Most Asian stocks fell Wednesday as mixed corporate earnings, China’s Covid challenges and the prospect of aggressive Federal Reserve monetary tightening pointed to a deteriorating economic outlook. Japan dragged an Asia-Pacific share gauge to the lowest since 2020 after U.S. shares slid Tuesday, hurt by a technology-sector selloff. S&P 500 and Nasdaq 100 futures stabilized, while European contracts dipped. China’s bourses bucked the downbeat Asian trend, carving out a gain after President Xi Jinping vowed more infrastructure projects -- the latest step to support a lockdown-hit economy. The Covid outbreaks in Shanghai and Beijing also showed tentative signs of steadying. Prevailing risk aversion supported the dollar, which was around the highest level in nearly two years. Treasuries retreated but the benchmark 10-year yield, at 2.76%, remains lower for the week.
The euro touched the weakest level versus the greenback since 2017 amid worries that Moscow may choke gas flows to Europe, hurting the region’s growth in the ongoing fallout from Russia’s invasion of Ukraine. Russia will cut off supplies to Poland and Bulgaria Wednesday, making good on a threat to halt flows to nations that refuse to pay for the fuel in rubles. Oilheld at $101 a barrel, with Europe mulling curbs on Russian crude. The energy brinkmanship and disappointment over earnings from the likes of Alphabet Inc. and Texas Instruments Inc. sowed further doubts about the outlook for markets. The mood was already fragile due to Fed tightening to quell runaway inflation and slowing activity in China as Covid lockdowns bite. Australia’s dollar rallied after core inflation breached the top of the central bank’s 2%-3% target for the first time since 2010. Swaps traders fully priced in a 15-basis-point hike for next month’s policy meeting. US After Hours After Hours Summary: MSFT +6%, ENPH +5.5%, CMG +5.1%, V +4.2% higher on earnings; NCR -17.4%, FFIV -8.7%, JNPR -6.9%, EW -5.2%, TXN -4.2%, GOOG -2.9% lower on earnings
Nikkei -1.15% Hang Seng +0.46% CSI +2.33% Shanghai +1.82% Shenzen +3.11%
Eur$ 1.0653 CNH 6.5813 CNY 6.5499 JPY 127.57 GBP 1.2592 CHF 0.9626 RUB 75.4255 TRY 14.8053 WTI$ 101.87 +0.17% Gold 1,99.25 -0.33% BTC 38,425 +0.80% ETH 2,845 +0.55%
S&P +0.47% Nasdaq +0.35% EuroStoxx -0.08% FTSE +0.04% Dax -0.18% SMI -0.26%
Macro :
- Russia to Cut Gas to Poland and Bulgaria, Making Energy a Weapon
- Euro Falls to Five-Year-Low Against Dollar as Growth Risks Eyed
- Chinese Drone Maker DJI to Suspend Businesses in Russia, Ukraine
- Austria Not Seeing Reduction in Russian Gas Deliveries: Minister
Keep an eye on :
- ADEN SW : Robert Half 1Q EPS Beats Estimates
- ADP FP : ADP 1Q Revenue Misses Estimates
- AENA SM : Aena 1Q Net Loss EU96.4M, Est. Loss EU21.7M
- AIR FP : Boeing’s Cash Burn a Concern With 787 Delivery Halt: Preview
- ALV GY : Allianz, Axa and Zurich Face Scrutiny on Response to Inflation
- ALO FP : Bombardier Bonds Sink After Alstom Requests Arbitration
- GOOGL US : Alphabet Slides After Revenue Misses Expectations: Street Wrap
- ATO FP : Atos 1Q Revenue Beats Estimates
- CS FP : Allianz, Axa and Zurich Face Scrutiny on Response to Inflation
- BB FP : BIC Sees FY Net Sales Ex-FX High End of +7% to +9%
- BT/A LN : BT Eyes Big Quantum Sales After EY Joins Trial With Toshiba
- CLN SW : *CLARIANT TO REPLACE CFO AS PROBE ENDS WITH RESTATEMENTS
- CBK GY : Commerzbank 12% Revenue Surge, 1Q Beat Defy Share Plunge: React
- CSGN SW : Credit Suisse 1Q Net Loss CHF273M, Est. Loss CHF114.9M
- DSY FP : Dassault Systemes Sees FY Non-Ifrs EPS +9% to +11%
- DBK GY : Deutsche Bank Raises 2022 Investment Bank Revenue Forecast
- DNB NO : DNB Sues Norway State Over Interest Deduction for U.S. Unit: FA
- DSM NA : Elanco Secures U.S. Rights to DSM’s Methane-Reducing Additive
- DSV DC : DSV Boosts FY Ebit Pre-Items Forecast, Beats Estimates
- DWS GY : DWS 1Q Net Outflows Misses Estimates
- FGR FP : Eiffage, Termotecnica Sign EU345M Port Deal in Colombia
- ELK NO : Elkem 1Q Ebitda Beats Estimates
- EMSN SW : EMS-Chemie 1Q Net Sales CHF638M Vs. CHF566M Y/y
- EQNR NO : Equinor Plans New Gas Pipeline From Castberg, Wisting: DN
- FTK GY : flatexDEGIRO 1Q Adjusted Ebitda EU54.5M
- GJF NO : Gjensidige 1Q Pretax Profit Misses Estimates
- SHBA SS : Handelsbanken First-Quarter Earnings Beat Amid Lending Growth
- HUH1V FH : Huhtamaki 1Q Adjusted Ebit Beats Estimates
- ITP FP : Interparfums 1Q Sales at Constant Exchange Rates +18.1%
- IPN FP : Ipsen 1Q Sales Beats Estimates
- KAMBI SS : Kambi 1Q Revenue Misses Estimates
- KEMIRA FH : Kemira 1Q Oper Ebitda Beats Estimates
- KCR FH : Konecranes 1Q Net Sales Misses Estimates
- LUNE SS : Lundin Energy 1Q Ebitda Beats Estimates
- MAT US : Mattel Said to Hold Talks on Buyout With Private Equity Firms
- MELE BB : Melexis Boosts FY Operating Margin Forecast
- MBG GY : Mercedes 1Q Adjusted Ebit Beats Estimates
- ML FP : Michelin CFO Says Ukraine War Adds About EU1B in Costs This Year
- MSFT US : *MICROSOFT EXTENDS POSTMARKET GAINS TO 6% AFTER FORECASTS
- NEX FP : Nexans 1Q Revenue EU1.62B Vs. EU1.50B Y/y
- ORSTED DC : Orsted Says Gazprom Hasn’t Reached Out Regarding Danish Supply
- PNDXB SS : Pandox 1Q Ebitda Misses Estimates
- POM FP : Plastic Omnium Maintains FY Operating Margin Forecast
- PLUS LN : Plus500 Rating, Estimates Raised at Peel Hunt After Strong 1Q
- QIA GY : Qiagen Boosts FY Adjusted EPS Forecast
- RKT LN : Reckitt Benckiser seeks up to $10bn for remainder of infant milk business
- REE SM : Red Electrica 1Q Net Income EU182.1M
- RHM GY : Slovenia to Buy 45 Boxer Armored Vehicles for EU343m: STA
- RNO FP : Renault May Give AvtoVAZ Stake to Russia’s NAMI Institute: IFX
- RESURS SS : Resurs Holding 1Q Operating Income Beats Estimates
- RILBA DC : Rilba 1Q Pretax Profit Beats Estimates
- SU FP : Schneider Electric 1Q Revenue Beats Estimates
- SEBA SS : SEB 1Q Net Interest Income Beats Estimates
- STM FP : STMicroelectronics 2Q Net Revenue Forecast Beats Estimates
- STM FP : China Lockdowns Weigh on Chip Makers
- SUSE GY : EQT Said to Have Explored Sale of SUSE After Interest
- SY1 GY : Symrise 1Q Sales Beats Estimates
- TKA AV : Telekom Austria 1Q Net Income Beats Estimates
- TELIA SS : Telia CEO Says Share Buyback Program to Begin End of 2Q
- TEMN SW : Temenos 1Q Non-Ifrs Revenue Meets Estimates
- TWTR US : Twitter/Musk Deal Terms Include $1b Termination Fee
- UNI SM : Unicaja 1Q Net Income Misses Estimates
- UN01 GY : Uniper Warns of 2 Billion-Euro Loss from Nord Stream-2 Pipeline
- FR FP : Valeo’s Outlook Confirmation Based on Lower Siemens JV Losses
- VAR NO : Var Energi 1Q Net Income Meets Estimates
- XXL NO : XXL 1Q Ebitda Misses Estimates
- WLN FP : Worldline 1Q Revenue Beats Estimates