Stocks in Asia climbed on Friday, bolstered by the possibility of major stimulus in China as well as hopes that policy makers can get inflation under control without causing a global economic downturn. An Asian share index added over 0.5% after the best Wall Street session in two weeks swept up everything from speculative investments to technology titans. China may let local governments sell 1.5 trillion yuan ($220 billion) of special bonds in the second half. The cash would mostly be used for infrastructure spending to shore up an economy hit by Covid lockdowns and a housing slump. Such outlays could aid metals and oil, which traded around $102 a barrel. But the Asian share session came off the day’s high on reports that former Japanese Prime Minster Shinzo Abe collapsed and was left unconscious after apparently being shot. The development also pushed up the yen and Treasuries while weighing somewhat on US and European equity futures. On Thursday, Federal Reserve policy makers pushed back against market fears of a recession as monetary settings tighten. Governor Christopher Waller and St. Louis Fed President James Bullard backed the need for restrictive policy to curb price pressures but argued the US can avert a contraction. Portions of the US yield curve remain inverted, stoking concerns that the threat of recession is elevated. High bond volatility also points to great uncertainty. All eyes will be on the US jobs report on Friday for further clues about the Fed’s policy path. the pound rose after Boris Johnson announced his intention to resign as British prime minister, easing the political chaos in the UK. US After Hours Summary: LEVI +3.6% higher on earnings; WDFC -9.3%, NUS -5% lower on earnings/guidance; GME -5.5% as its CFO steps down
Nikkei +1.43% Hang Seng +0.18% CSI +0.12% Shanghai +0.08% Shenzen +0.15%
Eur$ 1.0161 CNH 6.7081 CNY 6.7060 JPY 135.51 GBP 1.2031 CHF 0.9731 RUB 64.0353 TRY 17.2798 WTI$ 102.50 -0.21% Gold 1,741.33 +0.07% BTC 22,030.20 +1.94% ETH 1,253.33 +1.26%
S&P -0.32% Nasdaq -0.42% EuroStoxx +0.00% FTSE -0.37% Dax -0.08% SMI
Macro :
- Bitcoin Rides Stock Rally to Hit Highest Level in Over a Week
- Xi’s $220 Billion Stimulus Is Less Than Meets Eye: China Today
- Former Japan PM Abe Unconscious After Shooting; Man in Custody
- UK’s Boris Johnson Faces Pressure From Own Party to Speed Exit
- John Paulson Hid Billions in Secret Trusts, Wife Claims
- Bank of Japan Nears Rubicon of 50% Share of JGBs: Markets Live
Keep ane eye on :
- BAVA DC : US to Make 144,000 More Doses of Monkeypox Vaccine Available
- CNA LN : CNA LN (Cites speculation of interest from rivals, PE, infrastructure funds) - Times
- EBK GY : German Govt May Give VNG up to EU2b Guarantee in a Crisis: DPA
- EDF FP : France Earmarks EU12.7B for EDF Delisting, Other Operations
- ERA FP : French Startup Looks to Roll Out Lithium Plants to Boost Supply
- FFARM NA : Forfarmers Now Sees 1H Underlying Ebitda ‘Slightly’ Higher Y/y
- KER FP : Luxury Brand Tom Ford Is Said to Explore Potential Sale
- LSG NO : Leroy Prelim 2Q Harvest 33,100 Metric Tons
- TL5 SM : MFE Partial Bid for Mediaset Espana Accepted by 27% of Capital
- REP SM : Repsol 2Q Refining Margin Widens, Crude Output Drops
- RR/ LN : Rolls-Royce Sees Widebody Demand Recovering Faster Than Expected
- SAS SS : SAS Gets Court Nod to Continue Operating While in Chapter 11
- SGSN SW : SGS Buys Proderm in Germany; No Deal Tems
- SWMA SS : Activist Elliott Is Said to Build Stake in Swedish Match
- TEN IM : Tenaris to Buy Benteler Steel & Tube for $460m
- TGS NO : TGS Prelim 2Q Net Revenue Rises to About $230M
- UN01 GY : Uniper Extends Gains on Report Germany May Take Over 30% Stake
- VOW GY : Volkswagen Is Said to Add More Banks to Porsche Sports Car IPO