Equities in Asia were mixed, while Treasuries steadied after Wednesday’s gains ahead of the Federal Reserve’s key inflation metric that will help identify the path forward for interest rates. Bitcoin surged past $61,000. Japanese and South Korean shares fell Thursday while stocks in China rose led by small-cap names after Wednesday’s selloff amid Beijing’s ongoing crackdown on quant strategies. US equity futures were little changed in Asian trading after small losses for the S&P 500 and Nasdaq 100 overnight. Chinese equities have rebounded sharply this month and are set for their biggest outperformance versus global stocks since July after authorities took a slew of measures to bolster market sentiment. Investors are looking ahead to next week’s meeting of the National People’s Congress to deliver more support measures. Bitcoin extended gains after surging above $60,000 for the first time in more than two years Wednesday, reflecting new demand from exchange traded funds. The currency almost touched $64,000. The 2021 record high is just below $69,000. Other notable moves in Asian shares included a jump for Japanese lender Aozora Bank Ltd. after a fund linked to activist investor Yoshiko Murakami reported a shareholding. Alibaba shares dropped in Hong Kong after the company rolled out its second major cost cuts for cloud services in years. Declines for US stocks overnight came as data showed strong consumer spending despite a small revision to US gross domestic product growth in the fourth quarter of 2023. The report comes ahead of the Fed’s favored inflation gauge due Thursday and was broadly supportive of the caution voiced by Fed officials in recent weeks. US stocks have reached a significant inflection point — poised to either “top out or broaden out,” according to Craig Johnson at Piper Sandler. Technical evidence suggests the next 10% move in the equity market is likely lower than higher, he said. Treasuries were steady in Asia after a rally Wednesday saw the 10-year yield falling four basis points and the policy-sensitive two-year slipping six basis points. Australian yields echoed the move in early Asian trading while New Zealand yields were largely unchanged. Foreign exchange markets were little changed Thursday, with the yen leading gains against the dollar among its Group-of-10 peers after Bank of Japan Board Member Hajime Takata signaled that the case for ending the world’s last negative interest rate policy is gaining momentum. The greenback gained against most major currencies Wednesday, most notably the New Zealand dollar, which fell 1.2% against the US currency. In Asia, economic reports due Thursday include fourth-quarter GDP data for India, the current account balance in Thailand, and inflation data for Sri Lanka and Vietnam. New York Fed President John Williams said Wednesday the central bank has “a ways to go,” in its battle against inflation and Atlanta Fed chief Raphael Bostic urged patience in regard to policy tweaks. Overall, recent comments from Fed officials underscore the importance of data in guiding policy moves. Following a jump in both the consumer and the producer price indexes, Thursday’s core personal consumption expenditures gauge will likely highlight the bumpy path the central bank faces in achieving its 2% target. The PCE is seen validating recent commentary from officials showing no rush to ease monetary policy. Traders are currently pricing around 80 basis points of easing by year-end — almost in line with what officials in December indicated as the likeliest outcome. That would equate to three cuts in 2024 — as the Fed moves have historically been increments of 25 basis points. To put things in perspective, swaps were projecting almost 150 basis points of cuts this year at the start of February. In commodities, oil extended declines Thursday following a fall in prices for West Texas Intermediate in the previous session. Elsewhere, SQM, the world’s second-larget lithium producer, reported a 82% drop in quarterly profits amid global glut for battery material that the company expects to keep prices subdued this year. US After Hours OKTA +24.2%, DUOL +21.3%, ESTA +14.4%, AI +13.5% higher on earnings; LPSN -25%, WW -24.5%, SNOW -20.8%, FWRD -20.7%, DV -18.4% lower on earnings.
Nikkei -0.11% Hang Seng +0.31% CSI +1.59% Shanghai +1.54% Shenzen +2.93%
Eur$ 1.0838 CNH 7.2088 CNY 7.1934 JPY 149.76 GBP 1.2665 CHF 0.8785 RUB 91.3191 TRY 31.2275 WTI$ 78.52 -0.03% Gold 2,037 +0.12% BTC 62,930 +3.94% ETH 3,475 +4.59%
S&P -0.03% Nasdaq -0.06% EuroStoxx +0.02% FTSE +0.12% Dax +0.03% SMI -0.06%
Macro :
- Xi’s Big Ambition in EV Is Unlikely to Boost Growth: China Today
- EU High-Leverage Firms Could Reverse Pandemic Underperformance
- Citadel Securities Hires Ex-Millennium’s Kotecha as APAC Head
- Negative Jaws Risk? European Banks’ €300 Billion Costs in Focus
Keep an eye on :
Keep an eye on :
- ARLN GY : Aareal Bank 4Q Risk Provisions Incl. FVPL €193M vs €28M Y/Y
- ABI BB : AB InBev 4Q Middle Americas Revenue Misses Estimates
- ACKB BB : Ackermans FY Net Income Misses Estimates
- ADEN SW : Adecco 4Q Revenue Meets Estimates
- ADE NO : Adevinta 4Q Ebitda Misses Estimates
- AIR FP : Airbus, Bristow Group in Pact for Up to 15 H135 Helicopters
- AF FP : Air France-KLM 4Q Ebitda Misses Estimates, *AIR FRANCE-KLM 4Q OPER LOSS EU56M, EST. PROFIT EU139.4M
- AIXA GY : Aixtron Sees 2024 Ebit Margin About 24% to 26%, Est. 27.2%
- ABI BB : Bud Light Strike Averted as AB InBev Reaches Deal With Workers
- ANDR AV : Andritz 4Q Net Misses Estimates; Sees Higher 2024 Revenue (1)
- ARCAD NA : Arcadis Joint Venture Selected for Hudson Tunnel Project in US
- AKE FP : Arkema 4Q Ebitda Margin Misses Estimates
- ASRNL NA : ASR Nederland FY Operating Profit Misses Estimates
- ATO FP : Atos Names Onepoint Founder Layani to Board
- BABA US : Alibaba Unveils Big Cloud Price Cuts as AI Rivalry Intensifies
- AMS SM : Fiserv, Amadeus Vie to Acquire Shift4 Payments: Reuters
- ARGX BB : Argenx FY Vyvgart Sales Beats Estimates
- BNG IM : Pop. Sondrio to Enter Italy’s FTSE MIB, Replacing Banca Generali
- BETCO SS : Better Collective Offering of Shares Prices at DKK189.40/Share
- BA US : Justice Department Looking Into Boeing Door Plug Blowout
- BWLPG NO : BW LPG 4Q Time Charter Equivalent Revenue Misses Estimates
- BWO NO : BW Offshore 4Q Ebitda Beats Estimates
- BYS SW : Bystronic FY Ebit Misses Estimates
- AI US : C3.ai 3Q Revenue Beats Estimates --> +16%
- CC US : Chemours Sees FY23 Net Loss $225m-$235m; Delays Results Release
- CLARI FP : Clariane FY Ebitdar Beats Estimates, *CLARIANE WON'T PAY DIVIDEND AS LEVERAGE RATIO >3.5 ON DEC. 31
- CLN SW : Clariant 4Q Adjusted Ebitda Misses Estimates
- COV1 GY : Covestro 4Q Net Loss EU187M, Est. Loss EU98.5M
- DHG ID : Dalata FY Adjusted Ebitda Beats Estimates
- DEEZR FP : Deezer FY Adjusted Ebitda Loss EU28.8M, Est. Loss EU47.1M, CEO Jeronimo Folgueira to Leave at End of March
- EZJ LN : Easyjet to Join FTSE 100, Endeavour Mining to Leave
- EAPI FP : EuroAPI FY Revenue Matches Estimates; Names Ludwig de Mot CEO
- EKTAB SS : Elekta 3Q Operating Profit Misses Estimates
- EMMN SW : Emmi Sees 2024 Ebit CHF295M to CHF315M, Est. CHF302.3M
- EBS AV : Erste 4Q Net Income Beats Estimates, Erste Sees 2024 Net Interest Income Growth About -3%
- FGR FP : Eiffage FY Adjusted Operating Income Meets Estimates
- FIE GY : Fielmann FY Dividend per Share €1.00 Vs. €0.75 Y/y
- FNTN GY : Freenet Sees 2024 Ebitda EU495M to EU505M
- FNTN GY : Freenet Sees 2024 Ebitda EU495M to EU505M
- FUR NA : Fugro 4Q Adjusted Ebit Beats Estimates
- GET FP : Getlink 2024 Ebitda Forecast Misses Estimates
- HPQ US : HP Inc 1Q Net Revenue Misses Estimates: Snapshot
- ITP FP : Interparfums CEO Pushes for Growth Amid Pessimistic Views for China
- JAZZ US : Jazz Pharma 2024 Adjusted EPS Forecast Misses Estimates
- KGX GY : Kion Sees 2024 Adjusted Ebit EU790M to EU940M, Est. EU813.5M
- LTMC IM : Lottomatica FY Adjusted Ebitda EU580.4M Vs. EU497.5M Y/y
- MRK GY : Merck KGaA Granted FDA Orphan Drug Status for Cambritaxestat
- MRL SM : Merlin Properties FY FFO Meets Estimates
- MITRA BB : Mithra on Track to Complete Phase 3 Study for Donesta
- MONC IM : Moncler 4Q Revenue Beats Estimates, Moncler Momentum Aids 2024 Growth, Tempers Inventory Risk
- NEOEN FP : Neoen FY Ebitda Meets Estimates, *NEOEN APPOINTS YVES-ERIC FRANCOIS AS CFO AS OF APRIL 1
- NXI FP : Nexity FY Adjusted Net Income Misses Estimates
- NN NA : NN Group FY Operating Profit Beats Estimates
- NDX1 GY : Nordex Sees 2024 Ebitda Margin 2% to 4%, Est. 4.05%
- PARA US : Paramount Global 4Q Revenue Misses Estimates: Snapshot
- BPSO IM : Popolare Sondrio Joins FTSE MIB on Higher Profits, Consolidation
- PST IM : Poste Italiane 4Q Ebit Beats Estimates
- PRY IM : Prysmian 2024 Adjusted Ebitda Forecast Beats Estimates, Prysmian Board Approves Battaini Nomination as CEO, Gori Chair
- RECT BB : Recticel FY Adjusted Ebitda Beats Estimates
- SPM IM : Saipem 4Q Revenue Beats Estimates, Saipem’s Results, Guidance Surpass Expectations
- SDZ SW : Sandoz US to Pay $265 Million to Settle Antitrust Probe
- SBMO NO : SBM Offshore FY Adjusted Ebitda Beats Estimates
- SDRL NO : Seadrill 4Q Adjusted Ebitda Misses Estimates
- SHEL LN : Shell’s US Solar Unit Offers Assets for Sale: Reuters
- SHUR BB : Shurgard FY Adjusted EPRA Profit Misses Estimates
- SMCP FP : SMCP FY Adjusted Ebitda Misses Estimates
- S92 GY : SMA Solar FY Ebitda EU311M Vs. EU70M Y/y
- SRG IM : 2i Rete Gas Starts Process to List Shares on Euronext Milan
- SMHN GY : Suess MicroTec Prelim FY Ebit Beats Estimates
- TKA GY : ThyssenKrupp May Cut at Least 5,000 Jobs at Steel Unit: HB
- UMG NA : UMG 4Q Revenue Beats Estimates, Universal Music Begins €250 Million Cost-Reduction Initiative
- VLA FP : Valneva Says CDC Committee Recommends Chikungunya Vaccine
- VIE F : Veolia Sees Earnings Growth Continuing After 2023 Profit Jumps, Veolia Sees 2024 Current Net Income Above EU1.5B, Est. EU1.51B
- VKTX US : Viking Therapeutics Offering of 6.47m Shares Prices at $85/Share
- VOW GY : XPeng, Volkswagen Enter Into Tech Collaboration, Sourcing Pact
- VZN SW : VZ Holding FY Dividend per Share CHF2.24 Vs. CHF1.74 Y/y