Asian equities traded in a tight range as investors prepared for the US election and key economic data that will set the stage for the next Federal Reserve decision. Shares gained in Tokyo and Australia while equities in China and South Korea retreated. US futures edged lower after most major groups in the S&P 500 gained at the start of the busiest week for corporate earnings. Treasury yields slipped. Markets are bracing for the potential prospect of Donald Trump returning to the White House, with most major polls showing him locked in a tight race with Vice President Kamala Harris. Crypto companies surged, and Bitcoin rose past $71,000 for the first time since June, as the former president is seen as supportive of the digital tokens. A victory for Trump would be more beneficial for stocks and Bitcoin relative to his Democratic opponent, while a Harris presidency would bring slightly more relief to housing costs, according to a Bloomberg Markets Live Pulse survey. Some 38% of respondents see equities accelerating a year from now under the Republican candidate, versus 13% under the Democrat. Trump’s chances of a victory are increasing and “that’s seen as good for US stocks in the short run,” said Phillip Wool, head of portfolio management at Rayliant Global Advisors. “Deficits will increase, inflation will come back, and it could slow Fed rate cuts. All of this would put upward pressure on the dollar, which would be a headwind to other economies across Asia.” It’s shaping up to be a busy week for investors as the countdown to the US election begins, with corporate earnings and economic data also expected to help dictate the market’s near-term direction. Just days before the Federal Reserve gathers to reflect on the appropriate tempo of rate cuts, data is set to show underlying resilience in the US economy and a temporary hiccup in jobs growth. Investors are awaiting results from firms accounting for nearly 42% of the S&P 500’s market capitalization, including several big techs like Apple Inc., Microsoft Corp. and Meta Platforms Inc. Apple Inc.’s iPhone exports from India jumped by a third in the six months through September, people familiar with the matter said. This underscores the company’s push to expand manufacturing in the country and reduce dependence on China. In currency markets, the yen strengthened after Japanese Prime Minister Shigeru Ishiba promised to restore political stability in a bid to maintain power, following his ruling coalition’s failure to win a majority in the lower house. Traders are also awaiting a BOJ policy decision which is due later this week. Data showed that Japan’s labor market tightened in September, indicating sustained pressure on companies to raise wages ahead of the BOJ meeting. A gauge of the dollar was little changed while 10-year Treasury yields dropped after rising the previous session amid weak demand for a pair of note auctions. Meanwhile, the Biden administration finalized restrictions on investments by US individuals and companies into advanced technology in China, including semiconductors, quantum computing and artificial intelligence. Separately, data showed investors yanked money out of exchange-traded funds that buy Chinese stocks last week, halting a streak of inflows as the latest stimulus measures failed to impress investors. In corporate news, shares of Nippon Paint Holdings Co. jumped as much as 24%, the biggest intraday gain in 24 years, in early Tokyo trading. The Japanese company had announced plans to purchase global chemicals formulator AOC for $2.3 billion. HSBC Holdings Plc announced a fresh multibillion-dollar stock buyback as it reported better-than-estimated earnings, days after unveiling a major overhaul of its businesses. Over in India, traders will be looking for a steer on Adani Enterprises Ltd.’s fund raising plans and performance of its coal trading and airports units when the flagship of the Adani Group reports its quarterly earnings. In commodities, oil steadied — after tumbling the most in more than two years on Monday — as the market focused on the prospect for easing hostilities in the Middle East and upcoming US economic data. Gold advanced toward a record. US After Hours VFC +21.5%, FFIV +10.8% surging following earnings reports; F -5.1% downshifts following trimmed FY24 EBIT outlook.
Nikkei +0.77% Hang Seng +0.40% CSI -0.97% Shanghai -1.02% Shenzen -1.40%
Eur$ 1.0807 CNH 7.1500 CNY 7.1422 JPY 153 GBP 1.2964 CHF 0.8656 RUB 97.2050 TRY 34.2959 WTI$ 67.31 -0.10% Gold 2,752 +0.36% BTC 71,030 +2.04% ETH 2,616 .4%
S&P +0.08% Nasdaq +0.23% EuroStoxx +0.30% FTSE +0.22% Dax +0.28% SMI +0.42%
Macro :
- Goldman’s Solomon Says Base Case Is US Soft Landing, Goldman’s Solomon Sounds Optimistic Note on Outlook for Deals
- Hedge Fund Vantage Point Buys Dollar, Japan Stocks in Trump Bet
- Guindos Says ECB Sees ‘Substantial Risks’ to Inflation Outlook
- Germany’s Ruling Coalition May Have Already Quietly Quit
Keep an eye on :
Keep an eye on :
- ACE IM : Acea Gets €500m Loan From EIB, CDP for Electric Infrastructure
- ADS GY : Adidas 3Q Gross Profit Meets Estimates
- ALO FP : Alstom, TotalEnergies, Engie Sign Morocco Deals on Macron Visit
- AAPL US : Apple Ships $6 Billion of iPhones From India in Big China Shift
- ASPO FH : Aspo 3Q Net Sales Misses Estimates
- ATS AV : AT&S Cuts FY Revenue Forecast
- BALN SW : Baloise Sells Holding in Digital Insurer Friday to Allianz
- BAVA DC : Bavarian Says First Children Vaccinated in Mpox Clinical Study
- BA US : Boeing Raises $21 Billion in Capital Hike to Boost Liquidity
- CEC GY : Ceconomy FY Sales Meets Estimates
- CLN SW : Clariant 3Q Sales Misses Estimates
- CBK GY : Germany Is Said to Seek Another Adviser for Commerzbank Stake
- CRBN NA : Corbion 9M Organic Revenue +2.6%, Raises Outlook
- 1COV GY : Covestro Narrows FY Ebitda Forecast
- ACA FP : Ex-Avana Partners’ €343 Million Cum-Ex Trial to Start
- ENGI FP : Engie, OCP to Agree Venture With €4 Billion of Projects: Le Desk
- ENGI FP : Alstom, TotalEnergies, Engie Sign Morocco Deals on Macron Visit
- RACE IM : Christie’s Pulls Angelina Jolie-Linked Ferrari From Paris Sale
- GS US : Goldman’s Solomon Sounds Optimistic Note on Outlook for Deals
- HFG GY : HelloFresh 3Q Adjusted Ebitda Margin Beats Estimates
- HSBA LN : HSBC 3Q Pretax Profit Beats Estimates, HSBC to Buy Back $3 Billion Shares as Profit Beats Estimates
- HYQ GY : Hypoport Prelim 3Q Ebit About EU3.6M, Est. EU3.2M (2 Est.)
- IDIA SW : Idorsia Sees FY Adj. Oper Loss CHF350M, Saw About Loss CHF400M
- JYSK DC : Jyske Common Equity Tier 1 Ratio Beats Estimates
- KDP US : Keurig Dr Pepper Holder JAB Holding Co. Offers 60m Shares
- LOOMIS SS : Loomis 3Q Net Sales Misses Estimates
- LHA GY : Lufthansa 3Q Adjusted Ebit Beats Estimates
- MBG GY : Chauffeur Firm Blacklane Draws Saudi Arabia’s PIF in New Round
- NFLX US : Netflix Said to Discuss Releasing ‘Narnia’ Film in Imax Theaters
- NOVN SW : Monte Rosa Shares Surge in Record Jump After Novartis Pact
- NOVN SW : Monte Rosa Shares Surge in Record Jump After Novartis Pact
- NOVN SW : Novartis Boosts Profit Forecast as Sales of New Drugs Rise
- OMV AV : OMV 3Q Net Misses Expectations Amid Looming Cost Risks
- ORK NO : Orkla 3Q Adjusted Ebit Beats Estimates
- PHIA NA : Philips Valuation Now Reflects Challenges, Jefferies Upgrades
- RPD US : Rapid7 Explores Takeover Interest From Buyout Firms: Reuters
- RIO LN : Rio Suspends Port Operations for Simandou After Employee Death
- SAN SM : Santander Beats Profit Estimates on Lending Income
- SAP GY : Trex Rises After Ebitda Forecast, Reaffirming FY Sales Guide
- SCHA NO : Schibsted Holder Polaris Media Offers 3m Class B Shares
- SCHA NO : Schibsted Holder Polaris Media Offers 3m Class B Shares
- SHUR BB : Shurgard Self Storage Names Thomas Oversberg as CFO
- SIGN SW : SIG Group 3Q Adjusted Ebitda Meets Estimates
- SKAB SS : Skanska to Construct New Hospital in Florida for $435m
- SMCP FP : SMCP 3Q Organic Sales -0.9%
- STMN SW : Straumann 3Q Revenue Meets Estimates
- TEL NO : Telenor’s Grameenphone 3Q Operating Profit NOK1.32b vs NOK1.63b
- TTE FP : Alstom, TotalEnergies, Engie Sign Morocco Deals on Macron Visit
- TTE FP : TotalEnergies Finds Gas Condensate Resources in Harald Field
- TTE FP : TotalEnergies Finds Gas Condensate Resources in Harald Field
- DG FP : Vinci Consortium Wins Chicago Metro Contract Worth $2.78B
- UBER US : Chauffeur Firm Blacklane Draws Saudi Arabia’s PIF in New Round
- UCG IM : UniCredit CEO Not Seeking Conflict with German Government: Union
- VOW GY : Volkswagen Workers Brace for Fallout From Years of Dereliction
- VU FP : VusionGroup 3Q Sales EU222.9M Vs. EU182.5M Y/y
- WRT1V FH : Wartsila 3Q Adjusted Ebit Beats Estimates