Equity benchmarks across Asia fell on Thursday with Hong Kong shares leading the losses in a broad, risk-off move across global markets. The Hang Seng Index tumbled as much as 3.2% while benchmarks in Japan and Australia fell more than 1%. A gauge representing Chinese firms also dropped. US equity futures fell, compounding Wednesday losses for the S&P 500. Chinese investors don’t expect policymakers to unveil aggressive stimulus or big economic reforms at a key meeting expected later this month, accordingu to Goldman Sachs Group Inc. Traders have been hoping for more as a slew of data disappointed, including the latest services industry release on Wednesday. Investors also digested news that Chinese banks have stopped buying bonds issued in the Shanghai free trade zone after heightened regulatory scrutiny, in a development that hurts local government financing vehicles. Treasuries rose two basis points to 3.95%, adding to gains on Wednesday that were spurred by the latest Federal Reserve minutes. The two-year rate inched up to 4.96%. The action was driven by Fed minutes showing division among policymakers over the decision to pause in the central bank’s June meeting, with the voting members on track to take rates higher this month. Traders are also looking ahead to US jobs data over the next two days that will further illuminate the path for interest rates. A series of US employment reports due Thursday and Friday will be pivotal. The so-called JOLTS report of job openings is expected to show a tapering of available positions and a separate measure of jobless claims is anticipated to tick higher, in a sign of cooling in the labor market. Meanwhile, Treasury Secretary Janet Yellen touches down in Beijing Thursday to attempt to further repair the relationship between the world’s two largest economies. Elsewhere in China, the central bank extended support for the yuan via a stronger daily reference rate, a day after its flagship newspaper published commentary stating that the country has ample tools to stabilize the weakening currency. Other efforts to shore up the yuan included a decision among China’s largest banks to reduce rates on the country’s $453 billion in corporate US dollar deposits - the second cut in a matter of weeks. In emerging markets, the central bank of Malaysia will hand down interest rate decisions after Sri Lanka cut for the second meeting. Moves in major currencies were relatively muted, aside from the yen strengthening about 0.3% versus the dollar. Traders are likely to keep a keen eye on both the yen and the yuan again, with no end in sight to the broad downward pressure on these currencies. Oil edged higher to compound a rally on Wednesday. Gold rose while Bitcoin traded flat just above $30,000. US After Hours Quiet after hours session; JBLU -1.1% lower as court rules against Northeast Alliance deal with AAL; but SAVE +2.3% higher as JBLU plans to focus more on it.
Nikkei -1.75% Hang Seng -3.08% CSI -0.72% Shanghai -0.58% Shenzen -0.34%
Eur$ 1.0834 CNH 7.2644 CNY 7.2515 JPY 144.03 GBP 1.2695 CHF 0.8990 RUB 90.4905 TRY 26.0546 WTI$71.70 -0.13% Gold 1,918 +0.14% BTC 30,4890 +0.07% ETH 1,913 +0.13%
S&P -0.42% Nasdaq -0.54% EuroStoxx -0.57% FTSE -0.58% Dax -0.59% CAC SMI -0.20%
Macro :
- BlackRock’s Bitcoin ETF May Be Clearing Way for Next Bull Market
- CAC Has Fat Wallet, But Risky Earnings Prospects Limit Buybacks
Keep an eye on :
Keep an eye on :
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- AI FP : Air Liquide Plans Home Healthcare Activity Transform, Job Cuts
- AGAS NO : Avance Gas to Sell 2008 built VLGC Iris Glory for $60 million
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- EMBRACB SS : Embracer Offering of 80m Shares Prices at SEK25/Share
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- GXI GY : Gerresheimer 2Q Adj. Ebitda Misses Estimates, FY View Confirmed
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- LNZ AV : Lenzing Completes EU400 Million Capital Increase
- LSG NO : Leroy Prelim 2Q Harvest 29,700 Tons Excluding Scottish Seafarms
- META US : Instagram Unveils Threads App, a Threat to Musk’s Twitter
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- NOKIA FH : Jio Is Set to Sign 5G Equipment Deal With Nokia for $1.7b: ET
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- SAN FP : Adocia in Exclusivity Pact With Sanofi; to Repay Debt Early
- SAN FP : Pfizer, Sanofi to Drive $1.3 Billion Sales in Newborn RSV Market
- STLA IM : Stellantis ‘Very Safe’ Until 2027 on Critical Raw Materials: CEO
- SZU GY : Suedzucker Boosts FY Operating Profit Forecast, Beats Estimates
- SUSE GY : SUSE 2Q Adjusted Ebitda Misses Estimates, FY Outlook Confirmed
- TKA GY : Thyssenkrupp’s Nucera Valued at €2.5 Billion in German Listing
- VINPAI IPO : Vinpai Launches IPO on Euronext Growth in Paris at €6.55/Shr
- VOW GY : Audi to Unveil EV Manufacturing Plans in Mexico This Month: Rtrs
- VOW GY : VW to Start China Deliveries of First Fully-Electric Sedan in 4Q