Asian stocks trimmed their gains and US stock futures slid as traders awaited this week’s US payrolls data to gauge the extent of the Federal Reserve’s easing. The MSCI Asia Paficic Index erased most of its 0.8% gain. Japan’s Nikkei 225 index fell more than 1%, while benchmarks in Hong Kong and South Korea turned lower. Taiwan’s Taiex index jumped more than 1%, led by a rebound in the shares of chipmakers. Treasury yields climbed after the 10-year rate dropped eight basis points in the prior session, as a slowdown in the US labor market bolstered bets on steep rate cuts by the Fed. An index of dollar strength steadied after weakening by 0.3% on Wednesday. The yen, earlier supported by an increase in Japan’s real wages, erased gains. Traders are back in wait-and-see mode ahead of the US payrolls report due Friday, one of the most important data points before the Fed’s decision later this month. Financial markets have displayed outsized reactions to US economic data as focus shifts to the risk of a recession. Skepticism over the artificial intelligence hype has also hurt risk assets, with Nvidia Corp. seeing its worst two-day plunge since October 2022. US futures edged lower in Asian trading after the S&P 500 and Nasdaq 100 ended Wednesday down 0.2%. Shares of Nippon Steel Corp. snapped a three-day drop. The Japanese steelmaker is in focus after US President Joe Biden was said to block its $14.1 billion takeover of United States Steel Corp.. Shares of US Steel closed 17% lower in New York, the biggest decline since April 2017. Sentiment remains weak over Chinese equities. JPMorgan Chase & Co. dropped its buy recommendation for the nation’s stocks, citing weak policy support and potential volatility linked to the US presidential election. A gauge of Chinese shares in Hong Kong slumped to its lowest in two weeks. With the Fed set to begin cutting rates in a few weeks, monthly US employment data due Friday will help determine how big the move will be. Chair Jerome Powell has made it clear the Fed is now more concerned about risks to the labor market than inflation. In commodities, oil rose after closing at the lowest level since June 2023 as an industry report pointed to a big draw in US crude stockpiles. Meanwhile, gold traded at around $2,495 after finding support following the US job openings data. US After Hours VRNT -16.6%, AI -16.1%, CRDO -12.6%, CHPT -10.1%, AVAV -4.1%, CXM -3.7%, HPE -3.1% lower on earnings; MODG +2.7% to seek to split in two.
Nikkei -1.17% Hang Seng -0.50% CSI -0.01% Shanghai -0.07% Shenzen +0.35%
Eur$ 1.1079 CNH 7.1013 CNY 7.1011 JPY 143.50 GBP 1.3150 CHF 0.8462 RUB 87.5116 TRY 34.0279 WTI$ 69.43 +0.35% Gold 2,498 +0.10% BTC 57,200 -1.44% ETH 2,412 -1.74%
S&P -0.09% Nasdaq -0.19% EuroStoxx -0.15% FTSE -0.23% Dax -0.15% SMI -0.21%
Macro :
- Goldman’s Rubner Sees Market Correction If Payrolls Come In Weak
- JPMorgan Abandons Bullish China Call as US Election Stirs Angst
- Saudi Arabia External Balances Weaken on Oil Drop, IMF Says
- Economic Security Key in US Steel Takeover Proposal, Japan Says
- Oaktree’s Marks Says Fed Cuts to Take US Rates No Lower Than 3%
- Japan’s Kono Says Inappropriate for Govt to Block US Steel Deal
Keep an eye on :
Keep an eye on :
- BIM FP : BioMerieux Boosts FY Organic Sales Forecast
- BP/ LN : Ex-BP Exec Gets Go-Ahead for Biggest African Mangrove Project
- BRBY LN : Burberry Group to Leave FTSE 100 Index, Hiscox to Join
- CRI FP : Chargeurs 1H Recurring Operating Profit EU17.0M Vs. EU12.7M Y/y
- ATD CN : Couche-Tard 1Q Adjusted EPS Misses Estimates
- ATD CN : Couche-Tard Says Hunting for US Deals, Stays Quiet on Seven & I
- CVC NA : One of Year’s Best European IPOs Faces Earnings Test: ECM Watch
- EUROPASTRY IPO : Spain’s Europastry Mulls Resuming IPO This Fall: Expansion
- GRF SM : *BROOKFIELD AIMS TO PAY GRIFOLS B SHRS AT LOWER PRICE: EXPANSION
- HELN SW : Helvetia 1H IFRS Net CHF258.6M Vs. CHF257.8M Y/y
- HSX LN : Burberry Group to Leave FTSE 100 Index, Hiscox to Join
- IDL FP : ID Logistics Group Offers Up to EU125 million Shares
- BAER SW : Julius Baer Buys All Shares in Kuoni Mueller & Partner
- KENDR NA : Kendrion Raises Dividend Payout Policy in New Mid-Term Targets
- MC FP : Tiffany to Halve China Flagship Store as Luxury Spending Dives
- SAN SM : Banco Santander Named Retail Banking Partner of Formula 1
- SSABA SS : SSAB Says Head of SSAB Europe to Retire Next Year
- STLAM IM : Jeep Cuts Output of Wranglers, Grand Cherokees -- WSJ
- SLPB SS : Swedish Landlord SLP Hires Banks for SEK1b New Share Sale
- TEL2B SS : Tele2 Says CEO Kjell Johnsen Will Step Down
- TOM NO : Tomra Systems Targets 18% Return on Capital Employed by 2030
- MODG US : Topgolf Callaway Brands: Two Independent Companies Will Be Callaway and Topgolf >MODG
- NSKOG NO : Norske Skog Delays France Containerboard Production Start
- ULVR LN : Russia Allows Unilever to Sell Local Assets, RBC Says
- ULVR LN : Russia Allows Unilever to Sell Local Assets, RBC Says
- VOLVB SS : Volvo Cars to Expand Collaboration With Nvidia
- X US : US Steel Says to Pursue All Legal Options for Nippon Steel Deal
- X US : Economic Security Key in US Steel Takeover Proposal, Japan Says
- X US : Japan’s Kono Says Inappropriate for Govt to Block US Steel Deal
- VLTSA FP : Voltalia 1H Normalized Ebitda EU75.0M Vs. EU56.0M Y/y
- WPP LN : Amazon Picks Omnicom, WPP for Consumer Ads Account: Adweek
- XPEV US : XPeng ADRs Raised to Overweight at JPMorgan; PT $11.50