US equity futures fell and Asian stocks trimmed gains Monday as slowing economic growth and sticky inflation continue to handicap markets. In a quiet session ahead of the US Independence Day holiday, an Asian share index climbed but was off session highs, S&P 500 and Nasdaq 100 contracts shed more than 0.5% and European futures pushed higher.
Sovereign debt extended a rally triggered by a reassessment of how high central banks can hike interest rates to fight inflation given that economic expansion is wobbling. Bonds rose in New Zealand and Australia, while Treasury futures edged up -- there’s no cash Treasuries trading due to the US break. The dollar was steady, oil slid closer to $108 a barrel and Bitcoinretreated toward the $19,000 level. In the US and elsewhere, signs of economic weakness are becoming more apparent in everything from personal spending to manufacturing. Investors are increasingly fretting about recession and its implications rather than focusing exclusively on elevated price pressures. In China, officials are trying to repel a Covid flareup that could buffet an economically significant region. That’s another test of Beijing’s strategy of trying to eliminate the pathogen with mass testing and disruptive lockdowns. Separately, developer Shimao Group Holdings Ltd. said it didn’t pay a $1 billion dollar note that matured Sunday, among the biggest dollar payment failures so far this year in China.
Nikkei +0.76% Hang Seng -0.21% CSI +0.52% Shanghai +0.42% Shenzen +0.93%
Eur$ 1.0427 CNH 6.6936 CNY 6.6925 JPY 135.07 GBP 1.2093 CHF 0.9595 RUB 55.8070 TRY 16.7560 WTI$ 108.14-0.27% Gold 1,811.80 +0.02% BTC 19,100 -1.62% ETH 1,055 -2.65%
S&P -0.50% Nasdaq -0.57% EuroStoxx +0.72% FTSE +0.83% Dax +0.77% SMI +0.62%
Macro :
- JPMorgan’s Aronov Ignores the ‘Cash Is Trash’ Chorus (Convertibles at top of future shopping list)- JPMorgan Cuts US GDP Forecasts ‘Perilously Close’ to Recession
- Germany’s Union Head Warns of Collapse of Entire Industries
- ECB Plans to Raise Need for Crypto Rules Harmonization: FT
Keep an eye on :
- ADJ GY : Adler Bondholders Escalate Fight After Internal Cash Transfer
- ADP FP : Paris-CDG Airport to Cut 20% of Flights Sat in Strike: DGAC
- AF FP : DOJ: Air France & KLM Airlines to Pay $3.9M
- AGS BB : Ageas Sees RPN(I) Effect Boosting 2Q Net by EU45.9M
- AIR FP : Boeing Pain From US-China Trade War Seen in Airbus Bonanza
- ATL IM : Atlantia Renews EUR1.5B Revolving Credit Facility to July 2025
- BARC LN : Barclays to NatWest, BOE's 6 Hikes Key to £700 Billion of Hedges
- CGG FP : CGG’s Sercel Chosen as Successful Bidder for ION Software Unit
- COFB BB : Cofinimmo Buys Two Healthcare Sites in Germany for About EU23m
- CSGN SW : JPMorgan Boosts Global Wealth Bet With Citi, Credit Suisse Hires
- DIE BB : Belgian June Car Registrations Fall 15%; D’Ieteren Has 20.7%
- DKSH SW : DKSH Buys Georg Breuer, Expands European Food Ingredients Ops
- EDF FP : EDF Says Workers Will Strike Until Monday Evening: Filing
- EQNR NO : Equinor Assessing Damage Caused by Fire at Mongstad Refinery
- ELIOR FP : Elior Names Bernard Gault Chairman and CEO
- EL FP : Del Vecchio Divided His Fortune Equally Among Eight Heirs
- EXO IM : Agnellis’ Exor to Pay $866 Million for Stake in Institut Merieux
- G IM : Generali Completes Acquisition of La Medicale
- HBC NO : HofSeth BioCare Offering of 35.5m Shares Prices at NOK4/Share
- IDIA SW : Idorsia CEO Says Sales of Quviviq Developing ‘Very Well:’ FuW
- JDC GY : JDC Group to Form L-T Brokerage Joint Venture With Bain Capital
- OXY US : Berkshire Hathaway Reports Boost in Occidental Petroleum Stake
- PSH NA : Pershing Square Holdings June Net Performance -9.5%
- PAH3 GY : Porsche Wants to Continue Building Combustion Cars, Chief Says
- RYA ID : Ryanair’s Spanish Crews Call for 12 More Days of Strikes
- SU FP : *Schneider Electric Agrees to Divest Russian Business to Local Management
- SWEDA SS : Swedbank Says Got Claim of SEK4B From Swedish Pensions Agency
- TE FP : Technip Energies Wins Carbon Capture Contract in Norway
- TSLA US : Tesla Deliveries Dipped in Quarter, Snapping Two-Year Streak
- UNO1 GY : Scholz Signals Lufthansa-Like Bailout for Gas Giant Uniper