A rally in Chinese shares accelerated after authorities intensified rescue efforts, defying broader weakness in Asia as hopes ebbed for a swift Federal Reserve pivot toward policy easing. A key gauge of Chinese firms listed in Hong Kong jumped 4.4%, while the mainland benchmark of CSI 300 rose more than 3%. The gains came after Beijing took more steps to stem a stock rout, including widening trading curbs on certain investors and a pledge by the sovereign wealth fund to further increase holdings of exchange-traded funds. News that regulators plan to brief President Xi Jinping on markets as soon as Tuesday also fueled optimism about more concerted efforts to boost stocks. The offshore yuan rose. Elsewhere in Asia, equities declined in Japan, Australia and South Korea, while US equity futures edged up after the S&P 500 dropped 0.3% and the Nasdaq 100 shed 0.2% Monday. The 10-year Treasury yield fell three basis points in Asian trading. That followed another bout of heavy selling Monday, spurred by strong US economic data, that pushed the rate up by 14 basis points, marking the biggest two-day jump since June 2022. The Treasuries selloff on Monday came after the Institute for Supply Management’s services gauge hit a four-month high while prices picked up. The news jolted trading when investors were already digesting cautious views from some Fed speakers including Jerome Powell. The net effect is a stronger economy that gives the central bank longer to reduce rates. Fed swaps almost wiped out the odds of a March rate move, and the chances of a May cut have also been reduced. The “one-two punch” prevented market players from achieving further upside, according to Jose Torres at Interactive Brokers. JPMorgan Chase & Co. strategist Marko Kolanovic said that “absent a material shock, we think this year’s easing will prove more moderate than markets have priced.” The dollar was slightly weaker after it hit its strongest since November in a muted start to trading in currency markets. The yen firmed against the greenback to trade at just above 148 per dollar. Annual wage negotiations in Japan have kicked off in earnest, as its central bank looks for evidence of a virtuous wage-price cycle that would allow it to exit from the world’s last negative rate regime. In the US, Fed Bank of Minneapolis President Neel Kashkari said officials have time to gauge incoming data before easing while his Chicago counterpart Austan Goolsbee reiterated he’d like to see more of the favorable inflation data. The world’s major central banks mustn’t drop their guard in the fight against inflation as it’s too soon to say if sharp interest rate increases have contained underlying price pressures, the OECD said. Meantime, the latest Bloomberg Markets Live Pulse survey showed American shoppers won’t be deterred by mounting credit-card bills or the recent ripple of layoffs. More than half of 463 respondents said spending will stay strong or get even stronger in 2024. In commodities, gold rose a tad to $2,028 per ounce. West Texas Intermediate also edged higher. Bitcoin rose above $42,700.
Nikkei -053% Hang Seng +3.68% CSI +3.02% Shanghai +2.72% Shenzen +4.45%
Eur$ 1.0750 CNH 7.2030 CNY 7.1913 JPY 148.43 GBP 1.2550 CHF 0.8698 RUB 90.6279 TRY 30.5670 WTI$ 72.88 +0.12% Gold 2,028 +0.15% BTC 42,700 +0.86% ETH 2,310 +1.03%
S&P +0.06% Nasdaq +0.21% EuroStoxx +0.38% FTSE +0.39% Dax +0.21% SMI +0.35%
Macro :
- JPMorgan’s Kolanovic Sees Fewer Rate Cuts Than Markets Expect
- EU Risks Green Backlash With Plan for Deeper Emissions Cuts
- Blackstone to Back Ex-Millennium Asia Co-CEO’s New Hedge Fund
- Senegal Lawmakers Agree 10-Month Delay to Presidential Vote
- Watch UK Retailers as Sales Suffer Slowdown in January
Keep an eye on :
Keep an eye on :
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- HEIA NA : Lesaka to Buy Touchsides From Heineken International
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- NOD NO : Nordic Semiconductor 4Q Revenue Misses Estimates
- NOVN SW : Novartis to Buy MorphoSys for EU68/shr, or EU2.7b in Cash
- NXPI US : NXP Semi 4Q Adjusted EPS Beats Estimates
- 973 HK : Blackstone Said to Consider Bid for Skin-Care Company L’Occitane +13%
- PLTR US : Palantir Jumps After 4Q Revenue, Adjusted EPS Beat Estimates
- PARA US : Byron Allen Opens Talks With Paramount on $14.3 Billion Bid
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- URW FP : Simon Property 2024 FFO per Share Forecast Misses Estimates
- UNI SM : Unicaja 4Q Net Loss Misses Estimates, Unicaja to Propose €132m Cash Dividend, €100m Buyback Program
- VPLAYB SS : Viaplay Gets Subscriptions for 159% of Class B Shares Offered