Asian equities pared an earlier advance as investors awaited the outcome of a key legislature meeting in China that’s expected to unveil policy support to boost flagging growth. Chinese shares swung to a loss as traders debated whether any measures from the meeting of the Standing Committee of the National People’s Congress, the equivalent of the nation’s parliament, will be enough to counter the threat of higher tariffs under a second Donald Trump presidency. Elsewhere, stocks gained in Australia and Taiwan, helping push the region’s benchmark gauge higher for a second day. That was after the S&P 500 advanced 0.7% and the Nasdaq 100 jumped 1.5% as the Federal Reserve cut interest rates as economists forecast. European equity futures rose, while their US counterparts were little changed. Possible measures from China may include support for local government debt and consumer spending, according to Michelle Lam, greater China economist at Societe Generale SA in Hong Kong. Any new policies must be balanced against the prospect of potential tariffs, she said, noting that the 60% levies proposed by Trump may fail to emerge. Thursday’s cross-asset rally was helped by comments from Fed Chair Jerome Powell who pointed to the strength of the US economy and said he doesn’t rule “out or in” a December rate cut. Powell added the election will have no effect on policy in the near term, and said he would not step aside if asked by Trump. Nissan Motor’s shares slumped as much as 10% in Tokyo, touching the lowest since October 2020, after the automaker said it will dismiss 9,000 workers and cut a fifth of its manufacturing capacity after net income plummeted in the first half. United Overseas Bank rose in Singapore as the lender said it plans to consider a share buyback and reported higher-than-expected earnings. Singapore banks are expanding wealth management services to generate extra fees and mitigate the impact of lower interest rates. Local Chinese banks are joining more higher-yielding offshore loans of mainland firms as rates fall at home amid monetary easing measures. South Korea said it will bolster its monitoring of financial markets and respond “actively” to ease any excessive volatility. Bloomberg’s dollar index edged higher in Asia after sliding 0.8% Thursday, its worst day since August. Australia’s dollar weakened against all its Group-of-10 peers amid jitters before the outcome of China’s key legislative meeting. Fed officials unanimously lowered the federal funds rate 25 basis points and tweaked language to note “labor market conditions have generally eased,” and repeated “the unemployment rate has moved up but remains low.” The statement removed the reference to “further” inflation progress, noting inflation “has made progress toward the committee’s 2% objective but remains somewhat elevated.” A Bloomberg gauge of the “Magnificent Seven” US megacaps gained 2.3%. Lyft Inc. jumped 23% after the ride-hailing company gave a bullish outlook. A closely watched gauge of banks dropped 2.7% after gaining over 10% in the previous session. JPMorgan Chase & Co. slid 4.3% after an analyst downgrade. Gold trimmed some of its advance from Thursday, while oil headed for a weekly gain.
Nikkei +0.30% Hang Seng -0.79% CSI -1.07% Shanghai -0.65% Shenzen -0.37%
Eur$ 1.0777 CNH 7.1628 CNY 7.1511 JPY 152.76 GBP 1.2969 CHF 0.8728 RUB 97.8594 TRY 34.3641 WTI$ 71.75 -0.84% Gold 2,685.5 -0.79% BTC 75,940 -0.02% ETH 2,912 +0.61%
S&P +0.00% Nasdaq +0.02% EuroStoxx +0.12% FTSE +0.16% Dax +0.13% SMI
Macro :
- Deutsche Bank Strategists See European Earnings Recovery in 4Q
- Trump’s Tariff Plans to Loom Over Europe’s 2025 IPO Pipeline
- BlackRock Fund Powers US Bitcoin ETFs to a Record Daily Inflow
Keep an eye on :
Keep an eye on :
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- BA US : Reuters: Boeing CEO Kelly Ortberg said that employees furloughed during a seven-week strike by factory workers would be repaid
- BPOST BB : Bpost Sees FY Adjusted Ebit EU205M to EU230M, Est. EU206.6M
- IAG LN : IAG 3Q Revenue Beats Estimates
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- ENX FP : Euronext 3Q Adjusted Ebitda Beats Estimates
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- HSBA LN : HSBC French Life Insurer Attracts Several Offers, Echos Says (3)
- IMCD NA : IMCD 9M Revenue EU3.58B Vs. EU3.38B Y/y
- INCY US : Betaville Mentionned after The closed +2%
- INPST NA : InPost 3Q Adjusted Ebitda Beats Estimates
- DEC FP : JCDecaux 3Q Adjusted Revenue Meets Estimates
- LEG GY : LEG Immobilien Sees 2025 AFFO EU205M to EU225M, Est. EU209.4M
- LightOn Ipo : LightOn Launches IPO on Euronext Growth Paris at €10.35/Shr
- MAERSKB DC : Maersk Says Canadian Port Strikes Are Affecting Operations
- BMPS IM : Monte Paschi 3Q Net Income Beats Estimates
- NEX FP : Nexans: Nexans to Sell Amercable to Mattr
- NEXI IM : Nexi 3Q Ebitda Meets Estimates
- 7201 JP : Nissan Shares Drop on Profit Warning, Plan to Slash Output (1)
- PIRC IM : Pirelli 3Q Adjusted Ebit Beats Estimates
- CFR SW : Richemont 1H Sales Misses Estimates
- SIFG NA : SIF Holding 9M Adj. Ebitda EU31.3M vs EU28.5M Y/Y
- TTE FP : Business Day.za: Court bid to block TotalEnergies gas project off west coast
- UNI IM : Unipol 9M Consolidated Net EU724M Vs. EU769M Y/y
- VGP BB : VGP 10-Month Annualized Committed Leases €394.3M, +12.4% YTD