Shares rallied after the Bank of Japan’s deputy governor said it won’t raise interest rates if markets are unstable, comforting investors unnerved by a recent surge in the yen. Japanese stocks rose after the yen fell by more than 2% against the dollar. Bank of Japan’s Deputy Governor Shinichi Uchida noted the recent volatility in Japanese markets, saying the BOJ’s rate path will shift if there’s an impact on the policy outlook. Equities in Taiwan and South Korea extended gains, while US futures also climbed. Uchida’s comments offered much-needed reassurance to markets at a time when investors remained concerned whether the recent unwinding of the yen carry trade has run its course. The BOJ’s softening stance also served to remove one major uncertainty as traders continued to assess if the recent global selloff was an overreaction to weak US economic data. A broad Asian gauge rose 1.6%. Chinese shares were marginally higher after four consecutive days of losses, following a mixed bag of trade data.
The Nikkei and the Topix indexes slid into a bear market on Monday after they dropped 20% from their July peaks. The Nikkei’s implied volatility touched its highest level since 2008 at the start of the week. The yen carry trade unwinding among speculative investors was 50% to 60% done, Arindam Sandilya, co-head of global FX strategy, said on Bloomberg TV. Investors using the cheap currency to fund investments in higher-yielding assets were caught out when the yen surged 11% over the past month. The Mexican peso, another carry trade target, also rose over 1% against the dollar Wednesday. The Australian dollar and its New Zealand counterpart both advanced too. The S&P 500 and Nasdaq 100 rose on Tuesday — following a Japan-led rebound in Asia — with both climbing 1% after a global meltdown. Wall Street’s “fear gauge” — the VIX — saw its biggest plunge since 2010. Traders also moderated expectations of Federal Reserve rate cuts this year, with swaps predicting around 105 basis points of easing, versus as much as 150 basis points on Monday. Treasury 10-year yields rose two basis points in Asian trading after jumping 10 basis points to 3.89% Tuesday. Oil was flat. A semblance of calm returned to markets on Tuesday, following a pullback fueled by weak economic data, underwhelming tech results, stretched positioning and poor seasonal trends. The wall of worry the market built up over the past few days drove the S&P 500 to the brink of a correction, with a drawdown of about 8.5% from the highs. US After Hours LUMN +37.1%, INGN +22%, UPST +16.9%, FTNT +16.3%, CRUS +10.1%, CART +8.2%, RPD +7.8% higher on earnings; ABNB -16.1%, VECO -14.6%, TREX -13.7%, SMCI -12.8% lower on earnings.
Nikkei +2.65% Hang Seng +1.93% CSI +0.54% Shanghai +0.64% Shenzen +0.48%
Eur$ 1.0912 CNH 7.1877 CNY 7.1835 JPY 147.47 GBP 1.2706 CHF 0.8586 RUB 85.6873 TRY 33.5087 WTI$ 73.50 Gold 2,393 BTC 57,151 ETH 2,523 +1.37%
S&P +0.75% Nasdaq +0.90% EuroStoxx +1.18% FTSE +1.24% Dax +1.03% SMI +0.59%
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Keep an eye on :
Keep an eye on :
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- ABNB US : *AIRBNB SEES 3Q REV. $3.67B TO $3.73B, EST. $3.84B
- AD NA : Ahold Delhaize 2Q Adjusted Operating Margin Beats Estimates
- AIR FP : Cathay to Buy 30 Airbus A330-900 Jets, Has Option for 30 More
- AMGN US : *AMGEN 2Q ADJ EPS $4.97, EST. $4.98
- ANDR AV : Andritz Names Vanessa Hellwing as New CFO, Effective March 28
- POST AV : Austrian Post Raises FY Guidance, 2Q Revenue Beats Est. (1)
- BAMI IM : Banco BPM 2Q Net Income Beats Estimates
- BAMI IM : Banco BPM 2Q Net Income Beats Estimates
- BPE IM : BPER Banca 2Q Net Income Misses Estimates
- BEI GY : Beiersdorf 1H Adjusted Ebit Misses Estimates
- BLV FP : Believe Buys Full Ownership of Doğan Music Company for €38.3m
- BPE IM : BPER Banca 2Q Revenue Beats Estimates
- CLASB SS : Clas Ohlson July Organic Sales +12%
- CBK GY : *COMMERZBANK PLANS BUYBACK OF €600 MILLION
- CON GY : Continental Cuts FY Sales Forecast
- CPNG US : Coupang Q2 Adjusted EPS Declines, Revenue Rises
- DVN US : Devon 2Q Core EPS Beats Estimates (1)
- DO US : Diamond Offshore 2Q Total Revenue Meets Estimates
- ZIL2 GY ; ElringKlinger 2Q Ebitda Misses Estimates
- 3333 HK : Evergrande Liquidators Start Legal Action Against PwC: FT
- EVT GY : Evotec SE Sees FY Adjusted Ebitda EU15M to EU35M
- EXEL US : Exelixis Boosts FY Total Revenue Forecast, Beats Estimates
- 656 HK : Fosun’s Fidelidade Explores Sale of New Lisbon Headquarters
- G1A GY : GEA Group 2Q Adjusted Ebitda Beats Estimates
- GLEN LN : Glencore 1H Revenue Beats Estimates
- GPRO US : GoPro 2Q Revenue Beats Estimates
- ILMN US : Illumina 2Q Adjusted EPS Beats Estimates
- IPAR US : Inter Parfums 2Q EPS Beats Estimates
- KTN GY : Kontron Maintains FY Net Income Forecast
- LGEN LN : Legal & General 1H Retail Operating Profit Misses Estimates
- LOGN SW : Logitech Names Matteo Anversa New CFO From Sept. 1
- MAERSKB DC : Maersk 2Q Ebitda Misses Estimates
- MOS US : Mosaic 2Q Adjusted EPS Misses Estimates
- NOVOB DC : Novonesis Hit by Small Fire in Copenhagen Building: TV2
- NOVOB DC : Novo Cuts FY Operating Profit at Constant FX Forecast
- NOVOB DC : Novo Withdraws Submission to US FDA on Wegovy Step Trial
- NVDA US : NVIDIA SHARES RISE 4% AFTER SUPER MICRO SALES FORECAST BEATS
- RAIVV FH : Raisio 2Q Adjusted EPS Beats Estimates
- RILBA DC : Ringkjoebing Landbobank Boosts FY Net Income Forecast
- ROG SW : Roche Considers Options for Flatiron Health Including Sale: FT
- 005930 KS : Samsung’s 8-Layer HBM3E Chips Clear Nvidia’s Tests: Reuters
- ENR GY : Siemens Energy 3Q Profit Before Special Items Beats Estimates
- SWI US : SolarWinds Set to Replace Bankrupt SunPower on S&P Smallcap 600
- SLDP US : Solid Power Cuts FY Revenue Forecast
- SMCI US : Super Micro Computer 2025 Net Sales Forecast Beats Estimates
- SMHN GY : SUSS MicroTec 2Q Ebit Beats Estimates
- TEF SM : *MASORANGE, TELEFONICA REACH 5G SPECTRUM DEAL: EXPANSION
- TCAP LN : TP ICAP 1H Revenue Meets Estimates
- VOE AV : Voestalpine 1Q Ebitda Misses Estimates
- WPP LN : *WPP TO SELL AROUND 50% STAKE IN FGS GLOBAL TO KKR FOR $775M