Most Asian stocks rose Thursday as traders bet the global recovery will be resilient to the new virus strain. Treasuries were stable after declining.
MSCI Inc.’s gauge of Asia Pacific equities advanced for a third day, led by Hong Kong. U.S. contracts fluctuated after the S&P 500 and the technology-heavy Nasdaq 100 extended a rally.
China’s central bank set its reference rate for the yuan at a weaker-than-expected level against the dollar after the currency’s advance to the highest since 2018. The British pound dropped to the lowest this year after fresh restrictions as the omicron strain spreads. The dollar and crude climbed, while the 10-year Treasury yield held above 1.50% and the curve steepened.
Pfizer Inc. and BioNTech SE said initial lab studies show a third dose of their Covid-19 vaccine may be needed to neutralize the omicron variant.
The global equity rally will be tested as traders expect more volatility until there is more clarity on the omicron variant’s threat to the economy, and ahead of U.S. consumer inflation numbers this week and a Federal Reserve meeting next week that may provide clues on the pace of tapering and interest rate increases.
In China, consumer prices rose at the fastest pace since August 2020. Meanwhile, the nation’s indebted developers remain under scrutiny. A group of Kaisa Group Holdings Ltd. bondholders is close to signing non-disclosure agreements with the developer in a move that would pave the way for discussions around a potential financing deal for the beleaguered firm.
On the virus front, the U.K. tightened rules advising people to work from home and mandating the use of so-called vaccine passports in large venues. Denmark introduced a light version of the lockdown it had last winter.
Nikkei -0,30% Hang Seng +1,01% CSI +1,84% Shanghai +1,07% Shenzen +0,90%
Eur$ 1,1330 CNH 6,3433 CNY 6,3454 JPY 113,62 GBP 1,3210 CHF .9210 RUB 73,56 TRY 13,67 WTI$ 72,92 +0,60% Gold 1,785,70 +1,1% BTC 49,800 - 800 ETH 4,380 - 40
S&P -0,13% Nasdaq -0,14% EuroStoxx +0,03% FTSE +0,11% Dax +0,08% SMI +0,07%
Macro :
- Chinese Shares Rally After Factory Inflation Slows: Macro Squawk
Macro :
- Chinese Shares Rally After Factory Inflation Slows: Macro Squawk
- Strategists’ 2022 Forecasts Diverge by Second-Most in 10 Years
Keep an eye on :
Keep an eye on :
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