Stocks and currencies in Asia rose in a relief rally as investors weighed the possible peak of the Federal Reserve’s historic tightening campaign. Equity benchmarks advanced across the region from Sydney to Hong Kong, with tech firms at the forefront. The South Korean won led emerging-market currencies higher, while the yen also advanced. US stock futures edged higher. The rebound indicated relief among investors in assets that had been battered by expectations of higher-for-longer US rates, after Federal Reserve officials hinted that a run-up in long-term Treasury yields reduces the impetus to tighten policy further. While they left the door open to another increase, Chair Jerome Powell indicated that a pause gives the central bank time to assess if it needs to do more to contain inflation. Following a 20-basis-point slump in Treasury 10-year yields on Wednesday, bonds in the region rallied. New Zealand yields led the decline with a 25-basis-point drop, while even Japanese sovereign bond yields fell despite weak demand at the country’s first bond sale since the central bank loosened its grip on its yield curve control policy on Tuesday. Lower Treasury yields weighed on the greenback, which weakened against major currencies, and helped buttress the yen. The Japanese currency strengthened early Thursday extending gains from Wednesday. Fed Chair Jerome Powell left the door open for further hikes in the central bank’s Wednesday decision, but noted that financial conditions have “tightened significantly in recent months driven by higher, longer—term bond yields, among other factors.” Powell repeatedly said the committee was moving “carefully,” a wording that often has signaled a low likelihood of any immediate change in policy. He also said risks to the outlook have become more two-sided as the tightening campaign nears its end. US jobs data painted a mixed picture. There were more job openings than forecast, according to the latest JOLTS data, while ADP’s private payrolls figures showed fewer new roles than anticipated. Initial jobless claims figures will be released later Thursday. Elsewhere, the Bank of England is expected to hold rates for a second consecutive meeting Thursday, as inflation concerns ease. Back in Asia, South Korea’s inflation unexpectedly accelerated in October, reinforcing the case for the local central bank to keep its restrictive policy in place for longer. Meantime, Japanese Prime Minister Fumio Kishida announced a larger-than-expected economic stimulus package. Other economic releases Thursday include a monetary policy decision in Malaysia and PMI data for Singapore. Investors will also be keeping an eye on earnings releases from Tata Motors Ltd and Adani Enterprises Ltd. Other companies due to release results include Eli Lilly & Co and Novo Nordisk, while Apple Inc will deliver its latest earnings later on Thursday in the US. Semiconductor manufacturers and related stocks jumped after AMD provided a strong sales forecats of its new processor with SK Hynix and Samsung Electronics leading the way. West Texas Intermediate, the US oil benchmark, advanced more than 1% to above $81 per barrel, retracing a Wednesday decline. Gold was steady and bitcoin traded largely unchanged at around $35,500. US After Hours Busy earnings night; ROKU +15.9%, FARO +11%, FSLY +10.5%, ELF +8.4%, DASH +7.6%, PYPL +3.6% higher on earnings; CFLT -34.7%, RELY -22.4%, SEDG -22%, ABNB -2.9% lower on earnings.
Nikkei +1.10% Hang Seng +0.71% CSI -0.26% Shanghai -0.24% Shenzen -0.74%
Eur$ 1.0535 CNH 7.3323 CNY 7.3187 JPY 150.40 GBP 1.2176 CHF 0.9042 RUB 92.6000 TRY 28.3425 WTI$ 81.25 +1% Gold 1,985 +0.12% BTC 35,200 -0.71% ETH 1,835 -1%
S&P +0.14% Nasdaq +0.27% EuroStoxx +0.56% FTSE +0.40% Dax +0.53% SMI +0.22%
Macro :
- BofA Sentiment Indicator Shows S&P Gaining 16% Over Next Year
- Macron Flexes Protectionist Muscle to Shield Vulnerable Firms
Keep an eye on :
Keep an eye on :
- ADEN SW : Adecco 3Q Revenue Meets Estimates
- AIR FP : Spirit Aero Says Striking New Airbus Pact of ‘Utmost Urgency’
- AF FP : Schiphol Airport to Cancel Some Flights on Thursday Due to Storm
- ALT US : Altice USA 3Q Adjusted Ebitda Beats Estimates
- AMBEA SS : Ambea 3Q Net Sales Meets Estimates
- ANDR AV : Andritz 3Q Ebita Beats Estimates
- ATO FP : Onepoint Holds 9.9% of Atos as Part of Reorganization
- BAMNB NA : BAM Sees FY Adjusted Ebitda Margin 4.5%, Saw Above 4%
- CTY1S FH : Citycon Narrows FY EPRA EPS Forecast
- DHER GY : Delivery Hero Holds 6.7% Deliveroo Voting Rights vs 5.1% Prev
- DIS US : Disney to Pay $8.61 Billion for Comcast’s 33% Stake in Hulu (1)
- DKSH SW : DKSH to Buy Bio-Strategy to Grow in Australia, NZ; No Terms
- DRW3 GY : Draegerwerk 3Q Ebit EU29.2M
- DUFN SW : Dufry AG 3Q Sales Beats Estimates
- EPR NO : Europris 3Q Ebitda Beats Estimates
- FRE GY : Fresenius SE 3Q Net Income Excluding Items Meets Estimates
- FME GY : Fresenius Medical 3Q Operating Income Misses Estimates
- FME GY : Fresenius Medical Care Raises 2023 Operating Income Outlook
- GEBN SW : Geberit Sees FY Ebitda Margin 29% to 30%, Saw About 29%
- GF SW : GF Unit Takes 51% Stake in Corys Piping Systems of Dubai
- BOSS GY : Hugo Boss 3Q Sales at Constant Exchange Rates Beats Estimates
- INGA NA : ING Announces €2.5B Buyback; 3Q NII Misses Estimates
- ISS DC : ISS 3Q Sales Beats Estimates
- KOJAMO FH : Kojamo 3Q Net Rental Income Beats Estimates
- LLOY LN : Lloyds Rejected Barclay Family’s £1b Bid for Telegraph: FT
- LHA GY : Lufthansa 3Q Adjusted Ebit Matches Estimates
- MC FP : Luxury Group Lalique Acquires Sauternes Vineyard Near Bordeaux
- MC FP : Luxury Group Lalique Acquires Sauternes Vineyard Near Bordeaux
- NANO FP : Nanobiotix Offers $30 Million Shares
- NAS NO : Norwegian Air 3Q Net Income Beats Estimates
- NETC DC : Netcompany Narrows FY Sales at Constant Exchange Rates Forecast
- NOVOB DC : *NOVO NORDISK 3Q WEGOVY SALES DKK9.65B, EST. DKK8.07B
- NOVOB DC : Novo Nordisk 3Q Wegovy Sales Beats Estimates
- OR FP : *SHISEIDO FALLS AS MUCH AS 5.5% AFTER ESTÉE LAUDER CUTS OUTLOOK
- OERL SW :Oerlikon 3Q Ebitda Meets Estimates
- PSH NA : Pershing Square Holdings Oct. Net Performance -3.6%
- PFV GY : Pfeiffer Vacuum Boosts FY Sales Forecast
- SCATC NO : Scatec Lowers Ebitda Guidance as 3Q Revenue Misses Estimates
- G24 GY : Scout24 SE Boosts FY Operating Ebitda Forecast
- SGL GY : SGL Sees FY Adjusted Ebitda Low End of EU160M to EU180M
- SCMN SW : Swisscom Sees FY Net Rev. CHF11.0B, Saw CHF11.10B to CHF11.20B
- TE FP : Technip Energies 9M Adjusted Recurring Ebit EU318.6M
- TEN IM : Tenaris 3Q Net Sales Meets Estimates
- UBI FP : *ELECTRONIC ARTS RISES 4% AFTER BOOSTING 2024 ADJUSTED EPS VIEW
- UBSG SW : UBS’s Ronner: Bank Not Too Big for Switzerland Despite CS Merger
- UPONOR FH : Georg Fischer Has 92% of Uponor Shares, Voting Rights
- VLK NA : Van Lanschot Kempen 3Q Total Client Assets EU133.6B
- ZAL GY : Zalando FY Revenue Forecast Misses Estimates, Gross Margin Misses, Full-Year Guidance Cut: Street Wrap
- ZURN SW : Zurich Insurance to Buy 51% in Kotak General for $487 Million