Asian equities climbed, boosted by a slew of positive headlines from China, while the dollar was steady as the clock ticked down to a tight US election. Chinese equity benchmarks rose more than 2% to lead the region’s gains. Japan’s Nikkei 225 jumped following a public holiday, while shares in Australia and South Korea slipped. The Bloomberg Dollar Spot Index was flat and the 10-year Treasury yield advanced one basis point, while US stock futures were little changed. After a cautious start to the day, stocks turned higher upon data that showed China’s service activity expanded at the fastest pace since July, and comments from the premier that the country has ample policy room. Sentiment also got a lift after the nation’s top legislative body reviewed a proposal that aims to reduce the financial burden of local officials. A greater focus for the week is on the US presidential vote, as polls show Americans narrowly split between Donald Trump and Kamala Harris. The likelihood of a disputed result may drag the vote count out for weeks, spurring a potential rise in volatility. There are additional catalysts likely to move the market this week. Election Day will quickly be followed on Thursday by the Federal Reserve’s decision and Jerome Powell’s press conference, where he’ll give details on the central bank’s interest-rate path. A big chunk of US firms are due to report earnings. Citigroup Inc. said investors are more bullishly positioned on US stocks ahead of the presidential vote than in previous instances, while there was little sign of “significant election positioning” in Asia. There’s “a lot of wait-and-see with limited risk-taking in Asia,” said Jun Rong Yeap, market strategist at IG Asia Pte. “Traders may be more positioned toward the defensives for now, as seen from gold prices hovering around its record high, alongside some resilience in the US dollar.” Elsewhere, Australia’s central bank left its key interest rate unchanged at 4.35% as expected, spurring limited market reaction. The board highlighted the “high level of uncertainty” about the international outlook. Indonesia’s economic growth slowed to 4.95% in the third quarter, the slowest pace in a year, due to factory closures and job cuts. In Japan, the yen slipped against the dollar while the nation’s stocks will get an additional 30 minutes of trading. Boeing Co. workers voted to accept a new labor contract and end a strike that’s crippled jetliner production for 53 days, clearing a major obstacle for the US planemaker to restore its operations and finances. Meanwhile, Aramco held its quarterly dividend at $31 billion, despite lower profit, as Saudi Arabia’s multitrillion-dollar economic transformation plans widened the budget deficit. In commodities, gold slipped while oil was little changed after jumping almost 3% on Monday on heightened tensions in the Middle East and OPEC+’s move to extend supply curbs. Bitcoin climbed over 2%. US After Hours VMEO +15% and PLTR +12.1% up double-digits on earnings; DLTR +6.8% gaining on CEO and Chairman shakeup; MQ -29.9%, JELD -22.2% down big following quarterly numbers.
Nikkei +1.11% Hang Seng +1.42% CSI +2.37% Shanghai +2.16% Shenzen +3.07%
Eur$ 1.0881 CNH 7.1086 CNY 7.1066 JPY 152.32 GBP 1.2966 CHF 0.8642 RUB 98.8718 TRY 34.3504 WTI$ 71.40 Gold 2,737 +0.03% BTC 68,700 +2.40% ETH 2,427 +2.40%
S&P +0.12% Nasdaq +0.18% EuroStoxx +0.08% FTSE -0.13% Dax +0.09% SMI +0.02%
Macro :
- Chinese driver-assist startup announces $100 million in funding, touts 'deep cooperation' with Nvidia
Keep an eye on :
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- BAKKA NO : Bakkafrost 3Q Operating Ebit Misses Estimates
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- BA US : Boeing Workers Accept Latest Contract Offer, Ending Strike (1)
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- BP/ LN : BP Venture Eyes Investment to Make Green Jet Fuel in Argentina
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- EQT SS : EQT X Offers SEK110 in Cash Per OEM International Share
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- FME GY : Fresenius Medical Care 3Q Operating Income Beats Estimates
- FME GY : Fresenius Medical Sees US Dialysis Patient Volume Rebound
- BOSS GY : Hugo Boss 3Q Ebit Beats Estimates
- IPI US : Intrepid Potash Holder Clearway Capital Reports 9.1% Stake: 13D
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- ISS DC : ISS 3Q Organic Revenue Misses Estimates
- KRN GY : Krones 3Q Ebitda Beats Estimates
- LEG GY : LEG Immobilien to Buy 52.68% of BCP From Adler for EU45/Share
- ML FP : Goodyear 3Q Adjusted EPS Beats Estimates
- NOEJ GY : Norma 3Q Adjusted Ebit Misses Estimates
- OERL SW : OC Oerlikon Corp AG Pfaffikon Sees FY Ebitda Margin 16%
- OKLO US : Lockup on Thiel’s Stake in Nuclear Startup Set to End
- OKLO US : Lockup on Thiel’s Stake in Nuclear Startup Set to End
- PACS US : Hindenburg Research Says It’s Short PACS Group
- RAIVV FH : Raisio 3Q EPS Misses Estimates
- RHM GY : NATO Chief Says Rheinmetall to Finish Second Ukraine Plant Soon
- RDC GY : Redcare Pharmacy NV 3Q Revenue Meets Estimates
- RENE PL : Portuguese Electricity Demand Rose 3.1% in October, REN Says
- SZG GY : Salzgitter Says Shareholder Considering Submitting Takeover Bid
- SHA0 GY : Schaeffler 3Q Adjusted Ebit EU187M Vs. EU340M Y/y
- SHUR BB : Shurgard 3Q Property Operating Revenue EU105.9M Vs. EU90.7M Y/y
- SYENS BB : Syensqo Seeks to Cut 300 to 350 Positions to Boost Growth, Syensqo Narrows FY Underlying Ebitda Forecast
- TPR US : Tapestry Expects to Open 100 New Stores in China in Next 3 Years
- TCAP LN : TP ICAP 3Q Revenue GBP557M Vs. GBP512M Y/y
- UCB BB : UCB Sees FY Revenue EU6B, Saw High End of EU5.5B to EU5.7B
- UN0 GY : Uniper Comfirms More Upbeat Outlook Amid Preparations for Sale
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