Asian stocks slid as traders dialed back bets that the Federal Reserve will aggressively cut rates next year and as an extended selloff in China hurt sentiment. The dollar held gains. An index of the region’s stocks was on pace for a third daily drop, with benchmarks in Hong Kong and Japan sliding the most. US futures also edged lower, following Monday declines when the S&P 500 fell from the highest since March 2022. Traders in Asia are struggling to find fresh catalysts after the region’s best monthly rally since January. A benchmark for Chinese onshore shares is trading at its lowest since 2019, with better-than-expected services activity data failing to assuage concerns over the economy’s muddled growth trajectory. reasuries edged up in Asia after a fall in the previous session added nine basis points to the two-year yield. Traders are tempering their enthusiasm ahead of a heavy weak of crucial labor data. US jobs data later in the week will help identify the prospect for a soft landing in the world’s largest economy. Nearly 125 basis points of easing are priced in through next year’s December Fed meeting — equal to about five quarter-point cuts. US stocks are headed for a rocky end to the year, according to Morgan Stanley’s Michael Wilson. The strategist said December could bring “near-term volatility in both rates and equities” before more constructive seasonal trends as well as the “January effect” support equities next month. The Fed’s next steps could help reignite volatility that has recently shown signs of anemia. Technically “overbought” conditions and bullish positioning have left markets vulnerable to corrections after the historic rallies in both equities and Treasuries last month. The percentage of S&P 500 stocks trading above their 50-day moving averages has surged to 84% — indicating broad participation during the recent rally, according to data compiled by Bespoke Investment Group. Meantime, the closely watched bull-bear spread from the American Association of Individual Investors survey recently showed the most-bullish stance for the group since July, nearing levels not seen since April 2021. Oil steadied after a three-day loss as Saudi Arabia said recent cuts by OPEC+ would be honored in full and could be extended. Gold also rebounded after Monday selling, when it initially touched a fresh record high. US After Hours GTLB +16.7% popping on earnings; ERIC +4.8% higher on AT&T news; KEY -1% down slightly on guidance; NOK -7.3% down on AT&T news
Nikkei -1.37% Hang Seng -2.30% CSI -1.57% Shanghai -1.37% Shenzen -1.61%
Eur$ 1.0833 CNH 7.1510 CNY 7.1467 JPY 146.87 GBP 1.2632 CHF 0.8724 RUB 91.2097 TRY 28.9150 WTI$ 73.01 Gold 2,033 +0.20% BTC 41,726 -0.74% ETH 2,230 -0.20%
S&P -0.30% Nasdaq -0.42% EuroStoxx -0.16% FTSE -0.29% Dax -0.09% SMI +0.06%
Macro :
- Germany’s budget woes risk dampening its chipmaking ambitions
- Investors Ramp Up Bearish S&P 500 Positioning: Citi’s Montagu
- Banks Struggle to Monitor Staffers Even After WhatsApp Probes
- French Onshore Wind Awakens Despite Government Disinterest: BNEF
Keep an eye on :
Keep an eye on :
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