Stocks in Asia struggled to gain traction and US equity futures fluctuated as negative sentiment persisted in markets amid fear that global central banks will keep hiking rates until inflation is tamed, raising the risk of a recession.
Equities made small gains in Japan and dropped in Hong Kong and Australia. Trading in Asia was muted by a holiday in Sydney and South Korea on Monday and the week-long closure of Chinese markets for Golden Week. Oil surged to trade near $82 a barrel on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week. Commodity currencies gained. Those moves increase the risk of more inflation that may prompt central banks to take further aggressive policy action. The pound fell for the first time in five days and European stock contracts lost more than 2% on Monday amid thin volumes, with political and economic turmoil in the UK and challenges facing Credit Suisse Group weighing on sentiment. Prime Minister Liz Truss put the blame for the controversial decision to remove the highest rate of UK income tax on Chancellor of the Exchequer Kwasi Kwarteng, but the government intends to follow through with the plan despite the market chaos. Confidence among Japan’s large manufacturers unexpectedly worsened for three straight quarters following the yen’s rapid depreciation and deterioration in the global economic outlook, adding another headwind for local equities. The yen weakened past 145 per dollar, nearing the level where Japanese authorities intervened last month to support the currency. Brazil-linked global assets will be in focus on Monday as the country’s presidential election is headed to a run-off vote on Oct. 30.
Nikkei +0.50% Hang Seng -1.78% CSI -0.58% Shanghai -0.55% Shenzen -1.30%
Eur$ 0.9809 CNH 7.1417 CNY 7.1159 JPY 144.80 GBP 1.1185 CHF 0.9848 RUB 59.8951 TRY 18.5539 WTI$ 81.70+2.77% Gold 1,664.20 +0.22% BTC 19,165 -0.36% ETH 1,289.97 -0.97%
S&P +0.18% Nasdaq -0.12% EuroStoxx -1.02% FTSE -0.91% Dax -1.10% SMI
Macro :
- Get Ready for Another Bear-Market Rally, Strategist Emanuel Says
- London Gold Dealer Runs Out of Bars as Truss Budget Shocks
- UK Government Expected to Reverse Scrapping of 45% Tax Rate: BBC
- S&P Cuts Turkey’s Debt Rating Further into Junk on Loose Policy
- KKR Plans Infrastructure Strategy for High-Net-Worth Clients
- Biotech Stocks Head to First Quarterly Gain in More Than a Year
- World Economy Roiled by Simultaneous Shocks Echoing 2007 Anxiety
Keep an eye on :
- 1U1 GY : 1&1 Sees FY Ebitda About EU690.0M, Est. EU680.8M
- ADP FP : Aéroports de Paris 2022, 2023 Traffic Outlook Confirmed
- ARYN SW : Aryzta FY Revenue Beats Estimates
- BAVA DC : Bavarian Nordic Enters Deal on Supply of Monkeypox Vaccines
- CCL LN : Carnival Drops to Lowest Level in Decades on Slow Travel Rebound - 23%
- CSGN SW : Credit Suisse Postpones Planned Real Estate Fund Capital Raise
- DIS US : Disney Appoints New Board Member in Standstill Deal With Loeb
- EDV LN : Endeavour’s Burkina Faso Ops Unaffected by ‘Political Situation’
- ENI IM :*GAZPROM WON'T DELIVER ANY RUSSIAN GAS TO ITALY ON SATURDAY: ENI
- FC Bayern : CVC, KKR Held Early Talks for German Football Investment: FT
- G IM : Generali Says It Assesses M&A Opportunities on Continuous Basis
- IDIA SW : Idorsia Gets Positive Results From Phase 3 Daridorexant Study
- INTC US : Intel’s Self-Driving Technology Mobileye Unit Files for IPO
- LAZ US : Lazard Hires Nina Weiden to Boost Telecom Investment Banking
- MYOV US : Sumitomo Offers to Buy All of Myovant in Deal Worth $2.5 Billion
- NG/ LN : National Grid’s Tender for Extra Gas Closes on Monday
- NOM NO : Nordic Mining Conditionally Agrees $55m Investment From Fund
- ORK NO : Orkla Latvija Sells Convenience Business; Won’t Disclose Price
- RNO FP : Renault CEO Says EV Prices Won’t Come Down Soon: Welt am Sonntag
- RNO FP : French Car Sales Pursue Rebound to Pick Up 5.5% in September
- RWE GY : RWE to Buy Con Edison Unit for $6.8 Billion With Qatar Backing
- SAA LN : AdvancedAdvt Says Offer to Buy M&C Saatchi Lapsed
- SAS SS : SAS Sets Out Plan to Raise Equity, Wiping Out Shareholders
- SHL GY : Siemens Healthineers Plans Change of Auditor to PwC
- STLA IM : Stellantis’s Tavares Sees Microchip Shortage Lasting to End-2023
- TE FP : Technip Energies Gets Contract for Ineos’ Ethane Cracker
- TEF SM : Caixabank to Cut Stake in Telefonica to 3.5%
- TSLA US : Tesla Shows Latest Optimus Robot Prototype With Opposable Thumbs
- TSLA US : Tesla 3Q Deliveries Misses Estimates: Snapshot
- UTDI GY : United Internet FY Ebitda Forecast Matches Estimates
- VSAT US : Defense Contractor L3Harris Near Deal to Buy Part of Viasat's Government-Systems Unit, Sources Say -- WSJ
- VOD LN : Vodafone Portugal Agrees to Buy Telecom Operator Nowo