Asian shares slumped, following losses on Wall Street, after better-than-expected US employment data backed the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields. MSCI’s Asia stock benchmark was on course for a technical correction as shares declined more than 1% in Japan and South Korea and Hong Kong stocks slipped at the open. US equity contracts edged lower. New Zealand’s dollar fell after the central bank kept interest rates unchanged and signaled a subdued growth outlook. The S&P 500 dropped to a four-month low Tuesday and yields on US 10- and 30-year debt climbed to the highest since 2007 after job openings unexpectedly increased. A vote that toppled US House Speaker Kevin McCarthy is likely to further fuel uncertainty after Wall Street’s fear gauge, or VIX, rose to the highest since May. Wall Street has been speculating rates on longer maturity yields will climb to 5%. Tuesday’s increase in yields stoked anxiety in the credit market, where at least two issuers called off sales. Treasuries extended losses in Asian trading. Bloomberg’s gauge of dollar strength edged up after rising to the highest since November on Tuesday, bolstered by climbing Treasury yields. The yen crept lower after Japan’s top currency official Masato Kanda declined to comment on whether any intervention was conducted on Tuesday following the currency’s decline to the weakest level in a year. The yield on Chinese investment-grade dollar credit rose to an 11-month high at 6.51%, having climbed more than 100 basis points from May’s low. Spreads, though, remain well within this year’s range. China is in the midst of a week-long holiday. US markets tumbled Tuesday after the number of available job openings rose to 9.61 million in August from less than 9 million the previous month, according to the Bureau of Labor Statistics. The report drove swaps traders to increase wagers on the Fed raising rates in December to greater than 50%. The next key data point for the US labor market will be the monthly payrolls print on Friday. oil steadied ahead of an OPEC+ review of the global crude market and a weekly update of US stockpiles. Gold was little changed. US After Hours CALM -11.6% lower on earnings; ATEN -14.6% lower on guidance; INTC +2.5% to separate its FPGA unit into a standalone business; BROG +27.5% receives acquisition proposal.
Nikkei -1.93% Hang Seng -0.60% CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.0465 CNH 7.3265 CNY 7.2980 JPY 149.29 GBP 1.2067 CHF 0.9218 RUB 99.8551 TRY 27.5530 WTI$ 89.19 Gold 1,822 BTC 27,426 ETH 1,643
S&P -0.29% Nasdaq -0.29% EuroStoxx -0.34% FTSE -0.18% Dax -0.41% SMI
Macro :
- BofA’s Quinlan Still Looking for Earnings to Spur Year-End Rally
- Panic Creeps Up as VIX Curves Invert for First Time Since March
- Ikea Cuts Jobs in Furniture Plant in Poland Due to Low Demand
Keep an eye on :
- Ikea Cuts Jobs in Furniture Plant in Poland Due to Low Demand
Keep an eye on :
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