Asian stocks closed in on a fourth month of gains, lifted by hopes of a soft landing for the US economy and the prospect of lower interest rates. Shares in China led the advance, with sentiment boosted by a slew of upbeat earnings and a rebound in stocks of electric vehicle makers. Equities in Australia, Hong Kong and Japan rose, as did US futures, before publication of the Federal Reserve’s preferred inflation gauge later in the day. Japan’s 10-year bond yield edged higher after data showed price pressures in Tokyo quickened in August, backing the case for a further normalization of monetary policy. The yen was on track to halt a two-day drop, while Treasuries were poised for a fourth straight monthly gain. Bets for a Fed rate cut continue to dominate global markets, after data showed that the central bank has managed to tame inflation without the economy tumbling into recession. US output grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories. The Bloomberg Dollar Spot Index was little changed, though gains earlier this week meant it is set to end up for the first week in five. Aside from the core PCE data due later in the session, the big focus for financial markets will be next week’s US employment data. Nonfarm payrolls figures on Sept. 6 will be scrutinized for clues as to whether the Fed will cut rates in September, after Chair Jerome Powell opened the door to easing at his Jackson Hole speech earlier this month.
US interest rate cuts are likely to have knock-on effects for central banks across Asia, with analysts expecting authorities in Indonesia and India to lower borrowing costs. Meanwhile, shares of WuXi AppTec and WuXi Biologics are in focus as House Republican leaders plan votes early next month on a series of measures targeting Chinese companies. On the earnings front, Bank of China reported declines in first-half net income and commissions.
In the commodities space, gold held near a record high and oil steadied after jumping on Thursday on positive US economic data and worsening supply disruptions in Libya. Iron ore slipped after rallying by about 10% in 10 days to breach $100 a ton. US After Hours MDB +12.7%, MRVL +8.8%, ADSK +5.6%, LULU +4%, DELL +2.8% higher on earnings; ULTA -6.3% lower on earnings; NCNA -38.9% as its NuTide:323 study to be discontinued
Nikkei +0.50% Hang Seng +1.59% CSI +1.72% Shanghai +1.34% Shenzen +2.72%
Eur$ 1.1074 CNH 7.0822 CNY 7.0915 JPY 144.85 GBP 1.3165 CHF 0.8477 RUB 92.0000 TRY 34.0785 WTI$ 76.08 Gold 2?514 BTC 58,980 -1% ETH 2,515 -1%
S&P +0.16% Nasdaq +0.30% EuroStoxx -0.24% FTSE +0.43% Dax -0.18% SMI
Macro :
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Keep an eye on :
Keep an eye on :
- ACKB BB : Ackermans 1H Diluted EPS Cont Ops EU6.12 Vs. EU5.16 Y/y
- AMBUB DC : Ambu Maintains FY Ebit Margin Forecast
- AAPL US : Apple in Talks to Join OpenAI Funding Round, Sources Say -- WSJ
- AAPL US : Nvidia Has Held Discussions About Joining OpenAI’s Funding Round
- BAS GY : BASF Plans to Close Some Production Plants at Ludwigshafen Site
- BIRK US : Birkenstock Disappoints Investors With Unchanged Outlook
- BA US : Boeing Starliner to Be Undocked No Earlier Than Sept. 6: NASA
- CMBN SW : Cembra Won’t Redeem AT1 Bond on Nov. 15
- ACA FP : Credit Agricole: Capital Increase for Employees Totaled €169m
- ATD CN : Couche-Tard Said to Seek Pension Fund Backing for Seven & I Bid
- AM FP : Dassault Aviation: Serbia Buys 12 Rafale Fighters
- GRF SM : Brookfield Courts Sovereign Funds to Join Grifols Takeover Bid
- GRF SM : Brookfield Courts Sovereign Funds to Join Grifols Takeover Bid
- HAL NA : HAL 1H Net Income EU646.2M Vs. EU680.6M Y/y
- INTC US : Intel Is Said to Explore Options to Cope With Historic Slump
- INTRUM SS : Intrum Gets 66.7% Bondholder Support to Implement Restructuring
- JEN GY : Jenoptik Extends Chairman Stefan Traeger’s Contract Until 2028
- LHA GY : Pilots Extend Strike at Lufthansa’s Leisure Unit by Two Days
- NOKIA FH : Nokia Mobile Networks Assets Said to Draw Samsung Interest
- NOKIA FH : Nokia Says It Has Nothing to Announce in Relation to Speculation
- PVL FP :
- RECT BB : Recticel 1H Adjusted Ebitda Beats Estimates
- RCO FP : Rémy to Assess China Tariff Impact After Final Decision
- SIFG NA : SIF 1H Ebitda EU22.3M Vs. EU18.8M Y/y
- STR AV : Strabag 1H Ebit Slips 6.3% Y/y, Guidance Confirmed (1)
- TLGM : Telegram’s financial future in doubt as chief faces criminal inquiry
- TSLA US : Starlink Bank Accounts Blocked in Brazil to Pay for Fines on X
- TKA GY : Thyssenkrupp Steel CEO Departs Amid Dispute Over Unit’s Future
- VIW GY : Mahindra & Skoda VW poised for 50:50 EV joint venture: Focus on battery-powered SUVs