(Bloomberg) -- Shares in Asia rose Friday after an upbeat day on Wall Street following jobs data that supported the case for US rate cuts. Most Read from Bloomberg Seriously Underwater Home Mortgages Tick Up Across the US Microsofts Xbox Is Planning More Cuts After Studio Closings Americans Are Racking Up Phantom Debt That Wall Street Cant Track Marjorie Taylor Greene Finally Got What She Deserved: Defeat Equities in Japan, South Korea, Australia and China climbed. Hong Kongs Hang Seng Index reached its highest level since September. US contracts were largely flat after the S&P 500 index closed less than 1% away from its all-time high on Thursday. The Nasdaq 100 index rose 0.
Asian shares were mostly higher on Monday following a strong rally on Wall Street, driven by cooler-than-expected U.S. employment data. Markets in Japan and South Korea were closed for holidays. The Hang Seng in Hong Kong lost 0.2%, while the Shanghai Composite index rose 0.9%. The S&P 500 had its best day since late February, rising 1.3%, with technology stocks leading the gains. Oil prices also rose, and the dollar strengthened against the Japanese yen. China's return from a holiday and softer U.S. jobs data suggest bets on a Federal Reserve rate cut.
(Bloomberg) -- Asian stocks were poised to gain on Tuesday, following a strong lead from Wall Street where optimism the Federal Reserve will start cutting interest rates this year helped push shares to their best three-day rally since November. Most Read from Bloomberg Israel Says a Cease-Fire Plan Backed by Hamas Falls Far Short At $2 Million Per Minute, Treasuries Mint Cash Like Never Before Ex-Trump Controller Says Cohen Repaid From Personal Account Jack Dorsey Leaves Bluesky Board, Calls X Freedom Technology S&P 500 Extends Gains in Final Minutes of Trading: Markets Wrap Futures showed Japans benchmark Nikkei 225 could surge almost 2% on reopening after being closed since end-Thursday. Australian shares should also gain, while Hong Kong looked steady. The upward momentum comes after the S&P 500 rose 1% and topped its average price of the past 50 days a level seen by many chartists as key in maintaining the positive sentiment. Traders also kept an eye on the latest geopolitical developments, with Israel rejecting a statement from Hamas that it had accepted a cease-fire proposal to end the fighting in Gaza.
US stocks climbed on Tuesday amid hopes for rate cuts following a weaker-than-expected jobs report. Federal Reserve officials' statements are being closely watched, with futures markets pricing in two potential interest rate cuts this year. European and Asian markets also saw gains, with Japan's Nikkei 225 up 1.6% and South Korea's Kospi up 2.2%. Australia's S&P/ASX 200 rose 1.4% after the central bank kept interest rates unchanged. Tech stocks drove the market higher, with Nvidia and Super Micro Computer leading. Corporate earnings have exceeded expectations globally, signaling positive growth.
The Nasdaq and S&P 500 closed at record highs, buoyed by tech stocks connected to artificial intelligence (AI) and positive inflation data suggesting a June interest rate cut. Chipmakers Nvidia and Advanced Micro Devices saw significant gains. Nvidia's CEO became the 20th richest person globally. The surge in technology companies, including Nvidia and Dell Technologies, fueled the Wall Street rally. Federal Reserve officials hint at rate cuts, with Atlanta Fed President and Chicago Federal Reserve Bank President expressing support for monetary easing. Japan's stock index also hit a record high despite its recession.
U.S. stocks, including the S&P 500, Dow Jones Industrial Average, and Nasdaq composite, rose on Thursday with companies like Qualcomm and Carvana performing well. The market reacted to the Federal Reserve's announcement on delaying interest rate cuts and reports on joblessness and productivity. The S&P 500 closed at 5,064.20, the Dow at 38,225.66, and the Nasdaq at 15,840.96. While stocks trimmed losses for the week, the S&P 500 is down overall by 0.7% and the Dow by less than 0.1% for the week.
Stocks closed sharply higher on Wall Street, erasing their losses for the week, after the government reported a cooldown in hiring last month. For markets that was a welcome sign that the Federal Reserves efforts to fight inflation by slowing the economy with high interest rates might be making some progress. The S&P 500 rose 1.3% Friday, its biggest gain since February. The Dow Jones Industrial Average rose 1.
US stocks declined following a below-expectation GDP growth rate of 1.6% for the first quarter, raising concerns about the economy. The Nasdaq fell 0.6%, S&P 500 dropped 0.5%, and Dow Jones slipped 1%. Inflation increased by 3.7%, fueling discussions on the Federal Reserve's interest rate strategy. Meta shares plummeted over 10% due to increased costs, while Google's parent company saw a 10% surge in stock value. Microsoft exceeded revenue projections, boosting its shares by 5%, whereas Intel's shares tumbled 8% on disappointing revenue guidance.
Stocks rebounded as tech earnings spawned a rally in markets despite growing concerns that the Fed will hold interest rates higher for longer. The Nasdaq Composite ( ^IXIC ) rose more than 4% last week, while the S&P 500 ( ^GSPC ) popped almost 3%. Meanwhile, the Dow Jones Industrial Average ( ^DJI ) rose less than 1%. In the week ahead, a Fed meeting, the April jobs report, and earnings from Big Tech stalwarts Apple ( AAPL ) and Amazon ( AMZN ) will test the recent optimism in markets. Updates on job openings, activity in the services and manufacturing sectors, and consumer confidence are also on the calendar.
US stocks fell slightly with the Dow Jones Industrial Average down 0.1%, the S&P 500 ticking 0.4% lower, and the Nasdaq Composite edging down by 0.6%. Federal Reserve policymaker Neel Kashkari's comments indicated that rates may stay high for a while, causing uncertainty. Uber and Shopify had disappointing forecasts, while Disney beat earnings but still underwhelmed. Tesla's stock also slipped amid reports of a securities fraud investigation by US prosecutors.
Yet another record close for the FTSE 100 share index on Friday at 8,140, so not a bad week at all. It is exactly the sort of reassessment of the value the London market offers that I have expected, coupled with decent results from the big banks, especially NatWest. But let's not get too excited. The Footsie is still up only 5 per cent this year, and shockingly up only 10 per cent on five years ago. By contrast the S&P 500 index is up 7 per cent this year and 73 per cent over five years.
(Bloomberg) -- Japans latest wage figures showed pay gains have now lagged inflation every month for two years even as a measure of the deeper trend points to steady growth. Most Read from Bloomberg Americans Are Racking Up Phantom Debt That Wall Street Cant Track Microsofts Xbox Is Planning More Cuts After Studio Closings Stormy Daniels Will Return to Court in Test of Trumps Demeanor Trump Judge Indefinitely Postpones Documents Case Trial Real wages fell 2.5% from a year earlier in March, marking the deepest drop in four months and running the streak of declines to exactly 24 months, the labor ministry reported Thursday. The consensus estimate was for a 1.4% decrease.
The Hang Seng Composite Index is a stock market index of the Stock Exchange of Hong Kong and was launched in 2001. It offers an equivalent of Hong Kong market benchmark that covers around the top 95th percentile of the total market capitalisation of companies listed on the Main Board of the Stock Exchange of Hong Kong (“SEHK”). Its index calculation adopts the freefloat-adjusted market capitalisation methodology, and can be used as a basis for index funds, mutual funds as well as performance benchmarks. Its arguable that the composite index is a better reflection on the overall market performance than the more popular Hang Seng Index, which only cover 50 stocks as opposed to over 480 stocks in the composite index.
This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: The chart of the day What we're watching What we're reading Economic data releases and earnings Disappointing Boeing ( BA ) earnings drove the Dow to a small loss Wednesday, while a surprisingly positive reaction to Tesla ( TSLA ) results led that stock to its best day in two years (up 12%), helping the S&P 500 and Nasdaq Composite close in the green. Taking stock of equities as we head toward the end of April, investors are facing mixed messages from Wall Street. After a year that defied recession expectations, the first quarter of 2024 built on last year's strength. This year, the S&P 500 turned in the best first quarter return since 2019, rising 10%. But the stock sell-off this month has made April the worst month since last September.
The Hang Seng Index (HSI) is a freefloat-adjusted market-capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 82 constituent companies represent about 58% of the capitalisation of the Hong Kong Stock Exchange.HSI was publicized on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexes Company Limited, which is a wholly owned subsidiary of Hang Seng Bank, one of the largest banks registered and listed in Hong Kong in terms of market capitalisation. It is responsible for compiling, publishing and managing the Hang Seng Index and a range of other stock indexes, such as Hang Seng China Enterprises Index, Hang Seng China AH Index Series, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng China A Industry Top Index, Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series. Hang Seng in turn, despite being a public company, is controlled by another listed international financial institution HSBC Holdings plc. Both HSBC Holdings and Hang Seng are constituents of the index.
(Bloomberg) The options market is betting that stocks will swing widely after Fridays US jobs report, which traders expect will offer more clarity on how much the Federal Reserve may cut interest rates this year. Most Read from Bloomberg US and Saudis Near Defense Pact Meant to Reshape Middle East Saudi Arabia Steps Up Arrests Of Those Attacking Israel Online Biden Calls Ally Japan Xenophobic Along With China, Russia Huawei Secretly Backs US Research, Awarding Millions in Prizes Tesla Axes Supercharger Team in Blow to Broader EV Market The S&P 500 Index is expected to move 1.2% in either direction after the release, based on the cost of at-the-money puts and calls expiring Friday, according to Stuart Kaiser, Citigroup Inc.s head of US equity trading strategy. That figure, based on the prices of S&P straddles as of Wednesdays close, is the largest implied swing ahead of an employment report since March 2023, he said.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at $1.98 trillion.The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy had remained resilient and stable and did not experience a recession from 1991 until 2020.The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalisation and has one of the largest interest rate derivatives markets in the Asia-Pacific region. Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue Metals Group, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy, and Transurban. The currency of Australia and its territories is the Australian dollar, which it shares with several Pacific nation states.Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. China in particular is Australia's main export and import partner by a wide margin. Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Canada, Chile, China, South Korea, Malaysia, New Zealand, Peru, Japan, Singapore, Thailand and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the economy of New Zealand.
Hang Seng China Enterprises Index is a stock market index of The Stock Exchange of Hong Kong for H share, red chip, and P chip.H share is a class of ordinary share of the mainland China incorporated company that only traded outside the mainland China; all of these companies were majority owned by the central or regional Chinese government. In contrast, civilian-run enterprises of the mainland China listed their companies in Hong Kong using "foreign"-incorporated holding companies as P chip (either Bermuda, the Cayman Islands or Hong Kong); those using the same method but majority owned by the central or regional Chinese government, was known as red chip; red chip had their own separated index.In August 2017, it was announced that the index would be reformed, which P chip and red chip would be added to the index in March 2018.Some of the constituents of Hang Seng China Enterprises Index was also the constituents of Hang Seng Index.
Despite a recent rally, JPMorgan strategists predict a further sell-off in the US stock market due to macroeconomic risks such as Fed interest rate expectations, inflation concerns, and high equity valuations. The outlook is compared to the market conditions of last summer. The Nasdaq led gains with 1.1%, but the S&P 500 and Dow Jones also climbed. JPMorgan's Marko Kolanovic has the most pessimistic S&P year-end target of 4,200, implying a 17% drop from current levels.
US stocks finished close to where they started Tuesday but largely built on a string of gains amid growing hopes for rate cuts later this year. Meanwhile, investors soured on Disney's ( DIS ) earnings, sending the stock down sharply. The Dow Jones Industrial Average ( ^DJI ) rose just under 0.1%, or about 30 points, while the S&P 500 ( ^GSPC ) ticked up 0.1% for its fourth consecutive positive session.
China's exports grew 1.5% in April compared to the previous year after a decline in March, while imports surged 8.4%, surpassing analyst expectations. The country's trade surplus increased to $72.35 billion. Although Chinas trade performance improved, analysts are cautious due to cooling consumer spending in advanced economies and rising export prices. The Association of Southeast Asian Nations was the primary destination for Chinese exports, with the U.S. and the European Union seeing declines. Economists anticipate a smaller contribution from trade to growth in the second quarter as China aims for around 5% economic growth this year.
(Bloomberg) -- Traders edged back from record bets on yen weakness this past week, in a period that included a likely bout of intervention by Japanese officials to support their currency. Most Read from Bloomberg Saudi Arabia Steps Up Arrests Of Those Attacking Israel Online Apple Rallies Most in 18 Months on Upbeat Forecast, Buyback Everything Apple Plans to Show at May 7 Let Loose iPad Event Trump Auditions VP Picks Before Wealthy Donors in Palm Beach Turkey Confirms All Trade Halt With Israel Over War in Gaza Leveraged funds and asset managers now hold roughly a combined 174,500 contracts tied to bets the yen will fall in the weeks to come, according to the latest data from the Commodity Futures Trading Commission, covering the week through Tuesday. Thats a slight pullback from the week before, when speculative traders held a historically high level of yen shorts. There was extra focus on this weeks report as a way to gauge how sharply traders had slashed their bearish yen positions after Japanese officials likely stepped in to buy the currency on Monday, causing it to rebound from a 34-year low. The initial indication is that the pullback on bearish bets was relatively shallow, although the reporting period didnt include a second likely Japanese intervention, on Wednesday.
(Bloomberg) -- ArcelorMittal SA, the worlds biggest steelmaker outside of China, remains positive on the medium to long-term outlook for demand after first-quarter earnings beat estimates. Most Read from Bloomberg US and Saudis Near Defense Pact Meant to Reshape Middle East Jerome Powell Offered Markets a Reprieve. It Vanished in a Blink Tesla Axes Supercharger Team in Blow to Broader EV Market NYPD Arrests Over 300 Protesters in Crackdown on College Campuses The Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire Economy The company kept its forecast for apparent consumption of steel outside of China a key barometer of the world economy unchanged from three months ago. Although overall economic sentiment remains subdued, we expect apparent steel demand ex-China to grow between +3% and +4% this year and are well positioned to benefit from this improvement, Chief Executive Officer Aditya Mittal said in a statement on Thursday. ArcelorMittal said its positioned for a recovery in demand after margins across the steel sector were squeezed last year.
N-Shares (Chinese: N股) refers to Chinese companies listed on the NYSE, NASDAQ, or the NYSE MKT. The term stands for New York. They may or may not be incorporated in China, but they have their main business operations in mainland China. Most of them are incorporated in Bermuda, the Cayman Islands, the British Virgin Islands, Nevada or Delaware. If they have been incorporated in mainland China, they trade as ADRs of H Shares. If they have been incorporated in Hong Kong, they trade as ADRs of Red chips. If they have been incorporated in Nevada, Delaware or Florida, they might have originated as reverse mergers. Most N-Shares are the American exchange equivalent of P-Chips.However, the term N-Shares may only refer to private sector Chinese companies incorporated outside China, which excludes ADRs of H Shares or Red chips.As of December 2010, the SEC is investigating frauds by publicly traded Chinese companies.
South Korea's largest convenience store chain, CU, in partnership with Korea Minting and Security Printing Corporation, has introduced mini gold bars ranging from 0.1 to 1.87 grams, priced between 77,000 to 225,000 won. Demand surged 27% in Q1 2024, with consumers in their 30s being the top buyers. In China, youth are collecting 1 gram gold beans, while the US witnesses Costco offering one ounce gold bars near $1,900. Gold prices in Korea have reached a record 456,000 won for 3.75 grams, amidst a weaker Korean won. Asia's interest in gold investment grows, with China leading global gold jewelry consumption.
The economy of South Korea is a highly developed mixed economy. By nominal GDP, ₩2.24 quadrillion (US$1.72 trillion), it has the 4th largest economy in Asia and the 12th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. South Korea remains one of the fastest-growing developed countries in the world following the Great Recession and the COVID-19 recession. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.South Korea's education system and the establishment of a motivated and educated populace were largely responsible for spurring the country's high technology boom and economic development. South Korea began to adapt an export-oriented economic strategy to fuel its economy. In 2022, South Korea was the ninth largest exporter and ninth largest importer in the world. The Bank of Korea and the Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.Renowned financial organisations, such as the International Monetary Fund, notes the resilience of the South Korean economy against various economic crises. They cite the country's economic advantages as reasons for this resilience, including low state debt, and high fiscal reserves that can quickly be mobilised to address any expected financial emergencies. Other financial organisations, like the World Bank, describe South Korea as one of the fastest-growing major economies of the next generation, along with BRICS and Indonesia. South Korea was one of the few developed countries that was able to avoid a recession during the Great Recession. Its economic growth rate reached 6.2% in 2010, a recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009, during the Great Recession. The South Korean economy again recovered with the record-surplus of US$70.7 billion mark of the current account at the end of 2013, up 47 percent growth from 2012. This growth contrasted with the uncertainties of the global economic turmoil, with the country's major economic output being the technology products exports.Despite the South Korean economy's high growth and structural stability, South Korea is experiencing damage to its credit rating in the stock market due to North Korea in times of military crises. The recurring conflict affects the financial markets of its economy.
(Bloomberg) -- Former US Treasury Secretary Lawrence Summers said that currency interventions are ineffective at shifting exchange rates, even at the large magnitude that Japan has been thought to have deployed recently. Most Read from Bloomberg Saudi Arabia Steps Up Arrests Of Those Attacking Israel Online Apple Rallies Most in 18 Months on Upbeat Forecast, Buyback Trump Auditions VP Picks Before Wealthy Donors in Palm Beach Turkey Confirms All Trade Halt With Israel Over War in Gaza Huawei Secretly Backs US Research, Awarding Millions in Prizes Given the massive size of the capital markets, I think the evidence is reasonably clear intervention doesnt work even in the scales that the Japanese engaged, Summers said on Bloomberg Televisions Wall Street Week with David Westin. Its just overwhelmed by the broad magnitude of private sector capital flows. The yen is heading for its best week against the dollar since 2022 after potentially two rounds of intervention by Japanese authorities. Policymakers likely spent some 9 trillion this week, or nearly $60 billion at current exchange rates, Bloomberg analysis of Bank of Japan accounts shows.
(Reuters) - Shares of China's Zeekr Intelligent Technology were scheduled to start trading on the New York Stock Exchange on Friday after the electric-vehicle maker priced its initial public offering at the top end of its marketed range. The debut would mark the first major U.S. listing by a Chinese company since 2021 and would test the investor appetite for such companies. It would also be a barometer to gauge interest for EV makers, which have seen profits being eroded due to a fierce price war in China that has left automakers searching for opportunities outside their domestic markets.
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