Asia’s benchmark stock index slid to a three-week low as worse-than-expected economic data from the US to Japan added to concerns over a broader slowdown. The Nikkei 225 Stock Average slipped for a fifth day as a government report showed Japan’s economy grew less than analysts forecast. Chinese equities dropped and iron ore tumbled on signs of weakening demand. Benchmarks in Taiwan, Hong Kong and South Korea all fell more than 1%. A soft US jobs market and other signs of slack in the world’s largest economy are damping risk appetite across Asia. Chinese consumer and producer prices data both fell short of forecasts Monday, while waning investor euphoria over chipmakers such as Nvidia Corp. added to headwinds. September is proving a volatile month for markets with stocks and commodities both falling amid concern about waning global growth. Wall Street’s fear gauge - the Cboe Volatility Index - closed at its highest in a month on Friday after the jobs report. The MSCI Asia Pacific Index fell as much as 1.8% with technology companies including Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co. and Tencent Holdings Ltd. among the biggest drags. Japan’s Topix index dropped nearly 3% on last week’s yen’s strength. Key haven assets — Treasuries and the yen — both trimmed some of last week’s gains. The US two-year yield climbed three basis points to 3.68% after sliding 10 basis points on Friday. The yen slipped 0.4% to 142.82 per dollar after jumping 0.8% Friday. The Philippine peso led losses in Asian currencies. US nonfarm payrolls rose by 142,000 last month, below the median economist forecast of 165,000, the Bureau of Labor Statistics said Friday. The unemployment rate edged down to 4.2%, reflecting a reversal in temporary layoffs. Iron ore slid to a 22-month low Monday — sinking below the $90-a-ton threshold — as a slump in demand in biggest buyer China drives losses. Futures have fallen by more than a third this year with pressure ramping up as flagging steel Oil rose from its lowest close since 2021. Traders will be keeping a close eye on US inflation data this week as worries mount the Fed has waited too long to cut rates as recession risks grow. Treasury Secretary Janet Yellen at the weekend sought to temper fears, seeing no “red lights flashing” for the financial system. Fed Governor Christopher Waller said he was “open-minded” about the potential for a bigger rate cut. Fed policymaker comments following the jobs print “did not indicate a sense of immediate urgency in needing to cut interest rates by 50 basis points,” said Diana Mousina, deputy chief economist at AMP Ltd. in Sydney. “So, a 25 basis-point cut is more likely in September, with the risk of larger rate cuts if the data indicates the need for it.”
Nikkei -0.52% Hang Seng -1.85% CSI -1.34% Shanghai -1.17% Shenzen -0.83%
Eur$ 1.1077 CNH 7.1124 CNY 7.1097 JPY 142.95 GBP 1.3126 CHF 0.8460 RUB 90.4536 TRY 34.0153 WTI$ 68.58 +1.36% Gold 2,498 +0.02% BTC 54,936 +1.03% ETH 2,298 +0.97%
S&P +0.32% Nasdaq +0.49% EuroStoxx +0.51% FTSE +0.50% Dax +0.47% SMI +0.23%
Macro :
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- Palantir, Dell Among New S&P 500 Members as Index Rebalances
- Italy Wants Reversal of EU’s Planned 2035 Combustion Engine Ban
- Italy Is in Early Talks for Creation of Nuclear-Power Company
- European Luxury Shares’ $240 Billion Rout is Just the Beginning
- Half-Point Rate Cut Would Be Worst Choice for Stocks: Macro View
- GP Stakes Firm Armen Buys Stake in Credit Fund Chorus Capital
- US Bitcoin ETFs Bleed $1.2 Billion in Longest Streak of Outflows
Keep an eye on :
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https://on.ft.com/3AXSG3d)
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- IRE IM : Iren Mulls Minority Sale in Green Energy Unit, Corriere Reports
- JUP LN : Jupiter and Swisscanto prep ETF launches
- KER FP : European Luxury Shares’ $240 Billion Rout is Just the Beginning
- MC FP : European Luxury Shares’ $240 Billion Rout is Just the Beginning
- META US : Iconiq Capital Seeks New Ways to Adapt to IPO Drought: FT
- NHOA FP : Italy Government Approves TCC’s Offer for Nhoa: Statement
- NVDA US : Nvidia-Backed Sakana AI Eyes Strategic Partnerships in Japan
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- PLTR US : +6.5% on S&P 500 inclusion
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- SMCP FP : SMCP Says London Court Refused Appeals on Stake Sale Decision
- StandardAero IPO : Carlyle-Backed StandardAero Files for IPO After Showing Profit
- STLAM IM : Stellantis Recalls 1.5 Million Ram Trucks Hit With Software Bug
- TSLA US : Elon Musk's xAI Has Discussed Deal for Share in Future Tesla Revenue, Sources Say -- WSJ
- 2330 TT : TSMC to Produce All Intel’s Chips Below 3 Nm: C. Times (1)
- VOW GY : Volkswagen’s $5bn Rivian tie-up prompts dismay at software division