Stocks dipped in Asia on Wednesday as fears of an economic downturn lingered over financial markets, leaving the dollar hovering at the highest level in more than two years. Falls in Japan, China and Hong Kong hit Asian shares. US futureswavered after a volatile Wall Street session saw equities close up but with little conviction that global shares can escape the clutches of a bear market anytime soon. The prevailing worries about recession amid a campaign of monetary tightening to fight high inflation spurred a plunge in oil to under $100 a barrel on Tuesday. It struggled to retake that level in Asian trading. Treasuries slipped, leaving the US 10-year yield just above 2.80%. A dollar gauge was firm and the yen edged up amid the ongoing caution in markets. Bitcoin suffered another swoon, retreating below $20,000. Slivers of comfort such as the possible rowing back of some US tariffs on Chinese goods are proving no match for the dour mood in markets. A looming energy crisis in Europe amid Russia’s war in Ukraine and threats to company earnings from a slowing US economy are among the risks investors face. The odds of a US recession in the next year are now 38%, according to latest forecasts from Bloomberg Economics. Bond traders are penciling in a policy turnaround by the Federal Reserve, with current hawkishness giving way to interest-rate cuts in the middle of 2023. Elsewhere, the pound trimmed losses sparked by turmoil in British politics. Boris Johnson’s premiership is on the brink after the resignation of two of the most senior Cabinet members, but he’s digging in as UK prime minister. In China, Shanghai launched mass testing for Covid in nine districts after detecting cases the past two days, fueling concerns that the financial hub may once again find itself locked down in pursuit of Covid Zero. US After Hours KRNT -20.8% falls on weak guidance; BOC +3.5% higher on M&A news
Nikkei -1.4% Hang Seng -1.84% CSI -1.46% Shanghai -1.45% Shenzen -1.14%
Eur$ 1.0266 CNH 6.7083 CNY 6.7053 JPY 135.31 GBP 1.1965 CHF 0.9677 RUB 63.8043 TRY 17.0105 WTI$ 99.77 +0.29% Gold 1,770.80 +0.34% BTC 19,876 -2.76% ETH 1,123.35 -2.60%
S&P -0.39% Nasdaq -0.36% EuroStoxx +1.22% FTSE +1.09% Dax +1.12% SMI +0.52%
Macro :
- Copper Shares Fall as Metal Hits 19-Month Low on Recession Fears
- Tiger Global Posts June Gain, Paring This Year’s Drop to 50.1%
- Crypto Broker Voyager Seeks Bankruptcy as Mogul’s Lifeline Fails
Keep an eye on :
- AC FP : Accor to Be Structured Around Two Divisions Starting October 1
- AF FP : Air France-KLM Buys 200 CFM LEAP-1A Engines for Airbus Fleet
- ASML NA : US Pushes for ASML to Stop Selling Chipmaking Gear to China
- AGL IM : Dufry-Autogrill Has Consolidation Talks Doing the Rounds Again
- CS FP : European Life Insurers to Reap Rewards From Interest Rates Rise
- BIM FP : Boehringer, Evotec, BioMerieux Form EU40M Antibiotics JV
- BNP FP : CFTC Orders BNP Paribas to Pay $6M for Swap Related Violations-
- COFB BB : Care-Ion Places 532,226 Cofinimmo Shares: Terms
- DUFN SW : Dufry-Autogrill Has Consolidation Talks Doing the Rounds Again
- EQNR NO : Norway Unions Agree to End Energy Strike as Soon as Possible
- EVT GY : Boehringer, Evotec, BioMerieux Form EU40M Antibiotics JV
- HOLN SW : Holcim to Buy Privately Held Cantillana; No Terms Disclosed
- ICAD FP : Icade Buys 6 Healthcare Facilities in Spain for EU60 Million
- LR FP : Legrand Gets Statement of Objections From Competition Authority
- MOY GR : Mynaric: L3Harris Subscribes to New Shares for EU27.3675/Share
- OXY US : Buffett Keeps Snapping Up Occidental When Stock Drops Below $60
- RXL FP : Rexel Gets Statement of Objections From Competition Authority
- ROG SW : Roche Granted FDA Priority Review to Genentech’s Mosunetuzumab
- SU FP : Schneider Electric Gets a Statement of Objections
- STR AV : Strabag Says Board Member Bull’s Withdrawal Challenged in Court
- TE FP : TechnipFMC Wins Equinor Brazil Contract Worth More Than $1b
- TIT IM : Telecom Italia Seeks Network Valuation of at Least EU25b: Rtrs