US equity futures rose and an Asian stock gauge erased an intraday drop Wednesday in a hiatus from the selloff triggered by the Federal Reserve’s preference for restrictive monetary settings to tackle inflation. The regional index was steady in a mixed day that saw tech shares climb but China’s bourses retreat. BYD Co. plunged in Hong Kong after Warren Buffett’s Berkshire Hathaway Inc. trimmed its stake in the electric vehicle maker. Traders were also evaluating the latest Chinese data, which indicated factory activity shrank for a second month. Power shortages, a property sector crisis and Covid outbreaks all took a toll. S&P 500, Nasdaq 100 and European contracts pushed higher. Wall Street shares on Tuesday hit a one-month low -- robust US labor demand and consumer confidence data added to the case for sharp interest-rate hikes to tackle inflation. Fed officials reiterated their determination to curb price pressures. A dollar gauge and Treasuries declined. A deepening yield curve inversion points to fears that the Fed will trigger a recession. Oil pared a slide but was still headed for a third monthly drop -- the longest losing run in more than two years -- hampered by the likelihood of slower global growth. Market bets on a shallower trajectory for Fed tightening are receding, raising the prospect of more losses for stocks and bonds in an already difficult year. Investors are scouring incoming data for clues on the policy path, with August US jobs figures on Friday the next key report. Fed officials again stressed their commitment to defeating inflation while remaining vague on how big their policy move will be next month. Investors are also contending with a European energy crisis as well as mounting friction between Beijing and Taipei after Taiwanese soldiers fired shots to ward off civilian drones. US After Hours CHWY -9.1%, AMBA -7.4%, HPQ -4.2%, PVH -3.6% lower on earnings; HPE +2.6%, CHPT +1.4% higher on earnings
Nikkei -0.46% Hang Seng +0.41% CSI +0.31% Shanghai -0.35% Shenzen -1.38%
Eur$ 1.0034 CNH 6.8977 CNY 6.8916 JPY 138.46 GBP 1.1679 CHF 0.9731 RUB 60.8441 TRY 18.1899 WTI$ 92.41 +0.87% Gold 1,724.58 +0.03% BTC 20,369 +1.97% ETH 1,606.27 +3.12%
S&P +0.65% Nasdaq +0.79% EuroStoxx +0.73% FTSE +0.23% Dax +0.71% SMI +0.12%
Macro :
- Fed’s Hawkish Reminder Propels Value Ahead of Growth
- Top Brazil Hedge Fund Manager Beefs Up Team, Seeks New Money
Keep an eye on :
- ACKB BB : Ackermans 1H Net Income EU278.4M Vs. EU165.7M Y/y
- AGS BB : Ageas in 3-Year Sponsorship Pact With Million Dollar Round Table
- BAVA DC : First Possible US Monkeypox Death May Have Occurred in Texas
- BIM FP : BioMerieux Narrows FY Organic Sales Forecast
- BC IM : Brunello Cucinelli 1H Net Income EU46.6M Vs. EU20.3M Y/y
- CLN SW : Clariant Sells Quats Unit to Global Amines for $113 Million
- DOKA SW : Dormakaba FY Net Income Misses Estimates
- ENGI FP : French Gas Storage to Be Full in About Two Weeks: Minister
- EQT SS : EQT Raises $15 Billion for New Fund, Defying Market Headwinds
- HLAG GY : Global Ship Jumps After Signing New Charters With Hapag-Lloyd
- IBAB BB : Ion Beam 1H Adjusted Ebit EU4.56M Vs. EU0.67M Y/y
- IBAB BB : Ion Beam Applications to Buy 9.1% Stake in ScandiDos for $1.17m
- INTER NA : CSC, Intertrust Obtain 1st of 3 Required Nods in the Netherlands
- ITA Airways : Italy to Select Certares-Led Bid for ITA Airways: Messaggero
- LOGN SW : Watch Logitech After HP Reduces Profit Forecast as PC Sales Fall
- NXU GY : Nexus Sells 1.45m Shares to Luxempart at EU50/Share
- METN SW : Metall Zug Gets Book Gain of CHF90m After Schleuniger-Komax Deal
- QFUEL NO : Quantafuel Sees Positive Cash Flow From Plants by Year-End
- RNO FP : Geely, Oil Group in Talks for Stakes in Renault Unit: Reuters
- RWE GY : German Nuclear Plants May Still Be on Grid in 2023: Spiegel
- SAND SS : Sandvik Spinoff Braves Listing Market With Focus on Green Energy
- SRAIL SW : Stadler Rail Sees FY Ebit Margin at Least 5%, Est. 6%
- STR AV : Strabag 1H Ebit EU63.6M Vs. EU140.2M Y/y
- UBSG SW : UBS Cuts China Debt Bankers in Hong Kong Amid Deal Drought
- UN01 GY : German State Mulls Second Floating LNG Hub in Wilhelsmhaven: DPA
- VOD LN : Vodafone Will Index Spanish Prices to Inflation: Expansion
- VOW3 GY : VW’s Skoda to Invest EU5.6b in Electromobility in Next 5 Years