A gauge of Asian equities was led lower by a drop in technology stocks as investors weighed weak factory data against inflation concerns from OPEC+’s plan to cut oil output. The Australian dollar fell after the central bank paused rate hikes.
A benchmark of the region’s shares was down around 0.2%, with notable weakness in Hong Kong and Alibaba Group Holding Ltd. one of the biggest contributors to the decline there. Contracts for US indexes retreated slightly following a mixed session on Wall Street. A gauge of greenback strength was up after a 0.4% decline Monday and Treasuries steadied after being at the center of the action in the US hours. Policy-sensitive two-year yields reversed gains of as much as 11 basis points Monday and ended six basis points lower after a measure of US factory activity contracted by more than expected. That came after figures earlier in the day showed China’s manufacturing activity unexpectedly eased. While such data is tempering inflation concerns despite expected energy hikes after the cartel’s production cut, it also shows the darkening economic outlook is spreading to Asia. In the US, Federal Reserve Bank of St. Louis President James Bullard told Bloomberg Television that OPEC+’s decision to cut output was unexpected and an increase in oil prices could make the Fed’s job of lowering inflation more challenging. “Whether it will have a lasting impact I think is an open question,” he said. As the possibility of a recession looks more likely, the upcoming earnings season may be the first of challenging quarters. JPMorgan Chase & Co. strategist Marko Kolanovic reiterated the bank’s underweight call on equities in a note to clients, warning that “stocks are set to weaken for the remainder of the year” as headwinds from banking turbulence, oil shocks, and slowing growth linger. Meanwhile, the Hong Kong Monetary Authority bought the local dollar for the first time since mid-February after the currency slid past the weak end of its trading band. South Korean inflation eased more than expected in March, reducing pressure on the central bank to resume policy tightening. In commodities, West Texas Intermediate advanced toward $81 a barrel and Brent moved past $85 after both rallied more than 6% on Monday. Gold traded lower. US After Hours APE +28.1% up on settlement news, BFLY +24.8% up on 510(k) clearance for an AI-enabled tool, OZK +6% up on raised dividend; AMC -22% down on settlement news, ZUO -4.1% down on lowered FCF guidance.
Nikkei +0.29% HangSeng -0.99% CSI -0.04% Shanghai +0.22% Shenzen -0.69%
Eur$ 1.0891 CNH 6.8864 CNY 6.8833 JPY 132.79 GBP 1.2406 CHF 0.9135 RUB 78.5129 TRY 19.2048 WTI$ 80.84 +0.51% Gold 1,980 -0.24% BTC 27,843 +0.93% ETH 1,805 +1.40%
S&P -0.09% Nasdaq -0.24% EuroStoxx +0.26% FTSE +0.29% Dax +0.30% SMI +0.20%
Macro :
- BofA Says Sentiment Toward Stocks Hasn’t Been This Bad in Years
- Italy May Achieve 1% Growth This Year Amid Plans to Curb Deficit
- Hedge Fund Snow Lake Quits Hong Kong After More Than a Decade
Keep an eye on :
- Hedge Fund Snow Lake Quits Hong Kong After More Than a Decade
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