The rally in global shares paused Tuesday amid lackluster trading as US futures fluctuated and Japanese equities weighed down a gauge of Asia stocks. The Australian dollar declined after the central bank kept interest rates unchanged while the yield on the nation’s three-year bond reversed an earlier gain. Australian equities rose. Japan’s Topix fell about 0.5%, while Hong Kong’s Hang Seng Index rose by around the same amount and shares in Shanghai fluctuated. This follows an advance of just 0.1% for the S&P 500 in a shortened session Monday that ended at lunchtime. The Nasdaq 100 added 0.2% on a day that brought data showing a slowdown in manufacturing. Major currencies were mostly steady. Treasuries weren’t trading Tuesday due to the Independence Day holiday in the US. The offshore yuan strengthened for a third day after the People’s Bank of China extended again its efforts to prop up the currency through its daily reference rate. Economists and traders were divided on the likelihood of a rate hike or pause by the Reserve Bank of Australia. Shares of Chinese non-ferrous metals firms climbed after the government imposed restrictions on exports of gallium and germanium, which are crucial for the semiconductor, telecommunications and electric-vehicles sectors. The ban is seen China’s escalation of the tit-for-tat technology trade conflict with the US and its allies. The new restrictions are a second, and much bigger, countermeasure in the tech war after China’s similar move on Micron Technology Inc., according to Jefferies analysts, including Edison Lee. “If this doesn’t change the US-China dynamics, more rare earth export controls should be expected,” they wrote in a note. Meanwhile, a key part of the US Treasury yield curve approached its most inverted level in decades on Monday as traders priced in further hikes from the Federal Reserve. Two-year yields exceeded the 10-year by around 111 basis points. ooling signals in the world’s biggest economy — which are set to influence the trajectory of the Fed’s monetary-tightening cycle — mean investors are tempering expectations for stocks for the remainder of the year, especially as central banks worldwide have maintained their hawkish rhetoric. The manufacturing sector painted a grim picture as US factory activity fell to its weakest level in more than three years. Production and new orders data also suggested a pullback. Oil rose as traders assessed the latest salvo from OPEC+ kingpins Saudi Arabia and Russia to prop up prices by curbing supply. Gold ticked higher
Nikkei -1.03% Hang Seng +0.12% CSI -0.06% Shanghai -0.15% Shenzen +0.09%
Eur$ 1.0901 CNH 7.2417 CNY 7.2322 JPY 144.64 GBP 1.2687 CHF 0.8970 RUB 89.2767 TRY 25.9473 WTI$ 70.18 +0.56% Gold 1,924 +0.13% BTC 31,050 -0.26% ETH 1,953 -0.29%
S&P -0.03% Nasdaq -0.11% EuroStoxx +0.04% FTSE -0.13% Dax +0.07% SMI +0.04%
Macro :
- US to Curb China Access to Cloud Services Like Amazon, WSJ Says
- Public Funding Will Be Test of Low-Carbon Steel’s Mettle
Keep an eye on :
Keep an eye on :
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