Asian equities advanced after a rally in the world’s largest tech stocks lifted global shares to new highs ahead of US consumer prices data due later Thursday. Equities in Japan, Australia and China rose, following a bullish session on Wall Street Wednesday. The dollar fell against most major currencies before key US inflation data that may signal easing price pressures and raise the chance of Federal Reserve interest-rate cuts. Taiwan Semiconductor Manufacturing Co. traded at record levels after the sole supplier of Nvidia Corp. and Apple Inc.’s most advanced chips said second-quarter sales grew the fastest since 2022. Sony Group Corp., Tencent Holdings Ltd. and Korean chipmaker SK Hynix Inc., which traded at its highest levels since 2000, were among top contributors to the climb in the regional stock index. The S&P 500 and Nasdaq 100 each gained more than 1%, and a gauge of global equities also rose, all to records, spurred by the likes of Nvidia and Apple. The iPhone maker said it aims to ship 10% more new devices after a bumpy 2023. The S&P 500 has advanced in each of the past seven sessions, its longest winning streak since November. The so-called core CPI, which excludes food and energy costs and is seen as a better measure of underlying inflation, is expected to rise 0.2% in June for a second month. That would mark the smallest back-to-back gains since August — a pace seen as palatable for Fed officials. Swaps are pricing in two Fed cuts in 2024, with a strong chance of the first coming in September. In Asia, investors will be looking at any impacts of the China Securities Regulatory Commission’s decision to tighten rules on short selling and high-frequency trades in a bid to crack down on improper arbitrage and maintain market stability. Sentiment toward Chinese stocks has deteriorated ahead of the country’s Third Plenum, which convenes next week. Meanwhile, Jerome Powell told Congress that the Fed doesn’t need inflation below 2% before cutting rates and that officials still have more work to do. He noted the labor market has cooled “pretty significantly.” Powell cited a “good ways to go” on the balance-sheet runoff, and said commercial real estate doesn’t threaten financial stability. Bank of England Chief Economist Huw Pill said on Wednesday that the timing of a rate cut is still an “open question,” prompting traders to pare bets on an August reduction. Elsewhere, the Bank of Korea left its benchmark interest rate unchanged Thursday as it seeks more evidence that inflation will continue to cool. Economic reports in Asia Thursday include consumer confidence in Thailand and a monetary policy decision in Malaysia. Money supply and new lending figures for China may also be released as soon as Thursday. Oil climbed for a second day as signs of growing demand and a risk-on tone across broader markets combined to aid sentiment. Gold advanced for a third day.
Nikkei +1.30% Hang Seng +1.73% CSI +0.97% Shanghai +0.80% Shenzen +2.10%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0.07% Nasdaq -0.13% EuroStoxx +0.20% FTSE +0.24% Dax +0.17% SMI
Macro :
- UK FCA Overhauls Listing Rules to Boost Stock Markets Growth
- UK Saw Europe’s Biggest Increase in Corporate Distress, A&M Says
- NBA agrees to terms on a new 11-year, $76 billion media rights deal, AP source says
- BIDEN SEEKS 4.5 MILLION BARRELS FOR STRATEGIC OIL RESERVE
- Asterion in Talks on 49% of F2i-Controlled Airport Holding: Sole
Keep an eye on :
- AA US : Alcoa Prelim 2Q Adjusted Ebitda Beats Estimates
- AMBUB DC : Ambu Prelim 3Q Revenue Beats Estimates
- AAPL US : Apple Gains on Reported iPhone Target, Supporting Tech: TMT Wrap
- ASM NA : ASMI Strong Moly Engagement May Dispel Share Loss Concern: React
- BARN SW : Barry Callebaut 9M Sales CHF7.32B
- BESI NA : Besi's Core Business Recovery Aided by More IPhones: React
- BP/ LN : BP Inks Pact With Simon for 900 EV Charging Stations Across US
- CARLB DC : Fitch Places Carlsberg on Rating Watch Negative on Britvic Deal
- ACA FP : Credit Agricole Said to Lead Bidding for SocGen’s Hanseatic Bank
- DOCM SW : DocMorris Prelim 2Q External Rev From Continuing Ops CHF267.7M
- ERF FP : Eurofins Gives Update on Actions Following Muddy Waters Reports
- EPR NO : Europris 2Q Ebitda Beats Estimates
- FTCHF US : Farfetch Ltd. Files for Chapter 15 in Delaware Court
- FIE GY : Fielmann Prelim 1H Ebitda Beats Estimates
- FRA GY : Fraport June Frankfurt Airport Passengers +1.4% Vs. +6.9% M/M
- G1A GY : GEA Group Boosts FY Adjusted Ebitda Margin Forecast
- HOLN SW : Amsons to Offer KES65/Share to Buy Bamburi Cement From Holcim
- INDV LN : Indivior Has Tough Start After Swapping London for NY: ECM Watch
- IPN FP : Ipsen, Foreseen Biotechnology Ink Licensing Deal for FS001
- JUVE IM : Juventus to Acquire Khephren Thuram from Nice for €20m
- NOVOB DC : Novo’s Weekly Insulin Denied Approval as FDA Requests Info (1)
- OHLA SM : OHLA Hires Houlihan Lokey to Renegotiate Debt: Confidencial
- Samsung : 005930 Ks : Samsung Hikes Prices, Bets on AI to Reclaim Foldables Lead (1)
- SAN FP : Sanofi Treatment Granted Orphan Drug Status by FDA
- GLE FP : Credit Agricole Said to Lead Bidding for SocGen’s Hanseatic Bank
- SWECB SS : Sweco Gets SEK400m Contract From Sweden
- STLA IM : China’s Leapmotor Aims to Take EVs Global With Stellantis Deal
- SZU GY : Suedzucker 1Q Operating Profit Misses Estimates
- TRYG DC : Tryg 2Q Combined Ratio Reported Beats Estimates
- TSMC : 2330 TT : TSMC Shares Rally on Better-Than-Expected Sales: Street Wrap
- TTALO FH : Terveystalo Boosts FY Adj. Ebita Margin Forecast
- VAR NO : Var Energi Prelim 2Q Avg Production 287,000 BOE/D
- VOW GY : VW to Postpone Launch of EV ID.Golf to 2029: Manager Magazin