Asian stocks climbed while the dollar advanced on its appeal as a haven amid split market sentiment over the prospects of China easing its Covid-Zero stance. Equities in Hong Kong advanced, quickly reversing initial declines, as investors looked beyond risks over virus policy to pile into Chinese tech and property shares. Benchmark gauges rose across Asia, putting the MSCI Asia Pacific Index on course for a one-month highest. It was as different picture in currency markets, where the greenback strengthened against most of its Group-of-10 counterparts. The Australian and New Zealand dollars saw the largest drops given their sensitivity to the outlook for Chinese economic growth. The offshore yuan was weaker. US and European stock futures trimmed losses while oil and gold also remained down, but above their lows for the session. Confidence was also damped after Apple Inc. said it expected to produce at least three million fewer iPhone 14 handsets than originally anticipated this year, according to people familiar with its plans. Markets continue to be whiplashed as traders veer between hope of China reopening from Covid-19 and fear that harsh curbs will persist. Chinese officials on Saturday vowed to remain “unswervingly” strict in Beijing’s approach to stamping out the coronavirus. The nation’s shares had rallied aggressively on Friday on bets for an easing of virus curbs. The debate over China’s outlook comes as investors contend with headwinds from Federal Reserve interest-rate hikes. US data Friday -- showing strong hiring and wage increases along with higher unemployment -- offered a mixed picture for Fed officials debating how long to extend their campaign to curb elevated inflation.
Nikkei +1.29% Hang Seng +2.62% CSI -0.12% Shanghai -0.08% Shenzen +0.00%
Eur$ 0.9944 CNH 7.2229 CNY 7.2183 JPY 147.16 GBP 1.1332 CHF 0.9957 RUB 61.95 TRY 18.5933 WTI$ 91.56 -1.13% Gold 1,672.44 -0.56% BTC 20,867 -1.24% ETH 1,588.23 -0.99%
S&P -0.10 % Nasdaq -0.19% EuroStoxx -0.08% FTSE -0.61% Dax -0.12% SMI -0.28%
Macro :
- Morgan Stanley’s Wilson Says Stay Bullish Ahead of US Midterms
- Goldman Cuts S&P 500 Earnings Estimate After Fall in 3Q Margins
- Pound to Lead UK Market Suffering as BOE Flags Long Recession
- Britons Face £2 Billion Tab to Heat the UK’s Biggest Houses
- Scholz: Germany Won’t Delay Path to Climate Neutrality by 2045
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