Equities in China underperformed the region on Thursday as traders awaited signals of further stimulus from policymakers in Beijing ahead of a key economic meeting next month. Benchmarks in Hong Kong and mainland China fell, while stocks in Australia advanced. Shares in Japanese semiconductor-related companies jumped amid a report that the US is considering lighter-than-expected restrictions on sales of chip equipment and AI memory semiconductors to China. US equity futures climbed. Usually held in December, China’s Central Economic Work Conference typically offered a blueprint on monetary, fiscal and various industrial policies for the coming year.
The talk of sanctions underscored the persistent threat to already fragile trade relations between the US and China, which was weighing on the region. Asian equities were on pace for their first back-to-back monthly drawdown this year following the dollar’s recent advance and concerns over escalating trade tensions. Despite optimism on the potential for further stimulus from Beijing, “there are increased concerns and frustrations,” from investors, Winnie Wu, China equity strategist for Bank of America Securities, said on Bloomberg Television. The potential for further support and the prospect of US tariffs on China mean even long-term investors “are focusing on the next three to six months, or even three to six weeks,” she said. Australian and New Zealand yields fell Thursday, tracking moves in Treasuries on Wednesday. Investors had sought the safety of US government debt, pushing 10-year yields lower. There’s no cash trading of US Treasuries in Asia on Thursday due to the Thanksgiving holiday. A pick-up in the Federal Reserve’s preferred gauge of underlying inflation is reinforcing the case for policymakers to proceed gradually with further interest-rate cuts. Traders are also weighing the expected impact of Donald Trump’s administration picks, with the US president-elect’s policies expected to reinforce price pressures. In currencies, the yen weakened Thursday, moderating a Wednesday gain of more than 1% against the greenback which drove it to the strongest since late October. The move came amid views that the Bank of Japan may raise interest rates at its December meeting. The nation’s cabinet was also set to approve a $92 billion extra budget to finance Prime Minister Shigeru Ishiba’s stimulus package, according to state broadcaster NHK.The Japanese currency is “unlikely to trade below 150 for any significant amount of time given still-wide interest rate differentials that continue to favor the dollar,” Win Thin, global head of markets strategy at Brown Brothers Harriman & Co., wrote in a note. Elsewhere, the Mexican peso advanced after President-elect Donald Trump held talks with Mexico’s president Claudia Sheinbaum. South Korea’s won weakened as the Bank of Korea unexpectedly cut interest rates 25 basis points to 3%. In commodities, gold and silver prices fell Thursday, while oil treaded water as OPEC+ was expected to delay a production restart. Meanwhile, Bitcoin traded around $96,000 after a rally on Wednesday. US After Hours APLT -76.5% falls after FDA did not approve the NDA; MSFT -0.4% ticks lower on Bloomberg report that it's facing a broad FTC investigation
Nikkei +0.56% Hang Seng -1.18% CSI -0.59% Shanghai -011% Shenzen -0.23%
Eur$ 1.0549 CNH 7.2540 CNY 7.2463 JPY 151.49 GBP 1.2664 CHF .8831 RUB 113.51 TRY 34.6701 WTI$ 68.71 Gold 2,636 BTC 95,700 ETH 3,603
S&P +0.13% Nasdaq +0.21% EuroStoxx +0.61% FTSE +0.16% Dax +0.36% SMI +0.38%
Macro :
- Crypto Stocks Surge as Bitcoin Rallies Toward $100,000 Milestone
- Trump Picks Keith Kellogg as Envoy for Ukraine and Russia
- Bitcoin Gets Boost as Crypto Supporters Vie to Head US Agencies
Keep an eye on :
Keep an eye on :
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