TheChek News Flow

Chinese shares in Hong Kong fell as concerns grew over the world’s second-largest economy after the latest trade data showed extended weakness. The dollar advanced. The Hang Seng China Enterprises Index fell 1.6%, the worst-performing stock gauge in the region. The rest of Asian equities were broadly stronger. The dollar gained on concern that China may be relaxing its grip on the yuan, which spurred risk aversion. Treasuries rallied. China’s exports fell for a third straight month in July amid a slump in global demand, while imports plunged as domestic pressures also undermine the economy’s recovery. The data added to concerns as signs of deflationary pressures continue to hit Chinese businesses amid weakening growth. A gauge of the dollar strength gained as signs that China may be relaxing its grip on the yuan spurred risk aversion. The People’s Bank of China set Tuesday’s yuan reference rate at 7.1565 per dollar, revising an earlier fixing in the morning when it had indicated a stronger fixing of 7.1365. The Chinese central bank has been supporting the currency, which helps anchor other foreign exchange rates in Asia. Contracts for US stocks slipped after the S&P 500 on Monday halted a four-day drop and the Dow Jones Industrial Average saw its biggest advance in more than seven weeks. Optimism in Wall Street was offset by the latest comments from a Federal Reserve official that pointed to more rate hikes to tame inflation. A report by Moody’s Investors Service lowering credit ratings for 10 small and midsize US banks also partially impacted sentiment with the rating agency saying it may downgrade major lenders. The yen led declines against the dollar among Group-of-10 currencies. Data earlier showed that growth in Japanese workers’ wages unexpectedly slowed in June, clouding prospects for the Bank of Japan’s sustainable inflation goal. Focus returned to company earnings on Monday. Berkshire Hathaway Inc. hit a record as its results beat estimates. Amazon.com Inc. rose after a news report it will meet with the Federal Trade Commission to avoid an antitrust lawsuit. Tesla Inc. slid as its chief financial officer stepped down in a surprise shakeup at Elon Musk’s company. Apple Inc. notched its longest losing streak this year. Oil edged higher ahead of US figures on the outlook and stockpiles as the global market tightened amid OPEC+ supply cuts. Gold was slightly lower. US After Hours CHGG +25.3%, KD +14.9%, HIMS +14.4%, PAY +10.3% up double-digits on earnings; AYX -21.9%, IFF -19.1%, MRVI -12.8%, MRC -10.4%, RNG -10.3% (appointed new CEO) down big on earnings

Macro :
_ Italian Cabinet Approves Measures on Taxi Licenses, Airline Fees

- Italy Approves Tax on Banks’ ‘Extra’ Profits, Salvini Says: Ansa
- Charlie Ergen Nears Deal to Merge Dish, EchoStar: WSJ

- Bitdeer Says it Posted 41% Rise in Bitcoin Self-Mining in July

Keep an eye on :

- ABI BB : AB InBev: Ricardo Moreira to Become Chief Supply Chain Officer
- AOX GY : Alstria Office 1H FFO EU47.9M Vs. EU59.5M Y/y

- APO US : *APOLLO TO OFFER $1 BILLION OF CONVERTIBLE PREFERRED STOCK

- BRK/A US : Buffett’s Berkshire Rallies to Record High on Earnings Beat

- KKR US : KKR Said to Near $1.62 Billion Paramount Simon & Schuster Deal

- MC FP : Advent Said to Near $1 Billion Deal for Retail Brand Zimmermann

- ZURN SW : Greensill Bank Administrator Sues Insurer Zurich for $250m: FT