Asian shares extended gains, heading for their best month since January, as traders bet the Federal Reserve will cut interest rates next year and weak Chinese data boosted hopes for more policy support. A gauge of regional equities has rallied over 7% this month, helped by a retreat in the dollar and US yields as Fed officials signaled they’re probably done with tightening policy. China’s stocks have emerged as an outlier amid the global rally on concerns about the growth outlook, with a report Thursday showing the nation’s manufacturing and services sectors shrank in November. Meanwhile, a gauge of global stocks was headed for its best month in three years amid wagers for Fed rate cuts. US stock futures edged higher, while the dollar weakened against its Group-of-10 peers. Treasuries saw modest losses in Asian trading following Wednesday’s gains ahead of Fed Chair Jerome Powell’s speech later. Bond bulls latched onto earlier comments from Fed officials, juicing a rally in November that has placed a gauge of global sovereign and corporate debt on track for the best month since 2008. Hard data provided support for a soft landing for the US economy. Economic activity slowed in recent weeks as consumers pulled back on discretionary spending, the Fed said in its latest “Beige Book”. Gross domestic product rose at the fastest pace in nearly two years, while consumer spending advanced at a less-robust rate and the Fed’s preferred inflation metric — the personal consumption expenditures price index — was revised lower. Meanwhile, Japanese bonds fell after an auction of two-year sovereign debt drew the weakest demand since 2009 on speculation the central bank may soon adjust its monetary policy. Elsewhere, oil extended gains to a third day as traders count down to a key meeting that will see OPEC+ set output policy into the new year. Gold was little changed after a five-day rally. Bitcoin edged closer to the $38,000-mark. In India, Tata Technologies Ltd., the first company from the salt-to-software conglomerate to list since 2004, more than doubled in its trading debut. Shares in Chinese developer Powerlong Real Estate Holdings Ltd. were headed for their worst day since March after the builder defaulted on a dollar bond as it struggles with sluggish sales and worsening liquidity. Later Thursday, inflation and unemployment data for the Eurozone will be released, as will US jobless claims and the PCE deflator. US After Hours NTNX +7.8%, CRM +7.2%, SNOW +7%, LZB +5.2% making nice moves on earnings; PSTG -12.2%, PVH -4.6% heading lower on earnings.
Nikkei +0.50% Hang Seng +0.38% CSI +0.32% Shanghai +0.29% Shenzen -0.27%
Eur$ 1.0979 CNH 7.1311 CNY 7.1258 JPY 146.96 GBP 1.2707 CHF 0.8724 RUB 88.7318 TRY 28.9475 WTI$ 78.24 +0.49% Gold 2045 BTC 37,872 +0.36% ETH 2,035 +0.30%
S&P +0.16% Nasdaq +0.24% EuroStoxx +0.14% FTSE +0.18% Dax +0.16% SMI +0.06%
Macro :
- Henry Kissinger Dies at Age 100, Kissinger Associates Says
- Beige Book Introduces Debt Cost as a Risk
- Beige Book Introduces Debt Cost as a Risk
- JPMorgan’s S&P 500 Outlook for 2024 Is Grimmest on Wall Street
Keep an eye on :
Keep an eye on :
- ABBN SW : ABB Raises Goal for Long-Term Comparable Revenue Growth to 5-7%
- ANTIN FP : Antin Final Close on Inaugural NextGen Fund at €1.2B Target
- ASML NA : ASML Supervisory Board to Name Christophe Fouquet CEO
- ASRNL NA : ASR Settles Unit-Linked Life Insurance Case for EU250m
- ASRNL NA : ASR Settles Unit-Linked Life Insurance Case for EU250m
- BC IM : Cucinelli to Be Added to FTSE MIB, Replacing CNH Industrial
- BMW GY : BMW, Mercedes to Set Up Joint EV Charging Network in China
- BNP FP : BNP Plans At Least a Dozen Hires in Asia Equities Business: Rtrs
- CAI AV : CA Immo Boosts FY FFO I Forecast
- DIS US : Disney’s Iger Is No Longer Considering Sale of TV Networks
- EKTAB SS : Elekta 2Q Operating Profit Beats Estimates (1)
- ENEL IM : Ikea Joins Race for Stake in Enel’s 3Sun Unit: Corriere
- FRO US : Frontline PLC 3Q Net Income Beats Estimates
- HLAG GY : Shipping Line Hapag-Lloyd Adds Panama Surcharge on Containers
- HES US : Hess, Pioneer Natural Extend Drops Amid Call for Deal Reviews
- HUH1V FH : Huhtamaki to Cut €100 Million in Costs Over 3 Years
- IBS PL : Ibersol 9M Net Income EU9.5M Vs. EU7.3M Y/y
- ICP LN : Intermediate Capital to Join FTSE 100
- IIA AV : Immofinanz 9M Net Loss EU105.9M Vs. Profit EU248.6M Y/y
- KTN GY : Kontron Holder Grosso Tec Offers Up to 1m Shares, Terms Show
- MBG GY : BMW, Mercedes to Set Up Joint EV Charging Network in China
- MITRA BB : Mithra Gets FDA Guidance For Donesta Treating Menopause Symptoms
- ORSTED DC : Orsted Gets License for Offshore Wind Project in South Korea
- PSX US : Phillips 66 Has Held Talks With Elliott in Last Several Weeks
- OUT1V FH : Outokumpu Plans to Buy Back UP TO EU50m Shares
- QDT FP : Quadient Sees FY Organic Growth ~2%, Saw ~3%
- RCO FP : Remy Cointreau 1H Current Operating Income Misses Estimates
- SAN FP : Sanofi Spinoff Worth €25-€27 Billion on Ebit, Market-Share View
- WAF GY : Siltronic Sets Mid-Term Targets, Sees Sales Above €2.2B by 2028
- TKA AV : America Movil Increases Telekom Austria Stake to 58% of Shares
- TKA GY : Thyssenkrupp Names Jens Schulte CFO
- VACN SW : VAT Ends Short Time Work for ~650 Production Employees
- DG FP : Vinci, Hungary Apply for EU Approval of Budapest Airport Deal
- DG FP : Vinci, Hungary Apply for EU Approval of Budapest Airport Deal
- WDP BB : WDP Share Sale Likely to Be Priced at €24.76/Share: Terms
- WHA NA : Wereldhave Extends Debt Maturity Profile to Almost Four Years