Global stocks trimmed a weekly loss as Chinese tech shares rebounded more than 10%, helping offset some of the drag on markets caused by Federal Reserve interest-rate hikes. US and European equity futures rose and a gauge of Asian shares headed for the biggest weekly jump since July. The gains in Chinese stocks came as investors continued to speculate on the possibility of Beijing rolling back its Covid-Zero policy. News that US audit officials were ahead of schedule in on-site inspections of Chinese companies also supported sentiment. Treasury yields were steady ahead of a US jobs report. A key segment of the curve on Thursday reached an extreme of inversion not seen since the 1980s. Such curve inversions have a track record of preceding economic downturns, which is adding to market jitters before jobs data later Friday. Swaps that reference future Fed meetings indicate an expected peak rate above 5.15% around mid-2023. Japanese shares were the biggest drag in Asia as investors in Tokyo played catchup after Thursday’s holiday. The dollar weakened against all major currencies and the offshore yuan jumped more than 1%. Japanese shares were the biggest drag in Asia as investors in Tokyo played catchup after Thursday’s holiday.
The dollar weakened against all major currencies and the offshore yuan jumped more than 1%. oil rose as investors weighed a tightening outlook for energy supply against persistent concerns over a global economic slowdown. Gold climbed. US After Hours SQ +14.1%, DASH +10%, MCHP +9.3%, OLED +8.9%, MNST +5.4%, EXPE +3.3% higher on earnings; TEAM -21.7%, TWLO -18%, CVNA -10.2%, PYPL -9.2% lower on earnings; APLS -16.8% drops on NDA amendment
Nikkei -1.68% Hang Seng +6.30% CSI +3.37% Shanghai +2.46% Shenzen +2.77%
Eur$ 0.9783 CNH 7.2547 CNY 7.2491 JPY 147.89 GBP 1.1229 CHF 1.0092 RUB 62.3244 TRY 18.6090 WTI 90 +2.05% Gold 1,648.25 +1.15% BTC 20,596.50 +1.76% ETC 1,581.05 +2.6271
S&P +0.46% Nasdaq +0.75% EuroStoxx +0.72% FTSE +0.63% Dax +0.49% SMI
Macro :
Keep an eye on :
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- EBS AV : Erste 3Q Net Income Beats Est., Details 2023 Goals, Strategy (1)
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- GMAB DC : Genmab Boosts FY Revenue Forecast
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- KER FP : *KERING IN ADVANCED TALKS TO BUY TOM FORD: DJ
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- LDO IM : Leonardo 3Q Ebita Beats Estimates
- NEOEN FP : Neoen Boosts FY Ebitda Forecast, Beats Estimates
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