Asian stocks were dragged lower by losses in Hong Kong and China amid concern over tighter regulation on the gaming industry and fears the Chinese government’s efforts to bolster the economy are insufficient. The dollar edged higher.
The Hang Seng Tech Index slid as much as 3.3%, putting it on course for the lowest close since November 2022. Heavyweight Tencent Holdings Ltd. dropped as much as 2.4% in Hong Kong even as JPMorgan Chase & Co. said its current valuation is attractive. Investor sentiment remains quite negative in China despite a rally in global stocks during the past two months of 2023, Nomura Group analysts including Chetan Seth in Singapore wrote in a client note. Benchmark stock indexes also declined in South Korea and Australia, while they rose in Taiwan. US equity futures were little changed after the S&P 500 closed marginally higher on Friday as payroll growth beat expectations but the service sector slowed. Japanese financial markets are shut for a holiday. The dollar strengthened against most of its Group-of-10 peers, reversing earlier declines. Treasury 10-year futures edged lower. There’s no trading of cash Treasuries in Asia due to a Japanese holiday. Investors are keeping a close eye on inflation data from China due Friday that may give a better guide on the outlook for the central bank’s policy. While US equities gained Friday, global stocks slid the most since October last week as markets were rattled by a deluge of corporate issuance and the Federal Reserve indicated it was in no rush to cut interest rates. Still, markets are pricing in rate cuts by March and traders are now looking to the US inflation print due Thursday for the next major guide for the Fed outlook. The inflation data is expected to see the underlying measure ease further to 3.8% year-on-year in December from 4% in the month prior, according to a Bloomberg survey. For some investors, the rate-cut expectations have gone too far. Boeing Co. shares will be in focus when Wall Street opens as groundings of the 737 Max 9 aircraft gathered pace globally after a fuselage section on a brand-new Alaska Airlines jet blew out during flight. In commodities, oil dropped after Saudi Arabia cut official selling prices for all regions, underscoring a worsening outlook and outweighing concern over Red Sea tensions and supply disruptions in Libya.
Nikkei Closed Hang Seng -2.21% CSI -1.37% Shanghai -1.35% Shenzen -1.73%
Eur$ 1.0937 CNH 7.16988 CNY 7.1584 JPY 144.37 GBP 1.2704 CHF 0.8517 RUB 90.9373 TRY 29.8846 WTI$ 72.63 -1.61% Gold 2,030 -0.73% BTC 43,626 -1.43% ETH 2,197 -2%
S&P -0.13% Nasdaq -0.16% EuroStoxx -0.36% FTSE -0.36% Dax -0.21% SMI -0.18%
Macro :
- Investors Are Looking to Buybacks to Keep Stock Market Afloat
- China Builder Logan Faces Court Hearing on Liquidation Petitions
- Goldman Says S&P 500 Earnings Forecast Could Rise Further
- Goldman Says S&P 500 Earnings Forecast Could Rise Further
- Bitcoin ETF Hopefuls Eye This Week for Elusive SEC Approval
- Brevan’s Hedge Funds Post Mixed Results; Digital Pool Soars 44%
- EU urges Big Tech to promote opposition media in Belarus
- OPEC+ Cuts Poised to Extend, Deepen on Bleak Near-Term Outlook
Keep an eye on :
Keep an eye on :
- AC FP : Accor Demand Points to Ebitda Gains Defying Skeptics: BI Focus
- ANSS US : Synopsys Said to Enter Advanced Talks for Software Maker Ansys
- AAPL US : Apple Antitrust Case Would Add to Overhang as Sales Slow
- AAPL US : IPhone Sales in China to Fall Double Digits, Jefferies Says
- ARGX BB : Argenx Prelim 4Q Vyvgart Sales Beats Estimates
- AVAV US : China Sanctions Five US Defense Firms on Taiwan Arms Sales
- BA US : *FAA ORDERS TEMPORARY GROUNDING OF CERTAIN BOEING 737 MAX 9 JETS
- BA US : United, Alaska Air Grounds All Boeing 737 Max 9 Aircraft
- BA US : India Aviation Regulator Orders Inspection of Boeing 737-8 Jets
- BA US : *PANAMA'S COPA AIRLINES TO GROUND 21 BOEING 737-9 MAX JETS
- BA US : Copa Extends Boeing 737 Max 9 Grounding Until Further Notice
- BA/ LN : China Sanctions Five US Defense Firms on Taiwan Arms Sales (2)
- BAYN GY : Metagenomi Technologies Files for IPO, Seeks Nasdaq Listing
- BRK/A US : Trial Canceled in Haslam Suit Against Berkshire Hathaway: CNBC
- BP/ LN : BP Asked by Some Investors to Target BAE Boss as CEO, Sky Says
- BP/ LN : OPEC+ Cuts Poised to Extend, Deepen on Bleak Near-Term Outlook
- CO FP : Casino Says EU Commission Authorizes Consortium to Take Control
- CHK US : Chesapeake, Southwestern Tie-Up to Stoke Gas M&A Wave: React
- CINE LN : Cineworld’s Ex-Billionaires Seek Funds to Acquire Movie Theaters
- CLASB SS : Clas Ohlson Dec. Sales +11%
- CYTK US : Cytokinetics Rises for Fifth Day as B Riley Raises Target (+6.22%)
- DBHN GY : German Train Drivers Plan Strike in Dispute Over Wages, Hours
- EQNR NO : Equinor ADRs Dip After Morgan Stanley Cuts in Industry Downgrade
- FER SM : Ferrovial will be listed in the US on the Nasdaq in the first quarter
- GES US : Guess Issues $64.8m of 3.75% Convertible Notes Due 2028
- HARP US : Merck Is Said to Be in Advanced Talks for Harpoon Therapeutics
- HNSA SS : Hansa Biopharma Prelim 4Q Net Revenue Beats Estimates
- 7267 JP : Honda Eyes Plan to Build $14 Billion Canadian EV Plant: Nikkei
- MSFT US : Microsoft Picks Dee Templeton as OpenAI Board Observer
- NOVN SW ; Novartis Scemblix ASC4first Trial Met Main Goals at Week 48
- NOVOB DC : Ozempic Challengers, Immunology Firms Line Up for Rebound in M&A
- OMC US : Omnicom Enters $600m Delayed-Draw Term Loan Agreement
- ORP FP : Orpea Sees Fresh Probe on Mistreatment, Le Parisien Reports
- ORY SM : Oryzon: Primary Endpoints Didn’t Reach Statistical Significance
- RI FP : Accolade Wines restructure looms but China no golden ticket
- PNDORA DC : Pandora Beats Estimates With Soaring Christmas Jewelry Sales
- PMW US : Medical Properties Trust’s Shares Plunge as Tenant Struggles (-29%)
- PSH NA : Ackman Plans to Check MIT’s Kornbluth, Staff for Plagiarism
- PHARM NA : Pharming Sees FY Total Revenues About $245M
- RCO FP : -12% on Remy Cointreau Rattled by China Liquor Probe
- SWON SW : SoftwareOne to Give Update on Bain Talks, Review at End of Month
- SWON SW : Bain Capital’s SoftwareOne Chase Is Said to Stall Over Price
- TOM2 NA : TomTom and Mitsubishi Electric collaborate to advance Automated Driving
- TTE FP : NT Govt Awards Darwin Renewable Hub Major Project Status
- 8TRA GY : Traton CEO Looking to Lift Targets as Turnaround Completed: DI
- UBI FP : China seeks to ease video game industry’s fears of another crackdown - FT
- VSAT US : China Sanctions Five US Defense Firms on Taiwan Arms Sales
- VOW GY : Tesla and BYD Will Stay Ahead of VW For Years in Global EV Race