Shares fell across Asia on Friday after stronger-than-expected private hiring data in the US roiled equities on Wall Street and pushed up Treasury yields. A region-wide stock gauge slid for a third day, with large declines in Australia and in Hong Kong-listed technology firms. US equity futures extended on losses seen Thursday in the S&P 500 and Nasdaq 100 benchmarks as investors turned their focus to the release of critical nonfarm payrolls numbers later in the day. ADP Research Institute data showed US companies added the most jobs in more than a year in June, underscoring the inflationary threat from the resilient labor market. Samsung Electronics Co. dropped in Seoul after reporting its biggest decline in quarterly revenue since at least 2009. Japanese drug maker Eisai Co. was among the biggest contributors to losses in the Topix index on concern over adoption risks for its Alzheimer’s drug, even after the medication received full approval from the Food and Drug Administration. Treasuries extended losses in Asia with the policy sensitive two-year yield at 5%, while that on the 10-year note hovered near the highest since March. The two-year yield jumped as much as 17 basis points Thursday following the ADP report and data showing the service sector expanded in June at the fastest pace in four months. The slide in Treasuries reverberated across Asia, with Australia’s 10-year yield climbing to the highest level since 2014, before paring the advance. New Zealand’s bond yields also jumped. Currencies were mixed in Asia after the Bloomberg Dollar Spot Index rose to the highest level in about four weeks Thursday. The yen was marginally stronger after rising against all its Group-of-10 peers in the prior session, supported by comments from the Bank of Japan about a “balanced” approach toward yield-curve control.
The offshore yuan traded in a narrow range after the People’s Bank of China ramped up support for the currency again through its daily fixing. Swap contracts linked to the Federal Reserve’s future policy decisions almost fully price in a quarter-point interest-rate hike by July 26 and show a growing likelihood of an additional move by year-end. This expectation for higher rates is reinforcing bets on tighter monetary policy globally as central banks struggle to rein in inflation. Traders will be on tenterhooks for Friday’s US nonfarm payrolls and unemployment reports to see if they reinforce or reduce pressure on the Fed to raise rates soon. Economists surveyed by Bloomberg are expecting figures to moderate. In Asia, investors were on the lookout for any stimulus decision by the Chinese government. The country is at a critical stage of economic recovery and industrial upgrading, Premier Li said during an event on Thursday. He pledged to “spare no time” in implementing a batch of targeted policies to strengthen the country’s economic recovery. Traders in Chinese assets were also watching the meeting of US Treasury Secretary Janet Yellen and Premier Li Qiang in Beijing for any signs of improvement in the frayed trade ties of the two superpowers. Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell. Gold steadied Friday, but remained on track for a fourth consecutive weekly loss. US After Hours BIIB is the big news as FDA converted Leqembi to traditional approval, stock remains halted; LEVI -5.9% lower on earnings; ABBV -0.1% ticks lower on reduced guidance.
Nikkei -0.77% Hang Seng -0,28% CSI -0.03% Shanghai +0.13% Shenzen -0.20%
Eur$ 1.0895 CNH 7.2519 CNY 7.2434 JPY 143.83 GBP 1.2743 CHF 0.8957 RUB 91.0842 TRY 26.1223 WTI$ 72.07 +0.38% Gold 1,912 +0.06% BTC 30,100 -0.71% ETH 1,855 -1.50%
S&P -0.08% Nasdaq -0.11% EuroStoxx +0.28% Ftse +0.02% Dax +0.22% SMI +0.04%
Macro :
- EU paves way to quit international accord on energy investments
- UK Plans to Reverse MiFID II Ban on Free Research for Clients
- UK Plans to Reverse MiFID II Ban on Free Research for Clients
- EU Is Pushing China to Narrow the Scope of Metal Export Controls
- BlackRock’s Nearly Perfect ETF Record Spurs Hope of Bitcoin Fund
- Hedge Fund Dymon Hires Yu From Goldman, Aims to Raise $1 Billion
- Broadcom to Build Chip Plant in Spain, Economy Minister Says
Keep an eye on :
Keep an eye on :
- BABA US : China Will Wrap Ant Probe With $1.1 Billion Fine, Reuters Says -->
- AZE BB : Azelis Holder PSP Investments Holding Europe Offers Shares
- BIIB US : Biogen, Eisai Alzheimer’s Drug Gets Full Approval
- CABP LN : CAB Payments London Debut Highlights IPO Doldrums: ECM Watch
- CO FP : Casino Groupe Posts Full Text of Rival Offers Online
- CO FP : Casino Groupe Posts Full Text of Rival Offers Online
- CLN SW : Clariant Lowers FY Sales Forecast
- CLASB SS : Clas Ohlson June Sales +5%
- ENEL IM : KKR, Entel to Buy Stake in Telefonica’s Peru Fiber Wholesale
- FABG SS : Fabege 1H Rental Income SEK1.69B Vs. SEK1.48B Y/y
- GRF SM : China Resources Said to Weigh Deal for Grifols Stake in Raas
- LAZ US : Lazard Dismissed Snellenbarger for Alleged Misconduct at Party
- MC FP : L Catterton Said to Tap Banks for US IPO of Birkenstock
- OR FP : Coty Sinks Most in 2 Months Despite Higher Estimates
- MYTIL GA : Mytilineos Raises €500m From New 7-Year Bond Issue
- NETW LN : Brookfield Offers Share Alternative in Network International Bid
- NTEL NO : Nortel Holders Agree With Unifon on Sale of 70% of Company
- NTEL NO : Nortel Holders Agree With Unifon on Sale of 70% of Company
- NOVOB DC : Novo Nordisk Sues to Block Pharmacy-Made Wegovy Knock-Offs
- ORA FP : E&, Orange Said to Weigh Bids For 45% Stake in Ethio Telecom
- PIRC IM : Sinochem to Nominate Jian for Pirelli Chair Seat: Ansa (July 6)
- PRS SM : Berlusconi’s MFE Signals Interest in Growing in Spanish Market
- REP SM : Repsol 2Q Refining Margin $6.4/Bbl Vs $23.3/Bbl a Year Earlier
- REP SM : Repsol Taps Lazard to Find Methanol Plant Investor: Expansion
- ROTH FP : Concordia Bought All Rothschild Shares Permitted Prior to Offer
- SGO FP : Saint-Gobain to Invest $235M to Expand Florida Gypsum Site
- SWTQ SW : Schweiter Technologies Names Urs Scheidegger as Group CFO Sept.1
- ENR GY : Siemens Energy Sets Up Twin Taskforces to Investigate Wind Unit
- GLE FP : SocGen’s €9 Billion CIB Losing Growth, Share as ROE Prioritized
- SUN SW : Sulzer Boosts FY Net Orders Forecast
- TSLA US : Tesla Starts to Lay Off Some Battery Workers at China Factory
- YOU LN : YouGov to Buy GfK’s Consumer Panel Business for €315m in Cash