Stocks in Asia extended declines and the yuan slumped once again amid debate surrounding the impact of an escalating trade war and fear of contagion to emerging markets. Treasury yields dipped and the dollar steadied.
Shares in Tokyo reversed earlier gains after China’s currency tumbled past 6.7 per dollar, a level that some had thought would trigger intervention from authorities. The yuan indeed showed a sudden comeback mid-morning, before dropping again. Hong Kong’s stocks tumbled in a catch-up after the city was off on holiday Monday while shares in Shanghai pared losses as the session progressed. Australian stocks stood out, as they have repeatedly in recent weeks, as outperformers in the region. Equity futures signaled losses in Asia won’t extend into the U.S. and the U.K.
Nikkei -0.23% Hang Seng -2.15% CSI -0.45% Shanghai -0.13% Shenzen +0.11%
Eur$ 1.1649 CNH 6.7060 CNY 6.6947 JPY 110.97 GBP 1.3153 CHF 0.9939 RUB 63.3982 WTI$ 74.74 +1.08%
S&P +0.12% EuroStoxx +0.50% FTSE +0.34% DAX +0.58% SMI +0.45%
Macro :
- Trump Says Not Planning Anything on WTO, But May if It’s Unfair
- Italy’s Government Cracks Down on Short-Term Work Contracts
- Citibank Says Stocks Preferred Over Bonds in 2H Allocation
- U.K. Banks Risk Massive Extra Claims After PPI Ruling, FT Says
Keep an eye on :
- ALV GY : Allianz SE Resolves on New Share Buy-Back up to EU 1B
- ASC LN : Crozier Is Said to Considered for Chairman of Asos: Sky
- BAKKA NO : Bakkafrost 2Q Harvest 12,900 Tonnes Head on Gutted Equivalents
- BPOST BB : Bpost to Stop Parcel Delivery on Saturdays: De Standaard
- CPB US : *THIRD POINT IS SAID TO SEEK SUPPORT FOR CAMPBELL SOUP SALE: NYP
- CBK GY : SocGen to Buy Commerzbank’s Equity Markets and Commodities Unit
- CBK GY : MBank, Commerzbank Work on Pan European Bank Project, Puls Says
- DBK GY : Deutsche Bank Commits to ‘Core’ Nordic Market Amid Cost Cuts
- ENG SM : Enagas Seeks Arbitration Over GSP Investment in Peru: Filing
- FNAC FP : Vivendi to Sell 11% Stake in Fnac Darty for EU267 Million
- GBLB BB : Groupe Bruxelles Lambert Buys Back EU30.5m of Stock
- GLJ GY : Grenke FY Net Income View Midpoint 2.7% Below Est.
- MRK GY : Merck KGaA Sees Performance Materials Unit Growth After 2019
- NOVN SW : Novartis Credit Rating Cut by Moody’s on Alcon Spin Off Plan
- OSR GY : Osram’s Reliance on Auto Volume Growth Exposes Risks: Berenberg
- RI FP : Pernod Strategy Right But Will Hit Margins; Jefferies Downgrades
- PTEC LN : Playtech Estimates Cut at MS, Says More Deterioration Possible
- RENE PL : REN Sells Liquiefied Petroleum Gas Unit REN Portgas to Energyco
- SAND SS : Sandvik to Report Capital Gain of ~1b SEK on Divesting Hyperion
- SBMO NO : SBM Offshore Wins Contracts for ExxonMobil’s Second Liza FPSO
- GLE FP : SocGen to Buy Commerzbank’s Equity Markets and Commodities Unit
- SPSN SW : Swiss Prime Site Buys Implenia’s ‘West-Log’ Project in Zurich
- SWEDA SS : Swedbank Sees Higher Expense Due to Risk-Adjusted Resolution Fee
- TEP FP : Teleperformance Sells EU750M of 2025 Bonds
- UCG IM : Italian Bank Growth Muted, Unicredit Oversold: Morgan Stanley
- VIV FP : Vivendi to Sell 11% Stake in Fnac Darty for EU267 Million
- WIND IT : CK Hutchison to Pay EU2.45B in Italian Mobile Operator Buyout