A rally in technology shares drove Asian stocks broadly higher, ahead of events this week that include Federal Reserve Chair Jerome Powell’s congressional testimony and China’s National People’s Congress. Tech equities outperformed the regional stock gauge, with Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. leading the gains. Japan’s blue-chip gauge Nikkei-225 Stock Average also surpassed 40,000 for the first time, while South Korea’s Kospi index rose as much as 1.5%. Their advances followed the strong rallies in US peers on Friday. Chinese stocks fluctuated ahead of the 14th National People’s Congress, an annual parliamentary gathering in Beijing that will begin Tuesday. Most healthcare stocks jumped in anticipation of more stimulus measures from the congress to aid a soft economy. Oil steadied near the highest level this year after OPEC+ extended its production cuts to stave off a global crude surplus. US crude traded around $80 a barrel in Asia, holding the level it hit for the first time in almost four months on Friday. Treasuries fell slightly while Japanese bonds were little changed as traders digested a report that the government is discussing officially stating an end to deflation. The dollar traded in tight ranges against its Group-of-10 peers. In credit, Adani Group began marketing it first dollar bond since a report by short seller Hindenburg Research in an attempt to rebuild investor confidence. The rally in US markets will likely hinge on jobs data and Powell’s testimony this week. Bets for the start of the Fed’s easing cycle were refined amid recent data indicating a resilient US economy. Swaps traders now see the first cut in July, compared with the May estimate they were pricing at the beginning of last month, according to data compiled by Bloomberg. The stock rally is showing little signs of slowing as US corporate earnings grew nearly 8% in the fourth quarter, helping offset macroeconomic uncertainty. Meantime, the frenzy around artificial-intelligence has blindsided Wall Street forecasters, spurring a race among strategists to keep up with a stock market rally that’s already blowing past their expectations. Elsewhere, Bitcoin briefly breached the $64,000 level as it gained for the second day. Traders are betting the cryptocurrency will soon surpass the record price of almost $69,000, which was reached during the Covid pandemic. Traders this week will be keeping an eye on Tokyo inflation, Australian growth data and a policy decision from the European Central Bank. The so-called Super Tuesday Republican and Democratic party primary votes, US jobs data and earnings from US consumer discretionary stocks are also due.
Nikkei +0.50% Hang Seng -0.39% CSI +0.12% Shanghai +0.40% Shenzen +0.12%
Eur$ 1.0846 CNH 7.2104 CNY 7.1989 JPY 150.37 GBP 1.2664 CHF 0.8832 RUB 91.7348 TRY 31.4156 WTI$ 79.97 Gold 2,082 -0.02% BTC 63,575 +1.14% ETH 3,471 -0.22%
S&P -0.10% Nasdaq +0.08% EuroStoxx +0.24% FTSE -0.20% Dax +0.11% SMI -0.06%
Macro :
- High-Grade Banks Face Bigger Maturity Wall Than Junk: Macro View
- Ukraine Risks Losing Energy War With Russia, DTEK CEO Warns: FT
- Ukraine Risks Losing Energy War With Russia, DTEK CEO Warns: FT
- BlackRock and Fidelity Capitalize on FOMO From Bitcoin’s Surge
- Swiss Market’s 13% EPS Growth at Risk After Nestle, Roche Cuts
Keep an eye on :
Keep an eye on :
- AIR FP : Boeing's Spirit Buy Can Improve Builds, Profit and Cash Sooner
- BAYN GY : *FAMILY OF GROUNDSKEEPER ARGUED WEEDKILLER CAUSED HIS DEATH
- BEAN SW : Belimo FY Ebit Misses Estimates
- BMW GY : BMW Starts Construction of EV Battery Assembly Plant in Thailand
- BP/ LN : BP to Start Drilling Major Azeri Field for Gas in Second Half
- BP/ LN : BP to Start Drilling Major Azeri Field for Gas in Second Half
- COTN SW : Comet Sees 2024 Ebitda Margin 15% to 17%
- DHER GY : Delivery Hero Seeks to Amend Outstanding Debt, Raise EU500m
- DELL US : Michael Dell Joins $100 Billion Club as AI-Driven Shares Surge
- DIA IM : Diasorin Says it Received FDA Clearance for Liaison Plex System
- ENEL IM : Sosteneo to Buy 49% of Enel Libra Flexsys in €1.1b Battery Deal
- ENEL IM : Sosteneo to Buy 49% of Enel Libra Flexsys in €1.1b Battery Deal
- EVK GY : Evonik Sees 2024 Adjusted Ebitda EU1.7B to EU2B, Est. EU1.89B
- HEN3 GY : Henkel Sees 2024 Adjusted Ebit Margin 12% to 13.5%, Est. 12.3%
- IMPN SW : Implenia Gets Contracts Worth CHF240m
- BAER SW : Macquarie Slashes Startup Valuation After Julius Baer Protest
- LMT US : Lockheed Offers to Buy Terran Orbital for $1 a Share in Cash
- M US : Investors Raise Bid for Macy’s by 14% After Rebuff, WSJ Reports
- 7201 JP : *NISSAN COULD INVEST MORE THAN $400M IN FISKER TRUCKS: RTRS
- PSH NA : Pershing Square Holdings Feb. Net Performance +1.8%
- QLT LN : Quilter Gains After Betaville Issues ‘Uncooked Alert’
- Reddit IPO : Reddit Eyes Valuation of Up to $6.5 Billion in IPO -- WSJ
- REP SM : Repsol Is Said to Consider Sale of $1 Billion Norway Operations
- RWE GY : RWE Wins Bulk of German Auction for Backup Power Capacity
- SDZ SW : Sandoz to Buy Cimerli From Coherus BioSciences for $170M
- SAN SM : Santander Cuts Some 300 Jobs in US Branches in Shift to Digital
- SHLF NO : Shelf Drilling 4Q Revenue $242.0M Vs. $268.4M Q/Q
- SIE GY : Siemens Mobility to Invest €115m in Chippenham Plant
- SWON SW : SoftwareOne Founding Holders Dissolve Group With Bain Capital
- SON PL : Sonae Sells €400m of Bonds to Finance Bid for Musti Shares
- STLAM IM : Italy Feb. New Car Sales Rise 12.8% Y/y
- TEN IM : Tenaris Bought $89m in Shares in 2nd Tranche of Buyback Program
- X US : US Steel Takeover’s Fate May Hang on the Words of a Union Boss