vs. EU102.3M Y/y
- BATS LN ; BAT Is Said to Upsize ITC Block Sale to About $1.5 Billion
- XYZ US : Block to Begin Offering Bitcoin Payments on Square
- IAG LN : Portugal Says Carrier TAP Is Strategic as It Plans Sale (1)
- CVX US : *US TO GRANT CHEVRON LICENSE TO KEEP VENEZUELA OIL ASSETS: WSJ
- DONE SS : Done.ai Group Offers SEK70 million Shares via Pareto Securities
- DASH US : DoorDash Prices Upsized $2.5b Conv Sr Notes Offering
- EKTAB SS : Elekta 4Q Net Sales Meet Estimates
- ETL FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- FER SM : Casa Grande de Cartagena Offers About 6M Ferrovial Shares: Terms
- FFARM NA : ForFarmers Signs New €150 Million Credit Facility
- GLXY US : Galaxy Digital Said to Market 29 Million Share Deal for Two Days
- GALD SW : Galderma Backers Look to Sell 7% Stake in Swiss Skincare Group, Galderma Offering by Holders Prices at CHF97.75/Share: Terms
- GALD SW : Galderma Backers Look to Sell 7% Stake in Swiss Skincare Group, Galderma Offering by Holders Prices at CHF97.75/Share: Terms
- GDS US : GDS Offers Up to 2.5% Coupon on $450 Million Convertible: Terms
- Greenvolt : Greenvolt to Sell Four Wind Farms in Poland to Enea Nowa Energia
- HOLX US : Hologic Rises By Most Since 2000 on Report of $16b P-E Offer ( - 70/72$/share according to FT
- HPQ US : HP’s Outlook Seen at Risk Due to Uncertain Backdrop: Preview (1)
- DEC FP : JCDecaux Says CFO David Bourg Expands Role at Company
- MCG LN : Mobico Group, THG Indicated to be Removed From FTSE 250 Index
- MTN US : *VAIL SHARES RISE 3% POSTMARKET AS EXEC CHAIR KATZ NAMED CEO
- 7201 JP : Nissan Plans $7 Billion Funding With Backing From UK Government
- PKTM AV : Pierer Mobility FY Ebit Loss EU1.18B
- RCO FP : Remy Cointreau Names Franck Marilly as CEO
- SAN SM : Santander Setting Up Miami, Switzerland Offices for Super-Rich
- SESG FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- SHEL LN ; Shell to Sell Its Mexico Fuel Import Licenses To Iconn: Linea
- ENR GY : Siemens Energy Rated New Outperform at CICC; PT 94 euros
- SOI FP : Soitec FY Gross Margin Beats Estimates
- STR AV : Strabag Holder Uniqa Offers 1.8m Shares: Terms, Strabag Offering by Holder Prices at €77.67/Share: Terms
- TEN IM : Tenaris Approves Share Buyback Program of Up to $1.2 Billion
- TSLA US : Tesla Investor Baillie Gifford Keeps Stake in Bet on Future Tech
- TEVA IT : Teva Celiac Disease Candidate Gets Fast Track Designation by US
- UCG IM : UAE-Based Suitors May Bid for UniCredit Russia Unit: Messaggero
- X US : US Poised to Get Golden Share in US Steel-Nippon Steel Deal
- WBD IM : Webuild Wins Aud1.8B Contract in Australia