The yen rose as traders ratcheted up bets that the Bank of Japan is nearing the end of its negative interest rate policy. Japan’s currency gained for a second day, surging as much as 1.1% in thin liquidity before paring much of its rise. The advance sent the nation’s stocks and bonds lower. Shares in South Korea and Taiwan rose after the Nasdaq 100 index rallied amid renewed optimism on artificial intelligence. Indian stock benchmarks, already at record levels, added to gains after the central bank’s decision to keep its rate unchanged, as expected. The Sensex Index headed for a record high as it neared 70,000 and the Nifty 50 index topped 21,000 for the first time. Strong economic growth and a state election victory for Prime Minister Narendra Modi give policymakers little reason to consider interest rate cuts just yet. The policymakers also raised their GDP forecast for fiscal year 2024 to 7% from 6.5%. Meanwhile, traders will be on watch for any clarification from BOJ Governor Kazuo Ueda of comments he made to lawmakers that his job was going to get more challenging from the year-end, helping fuel speculation the central bank will start lifting its sub-zero benchmark rate soon. The yen reached its strongest level since August as bets against the currency capitulated. Some investors, however, are not convinced that the BOJ will make a significant shift in policy this month. Japan’s economy shrank more than expected in the third quarter, suggesting the recovery is more fragile than thought and may give policy makers reason to delay normalizing policy. The recent moves in the yen “certainly have been a surprise to us and we think markets are probably overshooting here,” Eddie Cheung, senior emerging markets strategist at Credit Agricole CIB, said on Bloomberg Television. “Around these levels though yen has overshot to the downside.” Elsewhere in Asia, shares in Hong Kong and China reversed losses. Tencent Holdings Ltd., China’s most valuable company, on Friday revealed one of its most ambitious attempts at a big-budget console game as it bet that the new franchise will help its global expansion. The dollar traded mixed against major peers and Treasuries were little changed ahead of Friday’s US non-farm payrolls report as traders look for more evidence of a cooling labor market to assess the outcome of next week’s Federal Reserve policy meeting and solidify rate cut bets next year. In other markets, oil ticked higher but remained on course for the longest weekly losing streak since 2018 on concerns about a global glut. Gold headed for the first weekly drop in four weeks. U SAfter Hours CURV +13.7% up big on earnings and new CFO news; MBI +59% exploding on special cash dividend announcement; LULU -2.4%, DOCU -0.8% AVGO -0.4% all down on earnings results.
Nikkei -1.68% Hang Seng -0.05% CSI +0.17% Shanghai -0.06% Shenzen -0.15%
Eur$ 1.0783 CNH 7.1685 CNY 7.1567 JPY 144.01 GBP 1.2587 CHF 0.8755 RUB 92.3966 TRY 28.9545 WTI$ 70.68 Gold 2,029 BTC 43,470 ETH 2,378
S&P -0.06% Nasdaq -0.05% EuroStoxx +0.13% FTSE +0.22% Dax +0.05% SMI -0.12%
Macro :
- Strategists Have Bad News for Europe Equity Bulls About 2024
- JPMorgan’s Kolanovic Says Hold Cash Since Stocks Face ‘Catch-22’
- JPMorgan’s Kolanovic Says Hold Cash Since Stocks Face ‘Catch-22’
- Gas Drilling Will Drop in 2024 as US Prices Fall, EQT Boss Says
Keep an eye on :
Keep an eye on :
- AIR FP : Cathay to Buy 6 Airbus A350 Freighters; Has Right to Buy 20 More
- AF FP : Florence Parly to Join Air France Board With Chair Role in Sight
- ALD FP : ALD Shares Jump After Betaville ‘Uncooked Alert’
- AAPL US : Apple to Expand iPad Engineering Work in Vietnam: Nikkei
- CON GY : Continental Says It’s Cooperating on Probe Into Industrial Hoses
- BN FP : Russian Business handed to warlord’s nephew has retained much of the French dairy group’s previous management - FT
- ELI BB : Elia Group Sees 2024 Net Income EU335M to EU385M, Est. EU335.3M
- ENX FP : Euronext Nov. Total Cash Market Transaction Value M/M +2%
- ENX FP : Euronext Nov. Total Cash Market Transaction Value M/M +2%
- FLE NA : Banijay Ends Talks to Buy All3Media: Reuters
- GTT FP : GTT Signs Pact With China’s CSSC for Ship Design, Construction
- HAG GY : Hensoldt Offering of 10.5m Shares Prices at EU22.94/Share
- KER FP : Kering Announces Interim Dividend of €4.50/Share for FY23
- LULU US : Lululemon 4Q Guidance May Carry Upside on Strong Holiday: React
- NKLA US : Nikola Is Said to Raise $275M from Share Sale, Convertible Bonds
- OLG FP : OL Groupe Completes Debt Refinancing
- ORA FP : *ORANGE FILES US DEBT SECURITIES SHELF REGISTRATION
- PEP US : PepsiCo Plans to Sell Milk Plant in Russia: Kommersant
- PST IM : Italy’s Treasury May Sell 29% Poste Stake Valued at €3.8B: Sole
- STLAM IM : Stellantis Blames Jeep Job Cuts on California Emissions Rules
- SYRE US : Spyre Therapeutics PIPE Offering Prices
- VIV FP : Vivendi to Join CAC 40 Index
- VOD LN : UK Mobile Phone Firms Face Overcharging Claims in Class Action
- WLN FP : Worldline to Leave CAC 40 Index