The dollar snapped two days of declines on stronger US economic data, helping ease an outsized jump in Asian currencies. A gauge of the greenback rose 0.2% after data showed activity at US service providers accelerated in April. The Taiwanese dollar gained 0.3% following its biggest surge since the 1980s on Monday. The yen was little changed while the Malaysian ringgit weakened 0.8%. China’s central bank kept its daily fix for the yuan steady as the market reopened after a holiday. US equity-index futures dropped 0.3% after the S&P 500 halted its longest rally in about 20 years. There’s no cash trading in Treasuries during the Asian day as Japan is closed for a holiday. President Donald Trump’s aggressive trade talk has rattled markets since he took office in January, undermining the dollar’s traditional haven role in times of stress and leading investors to allocate away from US assets. Central bankers from Taiwan to Hong Kong are responding to the sharp appreciation in local currencies by intervening in the market. Activity at US service providers accelerated in April after a slumping in the prior month. This suggests the services sector is holding up even as manufacturing contracts on the heels of higher US duties. Tariffs are the cornerstone of the Trump administration’s policy to address trade imbalances, increase domestic production and bolster national security. Meanwhile, the deep inversion of a popular Taiwan-dollar derivative suggests selling pressure on the US currency has plenty of room to run. The spread between the Taiwan dollar spot rate and one-year non-deliverable forwards on the Taiwan dollar-US dollar currency pair swelled to around 3,000 pips on Monday, the widest level in at least two decades. The divergence is the latest sign of seemingly insatiable demand for Taiwan’s currency on speculation the island will reach a trade deal with the US.
Meanwhile, Hong Kong authorities spent a record amount in an attempt to defend the foreign-exchange peg. The authorities said they continued to purchase US dollars. In late US hours, Ford Motor Co. pulled its financial guidance and said auto tariffs will take a toll on profit. Palantir Technologies Inc. dropped more than 9% in late trading Monday after its results failed to live up to investors’ loftiest expectations for a company whose stock has led the S&P 500 in gains this year. Attention will soon shift to Wednesday’s Federal Reserve decision after bond traders dialed back rate-cut bets that had steadily mounted as Trump’s trade war unleashed havoc in financial markets. US After Hours F -2.6% on earnings and suspending FY25 guidance; NBIX +13%, UPWK +11.1%, TDW +9.7%, TALO +9.2% higher on earnings; WRD +18.2% as it expands Uber partnership, PLTR -8.6%.
Nikkei +1.04% Hang Seng +0.69% CSI +0.95% Shanghai Shenzen
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0.29% Nasdaq -°.52% EuroStoxx -0.19% FTSE +0.18% Dax -0.17% SMI
Macro :
- Iran Says Waiting to Hear When Next US Talks Will Happen
- Saudi Arabia’s Budget Deficit Soared Even Before Oil’s Slump
- Pakistan Says India Chokes River Flow as Fears of Conflict Rise
Keep an eye on :
Keep an eye on :
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- COFA FP : Coface 1Q Net Income Meets Estimates
- COLOB DC : Coloplast 2Q Ebitda Meets Estimates
- CON GY : Continental 1Q Adjusted Ebit Margin Beats Estimates
- DFDS DC : DFDS Maintains FY Revenue Forecast
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- FME GY : Fresenius Medical Care 1Q Oper Income Excl Special Items EU457M
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- BOSS GY : Hugo Boss 1Q Ebit Beats Estimates
- IDR SM : Indra 1Q Revenue Misses Estimates
- ISS DC : ISS 1Q Sales Meet Estimates; FY Outlook Maintained
- KEMPOWR FH : Kempower Names Bhasker Kaushal CEO
- SKB GY : Koenig & Bauer 1Q Ebit Loss EU14.2M
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- LSCC US : Lattice Semi 1Q Adjusted EPS Matches Estimates
- LIAB SS : Lindab 1Q Net Sales Beat Estimates
- MSFT US : Microsoft Said to Be Key Holdout for OpenAI Restructuring Plan
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- NYF SS : Nyfosa 1Q Total Income Meets Estimates
- OERL SW : Oerlikon 1Q Sales CHF391M Vs. CHF404M Y/y
- PLTR US : Palantir shares fall after hours despite revenue beat and raise
- PHIA NA : Philips Cuts FY Adjusted Ebita Margin Forecast (1)
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- RAA GY : Rational 1Q Ebit Misses Estimates
- RBI AV : Raiffeisen 1Q Net Income Beats Estimates
- RDC GY : Redcare Pharmacy NV Maintains FY Adjusted Ebitda Margin Forecast
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- RIEN SW : Rieter to Buy Barmag for Equity Purchase Price of CHF713m
- RUI FP : Rubis 1Q Revenue EU1.70B, Rubis Maintains FY Ebitda Forecast
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- SGL GY : SGL Carbon to Close Site in Lavradio, Portugal, by End-2026
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- TMV GY : TeamViewer 1Q Revenue Misses Estimates
- TEL NO : Telenor 1Q Revenue Meets Estimates
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- XXL NO : XXL Board Says Long-Term Holders Shouldn’t Accept Frasers Offer
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