Stocks and U.S. futures rose along with Asian dollar bonds as optimism about vaccines eased concerns about the omicron variant and China policies helped buffer against fallout from mounting property debt distress.
MSCI Inc.’s Asia Pacific benchmark advanced for a second day. The onshore yuan strengthened to its strongest level since 2018. Pfizer Inc.’s shot has been shown to provide a partial shield against the omicron variant in a South African study. European futures fluctuated.
Steps by Chinese authorities to limit the fallout from property market woes lifted some risk assets in Asia even as key debt deadlines at China Evergrande Group and Kaisa Group Holdings Ltd. passed without any sign of payment. Asia dollar bonds and Chinese junk notes rallied the most in a month, extending a rebound this week after China’s central bank cut the reserve requirement ratio for most banks on Monday.
Treasury yields fell slightly after rising across the curve Tuesday, when the two-year yield reached the highest since March 2020 and the 10-year yield moved back toward 1.5%. The dollar dipped against most of its major peers. Crude was steady after surging past $72 a barrel in New York. Bitcoin climbed back above $50,000.
Jeffrey Gundlach sees “rough waters” ahead for financial markets as the Federal Reserve is poised to accelerate the end of quantitative easing and then turn toward raising interest rates. Goldman Sachs Group Inc. is warning dip buyers to proceed with caution amid the Fed’s hawkish tilt just as omicron spreads.
Meanwhile, the list of Chinese developers warning they may not be able to meet upcoming financial obligations is growing. Trading in Kaisa Group’s shares was halted in Hong Kong pending an announcement containing inside information.
Nikkei +1,42% Hang Seng +0,04% CSI +1,38% Shanghai +1,06% Shenzen +1,70%
Eur$ 1,1289 CNH 6,3551 CNY 6,3554 JPY 113,52 GBP 1,3247 CHF 0,9240 RUB 74,025 TRY 13,5806 WTI$ 71,64 -0,60% Gold 1,788 BTC 50,700 +200 ETH 4380 +90
S&P +0,31% Nasdaq +0,44% EuroStoxx +0,00% FTSE -0,07% Dax -0,14% SMI
Macro :
- *GOLDMAN RECOMMENDS U.S. EQUITIES OVER EMERGING MARKETS: TEGHO
Macro :
- *GOLDMAN RECOMMENDS U.S. EQUITIES OVER EMERGING MARKETS: TEGHO
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