Asian shares swung between gains and losses on Thursday as investors weigh the risks to global markets after a volatile week when policy decisions by central banks raised uncertainty. Japan’s Topix Index fell again Thursday after rebounding from an earlier loss of as much as 1.8%. Benchmarks in China and Hong Kong gained, while declining in Korea and Australia declined. MSCI’s Asia-Pacific Index edged lower, and was off 1.9% on the week so far. The dollar weakened against major currencies, including the yen. A Thursday summary of opinions from last week’s Bank of Japan meeting, when it raised rates, showed one member identify the neutral rate at 1%, while another called for timely rate increases to avoid rapid hikes. Global markets have been rocked in the past week as investors prepare for the US and Japanese central banks to move in opposite directions, in turn undermining the yen’s role as a cheap source of funding for financial assets. It is “consolidation period before any new trend, given how volatile the market has been,” said Kerry Goh, chief investment officer at Kamet Capital Partners Pte. “Investors probably will stay sidelined until new data appear. The next couple of days will be crucial — either calm returns, or we see a new bout of volatility emerge.” Both the Nikkei 225 and the Topix have recovered about half of their losses since the end of July, when the Bank of Japan raised its key rate. Japan’s benchmark 10-year yield fell for a second day. Three-quarters of the carry trade has been unwound as the recent slump wiped out all positive year-to-date returns, according to strategists at JPMorgan Chase & Co. The carry strategy — which involves borrowing at low rates to fund purchases in higher-yielding assets elsewhere — has been wobbling for months. Carry trades were pummeled over the past week as global market volatility jumped amid fears of rapid Federal Reserve rate cuts and after the Bank of Japan’s larger than expected rate hike. The unspooling of the carry trade has further room to run but the declining velocity of the shift allows investors to breathe “a sigh of relief,” according to Quincy Krosby at LPL Financial. “A softer dollar, driven by the markets perception that the Fed will soon initiate an easing cycle, should help support a stronger yen — a negative for the trade.” Investors are watching for US jobless claims data Thursday to get more cues. Markets have been in a tailspin since weak economic data last week fueled worries that the Fed’s decision to hold rates at a two-decade high is risking a deeper economic slowdown. The dollar was weaker Thursday, reversing moves from the prior session. Lackluster demand for a 10-year Treasury auction and $31.8 billion in debt offerings from blue-chip companies were headwinds. The Treasury auction result is “consistent with our view that we’re due for a continued correction higher in yield in the near-term,” said Zachary Griffiths, head of US investment grade and macro strategy at CreditSights. “The repricing following what was really just a moderately weak payrolls report seems way overdone.” Lasertec shares surge as much as 23%, the most since January 2015, after the Japanese semiconductor company reported strong fourth quarter results from record orders. Oil steadied after its biggest advance in a week, with the market on edge over a possible retaliatory strike by Iran on Israel as payback for assassinations of Hamas and Hezbollah leaders. US After Hours ZG +12.6%, ASPN +12.1%, BOOT +9.3%, DUOL +6.3%, KLIC +3.1% higher on earnings; CDLX -45.7%, FROG -28%, BROS -21.8%, FSLY -13.7%, MGNI -13.2%, SONO -13.1%, MNST -11.2% lower on earnings.
Nikkei -0.38% Hang Seng +0.41% CSI +0.19% Shanghai +0.14% Shenzen +0.03%
Eur$ 1.0931 CNH +0.18% CNY 7.1650 JPY 146.19 GBP 1.2695 CHF 0.8592 RUB 85.7749 TRY 33.5225 WTI$ 75.49 +0.35% Gold 2,395 +0.50% BTC 56,950 +3.26% ETH 2,430 +3.47%
S&P -0.19% Nasdaq -0.07% EuroStoxx -1.07% FTSE -0.68% Dax -0.73% SMI -0.81%
Macro :
- UK Regulator Tells Online Services to ‘Act Now’ to Stop Riots
- Dimon Says He’s Skeptical Inflation Gets Back to Fed’s 2% Target
- Egypt to Avoid Iranian Airspace Due to Military Drills: MENA
Keep an eye on :
Keep an eye on :
- 1U1 GY : 1&1 1H Ebitda EU326.6M Vs. EU352M Y/y
- ALV GY : Allianz Plans to Expand 2024 Buyback to as Much as €1.5 Billion
- ALV GY : Allianz 2Q Operating Profit Beats Estimates, Profit Rises on Insurance Business as Pimco Sees Inflows
- BAVA DC : Bavarian Gets $156.8m US Order for Smallpox Vaccine Production
- BHP AU : BHP Is Said to Seek Buyer for Gold, Copper Mines in Brazil
- BA US : SpaceX Tapped to Bring Astronauts Home If Boeing Craft Unfit
- BA US : SpaceX Tapped to Bring Astronauts Home If Boeing Craft Unfit
- CAPMAN FH : CapMan 1H EPS EU0.030
- CGCBV FH : Cargotec 2Q Net Sales Misses Estimates
- CRBN NA : Corbion 1H Adjusted Ebitda EU86.1M Vs. EU69M Y/y
- CTPNV NA : CTP 1H Adj. EPRA EPS EU0.40 Vs. EU0.36 Y/y
- DTE GY : Deutsche Telekom Boosts FY Free Cash Flow After Leases Forecast
- DEZ GY : Deutz 2Q Revenue Misses Estimates
- DOV IM : doValue Cuts FY Guidance, Plans 5:1 Reverse Stock Split
- CMBT BB : Euronav 2Q EPS Beats Estimates
- DUE GY : Duerr Sees FY Order Intake High End of EU4.6B to EU5B
- EVT GY : Evotec Gets $25M Milestone Payment in Bristol Myers Partnership
- FFARM NA : ForFarmers 1H Adjusted Ebitda EU42.6M Vs. EU26.5M Y/y
- FNTN GY : Freenet 1H Ebitda EU252.2M Vs. EU255.2M Y/y
- GAM SW : GAM Holding 1H IFRS Loss CHF39.1M Vs. Loss CHF71.2M Y/y
- GFT GY : GFT FY Revenue Forecast Misses Estimates
- GLJ GY : Grenke 2Q Net Income Beats Estimates
- HABA GY : Hamborner REIT 1H FFO EU28.3M Vs. EU28.1M Y/y
- HARVIA FH : Harvia 2Q Net Sales Beats Estimates
- HTWS LN : Helios Towers 2Q Adjusted Ebitda Beats Estimates
- HIK LN : Hikma 1H Revenue Beats Estimates
- HSW LN : Hostelworld 1H Revenue EU46.4M
- IFX GY : Malaysia Boasts of Chip Clout as Infineon Opens €7 Billion Site
- INS GY : Instone Real Estate Maintains FY Adjusted Revenue Forecast
- KBC BB : KBC FY Net Interest Income Forecast Meets Estimates
- KBX GY : Knorr-Bremse Maintains FY Operating Ebit Margin Forecast
- META US : Google, Meta Made Ad Deal to Target Teenagers; Now Canceled: FT
- MUV2 GY : Munich Re 2Q Net Income Beats Estimates
- NOD NO : Nordic Semiconductor 3Q Revenue Forecast Beats Estimates
- NOVN SW : Novartis Gets FDA Accelerated Approval for Fabhalta
- ORRON SS : Orron Energy 2Q Net Income EU7.0M
- OUT1V FH : Outokumpu 2Q Adjusted Ebitda Beats Estimates
- PSN LN : Persimmon 1H Pretax Profit Beats Estimates
- PSM GY : ProSieben 2Q Adjusted Ebitda Beats Estimates
- PRX NA : Prosus Says Basil Sgourdos Will Retire as Group CFO Nov. 30
- QTCOM FH : QT Group 2Q Operating Profit Beats Estimates
- RECSI NO : REC Silicon 2Q Revenue $37.7M
- RHM GY : Rheinmetall 1H Weapon and Ammunition Sales Beats Estimates
- SFQ GY : SAF-Holland SE 2Q Adjusted Ebit Beats Estimates
- SDZ SW : Sandoz Group Sees FY Core Ebitda Margin About 20%
- SAN FP : Sanofi: Sarclisa Combo Shows Progression-Free Survival Improved
- SBMO NA : SBM Offshore Boosts FY Adjusted Ebitda Forecast
- G24 GY : Scout24 SE 2Q Oper Ebitda Beats Estimates
- SVS LN : Savills 1H Underlying Pretax Profit GBP21.2M
- SEBA SS : SEB and Handelsbanken See Among Biggest Term-Structure Shifts
- SGL GY : SGL 1H Sales Revenue EU538.0M
- SIE GY : Siemens Enlarges Management Board, Seeks Chairman Term Extension
- SIE GY : Siemens 3Q Industrial Business Profit Beats Estimates
- S92 GY : SMA Solar 1H Ebitda EU80.6M Vs. EU125.3M Y/y
- SRBNK NO : SR-Bank 2Q Net Interest Income Misses Estimates
- SAX GY : Stroeer 2Q Adjusted Ebitda Beats Estimates
- TSLA US : Hedge Funds Cut Tesla Short Bets Before Earnings: ESG Investing
- UTDI GY : United Internet 1H Ebitda EU662.3M
- VEON US : Veon 2Q Revenue $1.03B Vs. $916M Y/y
- VSAT US : Viasat 1Q Adjusted EPS Beats Estimates
- WBD US : Warner Bros. Takes $9.1 Billion Writedown on TV Networks
- XIOR BB : Xior 1H EPRA NTA/Shr EU39.56 Vs. EU40.55 H/H
- ZURN SW : Zurich Ins. 1H Operating Profit Beats Estimates