A gauge of global stocks fell slightly on Friday, trimming a first-half rally that’s defied rising interest rates and the risk of recessions in major economies. The yen whipsawed after weakening through the closely watched 145 level versus the dollar, which drew verbal intervention from authorities in Tokyo.
As the second quarter draws to a close, Japan’s Topix was down for the day but headed for a gain of well over 20% since the start of the year. Chinese equities fluctuated Friday while remaining in the red versus the start of January. MSCI Inc.’s measure of developed and emerging markets was nearly up 12% year-to-date.
US futures were only marginally higher after the S&P 500 made a modest advance on Thursday as traders adjusted their positions at the end of the quarter. The yen’s depreciation through 145 for the first time since November was followed by a rapid retracement to around 144.70 after Finance Minister Shunichi Suzuki told reporters the government would respond appropriately to any excessive moves in the currency market. arlier, inflation in Tokyo re-accelerated for the second time in three months in June, supporting expectations the Bank of Japan will raise its prices forecast. Yet this may not be enough to shift the BOJ’s monetary settings anytime soon, leaving the yen under pressure versus currencies like the dollar that are supported by higher interest rates. The offshore yuan remained in the spotlight after the recent slide to its lowest level in seven months. It appreciated Friday, for the first time in three days, after the People’s Bank of China again set the daily reference rate for currency at a level stronger than the average estimate in a Bloomberg survey. The currency is down almost 5% against the dollar this year, prompting extra scrutiny from Chinese regulators, according to people familiar with the matter. Purchasing managers’ index data from China Friday underscored concern that the economy is losing steam, bolstering calls for more policy support. After the data came out, the US yield-curve inversion intensified — with longer-dated yields rising less than shorter-maturity ones. That means the economy may look stronger now, but investors expect the Fed’s rate increases to curb future growth, which could boost the risk of a recession down the road. US After Hours NKE -2.6% lower on earnings; ACCD +16.9%, SGH +3.1% higher on earnings; AUPH +10.8% on exploration of strategic alternatives.
Nikkei -0,30% Hang Seng +0,14% CSI +0,87 Shanghai +0,87% Shenzen +1,26%
Eur$ 1.0874 CNH 7,2598 CNY 7,2487 JPY 144,67 GBP 1,2632 CHF 0,8983 RUB 87,2867 TRY 26,0372 WTI$69,97 Gold 1,909 +0,45% BTC 30,785 +1% ETH 1,887 +2%
S&P +0,12% Nasdaq +0,30% EuroStoxx +0,21% FTSE +0,27% Dax +0,32% SMI
Macro :
- Fed Is ‘Effectively Done’ Hiking Rates, TPW’s Pelosky Says
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