Stocks in Asia and US equity futures extended their gains as weak US manufacturing data eased bets on the Federal Reserve’s hawkishness. The Australian dollar dropped after the nation’s central bank delivered a smaller-than-expected rate hike. An Asia Pacific equity benchmark rose by more than 1.6% and is on course for the highest in a week, sparked by a broad rebound in the region, with investors appearing to shrug off news that North Korea fired a missile over Japan for the first time since 2017. Treasuries consolidated following a rally on Monday after a US manufacturing gauge declined more than expected, tamping down fears of more aggressive Fed’s moves. The Bloomberg Dollar Spot Index turned flat after a 0.5% decline on Monday. The Reserve Bank of Australia raised its benchmark interest rate by 25 basis points, less than expected. Australian three-year yields dropped as much as 58 basis points after the decision, while the currency tumbled as much as 1%. Traders pared bets on Fed hikes, with swaps tied to Fed policy meeting dates falling sharply for early 2023. The May meeting contract’s rate dropped, suggesting a peak policy rate of 4.48% next year, down from recent highs above 4.69%. The Fed should consider stopping its tightening campaign after one more interest-rate hike in November, according to Ed Yardeni, a market veteran who coined terms like “Fed Model” and “bond vigilante.” China’s onshore markets will remain shut this week for holidays, while the Hong Kong exchange will be closed Tuesday for the Chung Yeung Festival. oil steadied after posting the biggest one-day gain since May as the market looked to OPEC+ to deliver a substantial cut in supply. US After Hours : RIVN +6.5% after reporting Q3 production and delivery data; BLKB +6.7% as Clearlake Capital discloses stake; AXTI -7.4% falls on lowered guidance
Nikkei +2.78% Hang Seng Closed CSI Closed Shanghai Closed Shenzen Closed
Eur$ 0.9831 CNH 7.0893 CNY 7.1159 JPY 144.82 GBP 1.1310 CHF 0.9912 RUB 58.8717 TRY 18.5525 WTI$ 83.84 +0.25% Gold 1,699.50 -0.01% BTC 19,582 -0.05% ETH 1,328.15 +0.32%
S&P +1% Nasdaq +1.20% EuroStoxx +1.50% FTSE +0.70% Dax +1.59% SMI +0.73%
Macro :
- OPEC+ in Driver's Seat Again, Aiming to Put $90 Floor on Oil
- S&P Cuts UK 2023 GDP Forecast, Sees Moderate Technical Recession
- BofA’s Subramanian Says Wall Street Hasn’t Fully Capitulated Yet
- Goldman’s Top Oil Trader Anthony Dewell Departs for Millennium
- BofA Says Sell-Side Indicator Points More to ‘Buy’ Than ‘Sell’
- BNP Paribas Strategists Cut Europe Stocks Target on Profit Risk
- JPMorgan’s Kolanovic Says S&P 500 Outlook at Risk on Policy Woes
Keep an eye on :
- AF FP : Delta Could Take 10%-15% Stake in ITA Airways: Corriere
- ATL IM : Italy Regulator Approves Benetton, Blackstone Bid for Atlantia
- ATO FP : Atos Chairman Meunier to Step Down Next Summer: BFM Business
- BAKKA NO : Bakkafrost Prelim 3Q Total Harvest 24,900 Metric Tons
- BMPS IM : Italy Pledged Paschi Cuts to Get EU Backing for Sale Delay
- BMW GY : *BMW U.S. BRAND SALES UP 3.2%
- BRAV SS : Bravida Denmark Signs Framework Deal Worth About DKK200m
- COPN SW : Cosmo, Infectopharm Sign License, Distribution Pact for Winlevi
- CSGN SW : Wild Moves in Credit Suisse’s Default Swaps Cap Bank’s Bad Day
- GLPG NA : Galapagos Gets Positive CHMP Opinion for Jyseleca
- GRF SM : Grifols Names Steven Mayer as Executive Chairman
- LSG NO : Lerøy Seafood Cancels NOK123m Purchase of Licence Capacity
- MMT FP : Bertelsmann Decides Against Selling Stake in French TV Group M6
- MBTN SW : Meyer Burger Plans Ordinary Capital Increase of Up to CHF250M
- MOWI NO : Mowi Cancels Biomass Growth Purchase After Resource Tax Proposal
- PSH NA : Pershing Square Holdings Sept. Net Performance -4.5%
- P911 GY : Porsche 3Q US Retail Deliveries Up 8.5% Y/y
- PSM GY : ProSiebenSat.1 Media Names Bert Habets as Group CEO
- RTL LX : RTL Group to Keep Controlling Stake in Groupe M6
- SGO FP : Saint-Gobain Is Said to Launch Jewson Sale Despite Tough Market
- SIKA SW : Sika Sees FY Sales in Local Currencies Above +15%
- SKAB SS : Skanska to Build School in North Carolina for $78M
- TIT IM : Claro, Tim Brasil, Vivo Must Deposit BRL1.5B in Court: Valor
- VOD LN : *VODAFONE HIRES EVERCORE TO SELL SPAIN FIXED NETWORK STAKE:CINCO
- VOW GY : *VOLKSWAGEN 3Q AMERICAN VEHICLE SALES UP 12% Y/Y