China’s economic mire reverberated beyond the country’s domestic markets, with Asian stocks falling along with US and European futures Wednesday. An Asian equity gauge headed towards the lowest close in more than two months as regional benchmarks’ losses accelerated after China reported the softest reading in its purchasing managers’ index since December. Hong Kong’s Hang Seng Index fell more than 2%, taking its retreat from a January high to nearly 24%. South Korea’s Kospi gauge erased gains that earlier had it on course to enter a bull market. Contracts for the S&P 500 and Euro Stoxx 50 dropped on the release of the the Chinese data, which underscored concern over the strength of the recovery in the world’s second-largest economy. The weak economic data also hurt the offshore yuan that continued its recent decline, depreciating to the weakest level versus the dollar in six months. The Australian and New Zealand currencies, which are sensitive to China’s outlook given their links to commodities trading, also slid. Oil held its biggest decline in four weeks, partly on signs of softer demand from economies including China, and amid sufficient supply ahead of an upcoming OPEC+ meeting. In Tuesday’s trading in the US, the Nasdaq 100 added 0.4% to extend this year’s surge to 31%. Yet it ended off its high for the day as investors assessed the artificial-intelligence hype that’s boosted the index. Nvidia Corp. hovered near $1 trillion in value after announcing several AI-related products.
AI-related software providers now stand to reap the benefits that Nvidia has laid, according to Cathie Wood, CEO and founder of Ark Investment Management. “For every dollar of hardware that Nvidia sells, software providers, SaaS providers will generate eight dollars in revenue,” she said on Bloomberg Television. Elsewhere in currency markets, a gauge of the dollar edged higher as the greenback rose versus most of its Group-of-10 currency counterparts. Traders also weighed the latest US economic reports, with consumer confidence dropping to a six-month low as views about the labor market and the outlook for business conditions slipped ahead of a deal to raise the debt ceiling. US After Hours AMBA -12.9%, HPE -6.9%, HPQ -4% lower on earnings; LL +18.5% higher on possible deal interest.
Nikkei -1.69% Hang Seng -2.95% CSI -1.44% Shanghai -1.02% Shenzen -0.85%
Eur$ 1.0695 CNH 7.1168 CNY 7.1045 JPY 139.65 GBP 1.2394 CHF 0.9083 RUB 80.8966 TRY 20.6398 WTI$ 69.22 -0.33% Gold 1,960 +0.02% BTC 27,204 -2.05% ETH 1,872 -1.71%
S&P -0.29% Nasdaq -0.27% EuroStoxx -0.48% FTSE -0.41% Dax -0.49% SMI -0.18%
Macro :
- Stocks, Yuan Sink as China PMI Adds to Angst
- FED'S MESTER SAYS `MAY HAVE TO GO FURTHER' ON RATES: FT
- FED'S MESTER SAYS `MAY HAVE TO GO FURTHER' ON RATES: FT
- Cathie Wood Says Software Stocks Are Next AI Bet After Nvidia
- Dimon Says JPMorgan Will Be in China for Good and Bad Times
Keep an eye on :
Keep an eye on :
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- ORA FP : Orange Reports Disruption to Mobile Network in France
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- YIT GH : YIT Withdraws Contemplated Issuance of Green FRN, Debt Tender
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