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Asian stocks, bonds and currencies tumbled in the wake of the broad-based selloff on Wall Street after hotter-than-expected inflation data fueled bets for jumbo interest-rate hikes by the Federal Reserve.  Equity indexes in Japan, Hong Kong and Australia slumped after US shares had their biggest drop in more than two years, with the S&P 500 falling more than 4% and the Nasdaq 100 sliding more than 5%. European equity futures fell while US contracts edged higher.  Japan’s 10-year bond yield rose to 0.25%, the upper end of the central bank’s policy band while the yen fluctuated below the key 145 level versus the dollar. The finance minister warned that Japan wouldn’t rule out any response if current trends in the yen continued and those options included stepping into markets. Swaps traders are certain the Fed will raise interest rates three-quarters of a percentage point next week with some wagers appearing for a full-point move. That leaves investors weighing the prospect of tighter conditions across a swath of markets after jumping back into risk-sensitive assets in recent days on hopes that inflation would cool more.  The two-year Treasury yield, the most sensitive to policy changes, climbed further in Asia after jumping as much as 22 basis points, pushing it more than 30 basis points above the 10-year rate and deepening an inversion in what is generally a recession warning. Australia’s benchmark 10-year yield jumped 10 basis points.  The US consumer price index increased 0.1% from July, after no change in the prior month, Labor Department data showed. From a year earlier, prices climbed 8.3%, a slight deceleration but still more than the median estimate of 8.1%. So-called core CPI, which strips out the more volatile food and energy components, also topped forecasts. 

Nikkei -2.58% Hang Seng -2.50% CSI -1.33% Shanghai -1.02% Shenzen -1.52%

Eur$ 1 CNH 6.9627 CNY 6.9592 JPY 143.75 GBP 1.1526 CHF 0.9604 RUB 61.9745 TRY 18.2552 WTI$86.78 -0.62% Gold 1,704 +0.10% BTC 20,386 +0.72% ETH 1,616 +0.50%

S&P -0.06% Nasdaq -0.10% EuroStoxx -0.89% FTSE -0.82% Dax -0.84% SMI -0.69%

Macro :

- *FRANCE CUTS 2023 GDP FORECAST TO 1% FROM 1.4% PREVIOUSLY

- UK Weighs Strength of Treasury’s Power to Overrule Regulators

- Citi Sees Growing Risk That World Economy Will Hit ‘Stall Speed’

- Gundlach Tells CNBC He ‘Would Do 25 Basis Points’ After CPI

- Goldman Says Get Ready for Fresh Cross-Asset Pain on Real Rates

Keep an eye on :

- AF FP : France Halves Flight Schedules on Air Traffic Control Strike

- AKERO NO : Akero Soars 143% After ‘Watershed’ NASH Study Data: Street Wrap

- ANTIN FP : Antin 1H Underlying Ebitda EU48.0M Vs. EU51.3M Y/y

- AAPL US : Apple to Use TSMC’s Next 3-NM Chip in iPhone, Mac, Nikkei Says

- AML LN : Aston Martin Faces Lawsuit From Two Ex-Dealers Over Valkyrie: FT

- CARY SS : SEB Investment Management to Accept Cary Group Offer

- EDF FP : EDF Renewables North America in Pact With McDonald’s

- EDF FP : Reactor at UK’s Heysham 2 Nuclear Plant Has Unplanned Halt: Data

- ETL FP : French Regulator Reviews Eutelsat’s Russian Channels

- 656 HK : Chinese Conglomerate Fosun Under Scrutiny as Bonds, Shares Slide -9.59%

- IBS SM : Iberdrola Sells 49% of Wikinger Wind Farm’s Owner for EU700M

- IBS PL : Ibersol 1H Net Income EU3.7M Vs. Loss EU22.9M Y/y

- ITX SM : Inditex 1H Net Sales Beats Estimates

- JOUL LN : Joules Says Talks on Next Buying Equity Stake Have Ended

- KGX GY : Kion Sees FY Revenue EU10.45B to EU11.25B, Est. EU11.23B

- LHA GY : German Govt Offer of ~74.4m Lufthansa Shrs Prices at EU6.11/Shr

- LHA GY : Germany Ends Participation in Lufthansa After Stake Placement

- META US : Korea Fines Google, Meta $73m for Data Collection Rule Violation

- MILDEF SS : Mildef Group Offers SEK150 million Shares via SEB

- PAH3 GY : Porsche IPO Draws Commitments From Red Bull Founder, Norway Fund

- ROTH FP : Rothschild Is Said to Hire Former JPMorgan Swiss Head Bossart

- STLA IM : Stellantis to Buy Back Shares From GM for EU923.2m

- UN01 GY : Uniper Mulls Damage Claims Against Gazprom in Sweden: Reuters

- VOLVB SS : Volvo Trucks Starts Series Production of Heavy Electric Trucks

Masterpieces from CBS founder William Paley’s museum trove are heading to Sotheby’s this fall, as MoMA seeks to expand its online presence and possibly buy more digital art

A foundation for CBS founder William Paley plans to auction off a trove of masterpieces long lent to New York’s Museum of Modern Art for at least $70 million this fall to expand the museum’s digital footprint.

The paintings and sculptures—by artists including Picasso, Renoir and Rodin—have been in MoMA’s care since Mr. Paley died in 1990. On Tuesday, his namesake foundation confirmed it had enlisted Sotheby’s to auction off 29 of his 81 pieces at MoMA. Most of the proceeds are earmarked to expand the museum’s digital presence, from possibly launching its own streaming channel to potentially buying more art, digital or otherwise.

Pablo Picasso’s 1919 Cubist “Guitar on a Table,” which once hung above the fireplace in Mr. Paley’s Manhattan bedroom, will be offered up for at least $20 million on Nov. 14 in New York. Francis Bacon’s 1963 small-format triptych, “Three Studies for Portrait of Henrietta Moraes,” will be offered for at least $35 million on Oct. 14 in London, Sotheby’s said.

The move underscores the extraordinary lengths that museums and their biggest donors feel they must take to extend museums’ influence online as cultural institutions are struggling to recover from a pandemic-driven drop in attendance.

MoMA director Glenn Lowry said the museum typically gets three million visitors a year, but last fiscal year its attendance topped out at 1.65 million visitors. Mr. Lowry said he hopes foot traffic will return to prepandemic levels by 2024, but the outlook online is brighter.

Last year, he said the museum’s online content on its own website and YouTube channel as well as via its social-media followings on sites like Instagram and Weibo swept in 35 million people, up from 30 million before the pandemic.

“We’re growing our digital audience, not losing any, so we realize we need to increase our capacity off-site and online,” Mr. Lowry said.

He said the museum is posting virtual walk-throughs of its exhibits and creating video chats with its curators, but it wants to increase the output and possibly launch its own art-related streaming channel. It may also team up with a university to offer degrees in art fields. MoMA already teams up with online course provider Coursera, where since 2012 around 1.6 million people from 250 countries have taken its art classes. Mr. Lowry said he thinks MoMA can enroll far more.

“We’re just beginning to dream,” he said.

The museum might even ply some of the sale proceeds into buying art, including digital art attached to nonfungible tokens, or NFTs, he said. MoMA didn’t jump into last year’s NFT art bonanza, aside from contributing museum data to an NFT project by digital artist Refik Anadol last fall. Mr. Anadol, a popular artist on the NFT scene, funneled the museum collection’s meta-database into his artificial intelligence algorithm to create cloudy, colorful morphs later sold as NFTs. Mr. Lowry called Mr. Anadol brilliant, but said MoMA didn’t buy any of the works at the time.

The museum initially adopted a wait-and-see approach to NFTs, but Mr. Lowry said the museum has a team of people monitoring the digital-art landscape to look for potential artists to team up with on bigger artistic projects or potential purchases.

“We’re conscious of the fact that we lend an imprimatur when we acquire pieces,” he said, explaining why MoMA didn’t buy NFTs at the outset, adding, “but that doesn’t mean we should avoid the domain.”

Mr. Paley’s son, Bill Paley, who now serves as the foundation’s vice president, said in an email Tuesday that the foundation will ultimately defer to the museum on where it needs to spend next, digitally. “It’s open-ended,” he said.

When his father joined the board as a rising broadcasting executive in 1937, MoMA was only eight years old and collecting modern art was considered radical among New York’s elite. The younger Mr. Paley said his father remained committed, eventually serving as MoMA’s president, chairman and chairman emeritus. He added that his father was “always keen on learning about and adopting new technologies,” so the museum’s desire to extend its digital clout dovetailed nicely.

He said his father flexibly designed his foundation’s arrangement with MoMA so that the museum could weigh in decades later on how his collection could be shown or sold. He said the foundation worked with curators to select which works would be sold. A portion will also go to his father’s other philanthropic causes.

The sale is the latest reminder that the art donated or lent to museums may not stay there permanently. The foundation’s consignment to an auction house lets MoMA raise funds without stepping into the controversial terrain of deaccessioning, or selling works it already owns, which has caused uproars at other institutions.

Mr. Lowry said none of the works the foundation consigned to Sotheby’s are currently on view in the museum’s galleries. Mr. Paley’s best-known piece at MoMA—Picasso’s 1905-06 “Boy Leading a Horse”—isn’t going anywhere, he said. Neither is Mr. Paley’s iconic Henri Matisse from 1927, “Woman with a Veil.”

But the sale will include other “gems,” Mr. Lowry said, including Pierre-Auguste Renoir’s 1905 still life of strawberries, an early Fauve view of André Derain’s hometown and a 1901-02 bouquet by Henri Rousseau that Mr. Paley bought in 1937, the year he joined MoMA’s board. Small sculptures by Auguste Rodin and Aristide Maillol will also be in the sale, which the house expects to collectively fetch between $70 million and $100 million.

All of these pieces were considered “off limits” to the art marketplace until now, said Brooke Lampley, Sotheby’s chairman and worldwide head of sales for fine art. Ms. Lampley said the auction house competed with other houses to win the consignment and has guaranteed the foundation will reap an undisclosed sum for the sale of the works. But marketing Mr. Paley’s pieces should be a breeze, given their pedigree, she said.

“He’s the holy grail of provenance,” Ms. Lampley said.