Stocks in Asia slid on Thursday as worries over U.S.-China tensions grew. India bucked the trend, with equities there soaring as election results showed Prime Minister Narendra Modi is set to win a majority on his own.
Shares fell from Tokyo and Sydney to Hong Kong and Shanghai. The MSCI Asia Pacific Index has now dropped 6% since President Donald Trump pledged to ramp up tariffs on China earlier this month, giving up about half its gains for the year. S&P 500 futures declined and the yuan remained under pressure Thursday after China’s flagship People’s Daily published two commentaries assailing American moves to curb Chinese companies. Treasuries held recent gains.
US After Hours LB +13%, VIPS +7%, CTRP +5%, CPRT +3%, NTAP -7% among after hours earnings/guidance movers
Nikkei -0.74% Hang Seng -1.60% CSI -1.28% Shanghai -0.89% Shenzen -1.83%
Eur$ 1.1150 CNY 6.9134 CNH 6.9370 JPY 110.30 GBP 1.2641
S&P -0.44% EurStoxx -0.65% FTSE -0.55% Dax -0.65% SMI -0.15%
Macro :
- Mnuchin Says It’s ‘Unlawful’ to Give Democrats Trump Tax Returns
- Rich Valuations for Tech M&A Unlikely to Come Down, PE Fund Says
Keep an eye on :
- ACK BB : Ackermans Net Cash Position End March EU78.7m vs. EU102.9m q/q
- BAYN GY : Bayer Roundup Talks to Be Led by Top Mediator Ken Feinberg (2)
- EN FP : Colas, Bouygues Win French Highway Contract Worth EU150M
- BW NO : BW Offshore First Quarter Ebitda Beats Highest Estimate
- CFEB BB : CFE First Quarter Revenue EU838.4 Mln
- DAI GY : Daimler’s New Group Structure Approved by Majority of Holders
- DBK GY : Mnuchin to Review Deutsche Bank’s Suspicious Activity Reporting
- DBK Gy : Judge Rejects Trump Effort to Block Deutsche Bank Subpoena (5)
- DOF NO : DOF 1Q Vessel Utilization 70%; Covenant Breach Likely
- FCA IM : *FIAT CHRYSLER PLANS $4B INVESTMENT IN LATAM THROUGH 2024
- GFC FP : Gecina Starts Buyback Offer for Three Outstanding Bonds
- GIMB BB : Gimv Full Year Net Income EU112.1 Mln
- GLEN LN : Glencore Supply Pact, Goldman on Iron Ore: N.A. Materials Wrap
- IRRAS SS : IRRAS Offering Prices 4.8m Shares at SEK22/Share
- KDS NA : Kiadis Submits Response to EMA’s Second Day 180 List on ATIR101
- LMI LN : Africa’s Biggest Investor Faces Dilemma Over Backing Lonmin Deal
- MATRA SS : Matra Petroleum Says Court Order Constrains Refinancing Options
- MERL LN : Activist ValueAct Urges Merlin Entertainments to Go Private
- MULTI NO : Multiconsult First Quarter Net Income Misses Lowest Estimate
- ALNEV FP : *NEOVACS ISSUES ORNANE FOR TOTAL EU3.3M
- NOVN SW : Novartis Plans More Than 10 Launches by 2021
- OMV AV : OMV Dividend Growth Set to Trigger Re-Rating, Berenberg Says
- SOW CN : Agraflora to Buy Organic Flower’s Assets
- PFV GY : Pfeiffer Vacuum 2Q Orders ‘Subdued’; FY Sales View Hits Midpoint
- PROX BB : Proximus Lacks Catalysts, Trading in Line With Sector: Citi
- PURP LN : Notes trade publication The Negotiator reported Francisco Partners was considering buying Purplebricks
- RNO FP : Carlos Ghosn Faces Biggest Legal Fight of His Life: Timeline
- RNO FP : Nissan Working on Plan to Identify Top Managers, Director Says
- SAF FP : Safran CEO Wants to Extend His Term by a Year: Figaro
- SAND SS : Sandvik CEO Says He Won’t Remain at Co. for a Very Long Time: DI
- SANN SW : Santhera Enters Raxone License Agreement Valued Up to CHF105m
- SDRL US : Seadrill Ltd 1Q Adjusted Ebitda Beats Highest Est.
- SNH GY : Steinhoff Agrees to Postpone Amsterdam Hearing to Later in Year
- TLW LN : Guyana Probes Offshore Oil Leases Controlled by Exxon, Tullow
- UCG IM : UniCredit Planning to Sell Up to $5.6 Billion of Soured Loans
- UN01 GY : Uniper Credit Downgrade Worry, Total Bond Sale: EU Energy Wrap
- VIV FP : Universal Music Said to Eye Industry Bidder as Buyout Firms Balk
- VT9 GY : VTG First Quarter Ebitda EU123.2 Mln
- WPP LN : Vista Equity Lines Up Binding Bid for WPP’s Kantar: Reuters
- YPSN SW : Ypsomed Sees 2020 Sales About CHF415 Mln
>>> Up
* Anglo American Upgraded to Buy at SocGen
* Eutelsat Upgraded to Buy at HSBC; PT 19.50 Euros
* Heineken Upgraded to Add at AlphaValue
* HSBC Upgraded to Buy at Goldman; PT 9.25 Pounds
* Inwit Upgraded to Buy at Citi; PT Set to 9 Euros
* Opus Upgraded to Buy at Kepler Cheuvreux; PT 6.75 Kronor
* Rio Tinto Upgraded to Hold at SocGen
>>> Down
* Babcock Downgraded to Hold at Stifel; PT 4.85 Pounds
* dormakaba Cut to Reduce at Kepler Cheuvreux; PT 645 Francs
* Maha Downgraded to Neutral at SpareBank; PT 32 Kronor
* Proximus Downgraded to Neutral at Citi
* SafeCharge Downgraded to Neutral at Macquarie; PT 4.36 Pounds
* SAS Downgraded to Hold at HSBC; PT 16 Kronor
* Uniper Credit Downgrade Worry, Total Bond Sale: EU Energy Wrap
>>> Initiation
* Argenx Reinstated at Guggenheim With Buy; PT 157 Euros
* Equiniti Reinstated at Goldman With Buy; PT 3.10 Pounds
* Nexi Rated New Outperform at Mediobanca SpA; PT 10.50 Euros
* Nexi Rated New Overweight at Barclays; PT 10 Euros
* Nexi Rated New Buy at Goldman; PT 10.80 Euros
* Nexi Rated New Buy at HSBC; PT 10 Euros
* Nexi Rated New Neutral at Citi; PT 9.40 Euros
* OMV Rated New Buy at Berenberg; PT 60 Euros
* Serica Rated New Buy at Jefferies; PT 1.85 Pounds
* Swedish Match Reinstated Overweight at Barclays; PT 530 Kronor
>>> Call
* Inwit Set to Benefit From Vodafone Deal, Time to Buy: Citi