Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. The downward pressure followed a decline in US stocks Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower Thursday. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher. The moves followed data from the Institute for Supply Management’s US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People’s Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan’s stern warning about yen depreciation Wednesday. Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for US gross domestic product. That marks a sharp turnaround from three months ago — the last time policymakers updated their own numbers — when the consensus view was that the economy would stall in the current quarter. And it may be enough to prompt Fed officials to scale back their estimates for rate cuts in 2024. Traders in recent months have trimmed bets on the degree of Fed easing they see next year — to about 100 basis points from well over 150 basis points early in 2023. In Asia, Chinese exports fell less than forecast in an encouraging sign for the economy. Malaysia is expected to keep rates on hold at 3%. Meanwhile, BOJ Board Member Junko Nakagawa says it’s appropriate to continue with monetary easing for the time being with inflation target not achieved yet. In commodities, oil edged lower set to snap a run of nine daily advances - its longest winning run in more than four years. Gold edged higher after dropping Wednesday. US After Hours SPWH -21.1%, VRNT -13.6%, YEXT -13.5%, CHPT -10.8%, BB -8.3%, AI -6.6% lower on earnings or guidance; CVGW +10.8%, GME +5.8% higher on earnings.
Nikkei -0,65% Hang Seng -1,15% CSI -1,18% Shanghai -0,94% Shenzen -1,50%
Eur$ 1,0720 CNH 7,3331 CNY 7,3247 JPY 147,66 GBP 1,2494 CHF 0,8916 RUB 98,2747 TRY 26,8159 WTI$ 87,17 Gold 1,918 BTC 25,775 ETH 1,637,50
S&P -0,22% Nasdaq -0,32% EuroStoxx -0,30% FTSE -0,26% Dax -0,31% SMI -0,16%
Macro :
- Weinstein Group Revises Sculptor Bid to Address Board’s Concerns
- Lagarde Risks EU Parliament Showdown Over Race for Bank Watchdog
- Lagarde Risks EU Parliament Showdown Over Race for Bank Watchdog
- Brevan Howard’s Global Business Head Hornick to Exit Hedge Fund
- Ritz-Carlton Yacht Collection Targets $400 Million Fundraise
- No Changes in Belgium’s BEL 20 Composition at Quarterly Review
- BofA Points Out Cheap VIX Call Spreads in Low Vol Environment
- Freshfields Cum-Ex Czar Who Mocked ‘Scared’ Lehman Faces Trial
Keep an eye on :
Keep an eye on :
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- GBF GY : Fluor to Sell European Stork Business to Bilfinger in 1H of 2024
- BPOST BB : Bpost Names Chris Peeters CEO
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- ERA FP : Eramet Is Ready to Roll Out Lithium Technology in Chile
- G IM : Generali Sets Investment Firm Focused on Energy Infrastructure
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- LSEG LN : Blackstone Consortium Offers About 28.3m LSE Group Shares: Terms
- MAAT FP : MaaT Pharma’s MAAT033 Granted Orphan Drug Designation in Europe
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- NESN SW : Nestle to Buy a Majority Stake in Grupo CRM; No Terms
- PCA FP : PCAS Says Seqens Plans to File Takeover Offer at €8 Per Share
- REP SM : Peyto to Buy Repsol’s Canadian Oil, Gas Assets for $468 Million
- SAP GY : SAP Seeks to Buy Software Management Co. LeanIX: Handelsblatt
- SCR FP : Scor Targets ROE >12% In 2024-2026 Strategic Plan
- SKG ID : Smurfit Kappa, WestRock in Due Diligence on Potential Deal
- Summit Nanotech : Startup Eyes $150 Million Funding for a New Way to Mine Lithium
- TSLA US : Tesla Warns Deliveries to Slip Due to Downtime: Deutsche Bank
- TKA GY : Thyssen CFO Keysberg to Not Be Available for Term Extension
- TOD IM : Tod's 1H Ebitda Beats Estimates
- TTE FP : Mozambique Plans Climate Announcement Worth Billions at COP28
- UBI FP : Microsoft Xbox Chief ‘Confident’ About Closing Activision Deal
- UBI FP : Microsoft Xbox Chief ‘Confident’ About Closing Activision Deal
- UCG IM : UniCredit CEO Confirms €6.5b 2023 Investor Returns: Messaggero
- VLA FP : Valneva, Pfizer Get Positive Booster Results for Lyme Vaccine