Asian shares gained as a rally in Taiwan Semiconductor Manufacturing Co. helped push up the region’s benchmark equities index. The euro edged lower on concern about France’s post-election finances. The MSCI Asia Pacific Index of stocks climbed as much as 0.4%, with heavyweight TSMC advancing to a record after Morgan Stanley increased its price target for the company. Adding to the impetus was Friday’s US payroll data that buttressed the case for the Federal Reserve to pivot to interest-rate cuts. Losses in the euro were tempered by news that no French political party won the majority needed to govern in Sunday’s second-round ballot. The outcome potentially constrains the influence of the left-wing New Popular Front coalition and Marine Le Pen’s National Rally, both of which advocate increased public spending. Bitcoin fell with other cryptocurrencies due to concern over possible sales of the token by creditors of the failed Mt. Gox exchange. In China, the central bank sought take more control of market interest rates by announcing additional open market operations and tightening the band within which short-term rates can fluctuate. Boeing Co. agreed to plead guilty to criminal conspiracy to defraud the US after the Justice Department concluded the planemaker failed to adhere to an earlier settlement stemming from two crashes of its 737 Max jetliner. France was a big focus for investors early Monday. The New Popular Front — which includes the Socialists and far-left France Unbowed — won 178 seats in the National Assembly, according to data compiled by the Interior Ministry. National Rally, which pollsters last week had seen winning the election, came third with 143, while President Emmanuel Macron’s centrist alliance notched up 156. French government bond futures underperformed their German peers, though in a sign of jitters waning, the spread between the two has begun to narrow. For the remainder of the week, events in the US will likely shape trading. Federal Reserve Chair Jerome Powell’s congressional testimony and US inflation data are among the main events this week. Traders will be looking to the two to solidify bets policy easing may begin as early as September amid signs the US economy is weakening based on the latest jobs report. The prospect of a Fed interest-rate cut in coming months got a boost on Friday after nonfarm payrolls data showed US hiring and wage growth stepped down in June, while the jobless rate rose to the highest since late 2021. Earnings from major US banks including JPMorgan Chase & Co. are also due, as are rate decisions in New Zealand and South Korea. President Joe Biden faces a fresh round of hazards from members of his own party as he seeks to salvage his embattled reelection bid and fend off calls from Democratic lawmakers to step aside. Biden registered his best showing yet in a Bloomberg News/Morning Consult tracking poll of battleground states, even as voters offered withering appraisals of his debate performance. In commodities, both gold and oil steadied. In the case of the latter, traders tracked twin threats to production posed by a storm in the US and wildfires in Canada.
Nikkei -0.09% Hang Seng -1.55% CSI -0.56% Shanghai -0.56% Shenzen -1.38%
Eur$ 1.0822 CNH 7.2874 CNY 7.2692 JPY 160.64 GBP 1.2809 CHF 0.8954 RUB 87.9239 TRY 32.6352 WTI$ 82.88 -0.34% Gold 2,386 -0.30% BTC 55,447 -3.19% ETH 2,916 -2.77%
S&P -0.14%% Nasdaq -0.13% EuroStoxx -0.24% FTSE -0.02% Dax -0.08% SMI -0.17%
Macro :
- Left-Wing Election Victory Weighs on French Bonds: Macro Squawk
Keep an eye on :
- AIR FP : Boeing Likely Trims 737 MAX 9 Fraud Suit But Risks Still Abound
- ATUS US : Drahi’s French Fiber Sale Said to Stall Over Valuation Concerns
- AAPL US : Apple Plans Bigger Screens, New Chips for Next Watches: Power On
- BAX US : Baxter Shares Gain on Report of Carlyle Talks to Buy Vantive
- BA US : Boeing to Plead Guilty to Fraud for Violating Deal Over Crashes
- BP/ LN : BP’s Ex-CEO Looney Held Talks With Senior Figures in the UAE: FT
- BVIC LN : *CARLSBERG AGREES TO BUY BRITVIC FOR 1,315P PER SHARE
- BRBY LN : Burberry prepares to axe hundreds of jobs as profits shrink
- GRF SM : Grifols Family, Brookfield Mull Takeover Bid for Company: Cinco
- MAERSKB DC : Maersk Sees Delays From Extreme Weather Along South Africa Coast
- NG/ LN : National Grid Is Now Morgan Stanley’s Top Network Pick
- NOVOB DC : Lilly and Novo Owner Back UK Biotech Myricx in £90 Million Round
- OHLA SM : OHLA: Atitlan to Extend Non-Binding Offer Until July 12
- PARA US : Paramount Agrees to Skydance Merger, Marking End to Redstone Era
- SKG ID : Billionaire Izzy Englander takes big position in Smurfit Kappa
- TSLA US : Hedge Funds That Piled Into Big Tesla Short Stung by Huge Rally
- 2330 TT : TSMC Shares Soar to Record on Expectations of Tight 2025 Supply
- TIT IM : Open Fiber Seeks €350 Million to Bridge Funding Gap: Messaggero
- TGS NO : TGS Prelim 2Q Net Revenue About $224M, Est. $225.9M
- URW FP : Mall Woes Fade, Yet REIT Revival Pace Curbed by Economic Risks
- VIE FP : Morocco: Veolia to Sell Stake in Lydec
- VOLUE NO : Edison Bidco Offers NOK42/Share in Cash for Volue