Shares in Asia slipped on renewed concerns about the health of the banking sector and ahead of a Federal Reserve decision Wednesday where policymakers are expected to add to their rate-hike cycle. MSCI Inc.’s Asia Pacific Index headed for its first loss in five days with benchmark indexes in Hong Kong, South Korea and Australia all declining. Energy and banking shares were among the biggest losers. Markets are shut in Japan and mainland China for holidays, and there’s no trading of cash Treasuries in Asia hours. The dollar weakened. The S&P 500 fell 1.2% Tuesday as US regional lenders PacWest Bancorp and Western Alliance Bancorp both tumbled at least 15%. That came just a day after JPMorgan Chase & Co.’s acquisition of First Republic Bank seemed to bolster confidence in the sector. US futures ticked marginally higher in Asian trade and Euro Stoxx 50 futures gained. Swap traders are pricing a more than 90% probability the Fed will raise borrowing costs by 25 basis points later Wednesday, bringing the key rate to the highest since 2007. Market pricing also indicates the increase will mark the peak of the tightening cycle before weaker growth prompts the central bank to cut rates later in the year. The dollar fell against all its Group-of-10 peers as traders positioned for the Fed decision. Treasury futures traded in a narrow range in Asia after jumping Tuesday as concerns over the banking sector boosted demand for haven assets. A lack of clarity regarding the US debt ceiling added to the uncertain mood. Between now and June 1 — the date by which the Treasury Department may run out of sufficient cash — President Joe Biden and members of the House and Senate are scheduled to be in town at the same time for the sum total of one week to find a solution. US economic data pointed to a cooling of the labor market, with the number of job openings in March dropping to the lowest level in two years. In Europe, BNP Paribas SA reported higher revenue from debt trading and global banking in the first quarter, while Deutsche Lufthansa AG said it expected earnings to rise above pre-pandemic levels in the second quarter as air travel rebounds. Oil edged lower in Asia after tumbling more than 5% on Tuesday, and gold was little changed. US After Hours Busy earnings night; SPT -14.2%, AMD -6.3%, SBUX -4.8%, HLF -4.3%, F -2% lower on earnings; SMCI +8.7%, LTHM +8%, ARWR +6.6%, LUMN +5.8% higher on earnings.
Nikkei Close Hang Seng -1.82% CSI +1.02% Shanghai +1.14% Shenzen +1.41%
Eur$ 1.1022 CNH 6.9357 CNY 6.9184 JPY 135.95 GBP 1.2488 CHF 0.8913 RUB 79.9940 TRY 19.4761 WTI$ 71.53 -0.18% Gold 2,015 -0.09% BTC 28,503 -0.67% ETH 1,862 -0.45%
S&P +0.18% Nasdaq +0.01% EuroStoxx +0.55% FTSE +0.32% Dax +0.50% SMI +0.35%
Macro :
- Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk
- UK Proposes Ditching Premium Listings to Boost London’s Appeal
- BofA’s Institutional Clients Plow Into Stocks as Retail Exits
Keep an eye on :
Keep an eye on :
- ADS GY : House Panel Seeks Info from Nike, Adidas on China Forced Labor
- ABNB US : Airbnb to Reveal ‘Most Extensive Set of Improvements’ Wednesday
- ALB US : Lithium Giant Albemarle Eyes $1.5 Billion Processing Expansion
- AMBUB DC : Ambu 2Q Ebit Misses Estimates
- APAM NA : Aperam 1Q Adjusted Ebitda Misses Estimates
- AG1 GY : AUTO1 1Q Adjusted Ebitda Loss EU25.1M Vs. Loss EU47.6M Y/y
- BNP FP : BNP Paribas 1Q FICC Sales & Trading Rev EU1.91B Vs. EU1.75B Y/y
- BRAV SS : Bravida 1Q Net Sales SEK7.43B Vs. SEK5.83B Y/y
- BRG NO : Borregaard 1Q Ebitda Beats Estimates
- AI US : AI Start-Up Cohere in Talks for $250m in Fresh Funding: FT
- COLR BB : Colruyt Group Lifts FY Net Result Outlook
- DEMANT DC : Demant Maintains FY Ebit Forecast
- DPW GY : Deutsche Post 1Q Ebit Beats Estimates, Affirms Forecast
- EDPR PL : EDP Renovaveis 1Q Net Income EU65M Vs. EU66M Y/y
- EDPR PL : EDPR Approves EU67.4m Capital Increase for Scrip Dividend Plan
- EDP PL : EDPR Gets Long Term PPA With Inditex for Wind Portfolio in Spain
- ETL FP : SES, Eutelsat Good Fits for Europe Sovereign-Communication Plan
- IBE SM : Mexico to Seek Equity, Debt Financing for Iberdrola Power Deal
- IEP US : Icahn Enterprises Plunge One of Hindenburg’s Many Hits (Correct)
- NK FP : Imerys 1Q Organic Revenue -0.9%
- NK FP : Imerys 1Q Organic Revenue -0.9%
- KCO GY : Kloeckner 1Q Adjusted Ebitda EU69M Vs. EU201M Y/y
- LCIN US : Lannett Company Files for Chapter 11 in Delaware Court
- LNZ AV : Lenzing 1Q Ebitda -66% Y/y; Sees First Signs of Recovery (1)
- LIAB SS : Lindab 1Q Operating Profit Beats Estimates
- LSEG LN : UK Proposes Ditching Premium Listings to Boost London’s Appeal
- LHA GY : Lufthansa Sees 2Q Adj Ebit Above Pre-Crisis Level of €754m
- MBTN SW : Meyer Burger, Ingka Investments Sign Offtake Deal for 4 Years
- NEOEN FP : Neoen 1Q Revenue EU154.4M Vs. EU109.1M Y/y
- NKT DC : NKT: Denmark Rejected Divestment of Unit to Hamamatsu Photonics
- OERL SW : Oerlikon 1Q Ebitda Beats Estimates
- PNDORA DC : Pandora Narrows FY Organic Revenue Forecast
- PCA FP : Pcas Gets Offer for Canadan Unit at Value of EU88M
- PRL IM : 3M to Sell Some Local Anesthetic Assets to Pierrel for $70M
- RAIVV FH : Raisio 1Q Net Sales Beats Estimates
- SAN FP : Lilly, Sanofi to Cap Insulin at $35/Month for Uninsured in NY
- SCST SS : Scandi Standard 1Q Operating Profit Meets Estimates
- SEBA SS : SEB Economists Revise Swedish Growth Forecast Upward for 2023
- SESG FP : SES, Eutelsat Good Fits for Europe Sovereign-Communication Plan
- LIGHT NA : Signify 1Q Comparable Sales Misses Estimates
- SF SS : Stillfront 1Q Ebit Misses Estimates
- STMN SW : Straumann 1Q EMEA Revenue Beats Estimates
- TMW GY : TeamViewer SE Maintains FY Adjusted Ebitda Margin Forecast
- TWKS US : Apax Said to Weigh Buyout of $2 Billion IT Firm Thoughtworks
- 8TRA GY : Class 8 Truck North American Orders Fall 22% YoY in April
- UCG IM : UniCredit Boosts Profit, Payout Targets After Record Quarter
- URW NA : Simon Property Narrows FY FFO per Share Forecast
- VWS DC : Vestas Gets Positive Catalyst Watch at Citi on US IRA Upside
- VOW GY : *FORD MOTOR SHARES DROP 3% POSTMARKET AFTER RESULTS