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Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note.
—Equity Markets—
Japan’s Nikkei: +0.5%
Hong Kong’s Hang Seng: UNCH
China’s Shanghai Composite: +1.4%
India’s Sensex: -0.1%
South Korea’s Kospi: +0.1%
Australia’s ASX All Ordinaries: +0.4%The Bank of Japan announced an unscheduled JPY250 bln bond buying operation.
South Korea’s science ministry reportedly warned that the country’s chip industry is being impacted by the current economic environment.
World Bank lowered its forecast for 2022 growth in China to 2.8% from 5.2%.
New Zealand’s finance ministry expects inflation to moderate and begin trending downward this quarter.
China’s August Industrial Profit -2.1% YTD (last -1.1%)
Japan’s August Corporate Services Price Index 1.9% yr/yr (expected 2.4%; last 2.0%)
South Korea’s September Consumer Confidence 91.4 (last 88.8)Major European indices trade on a mostly higher note while the Spain’s IBEX 35 (-0.1%) holds a modest loss.
—Equity Markets—
STOXX Europe 600: +0.8%
Germany’s DAX: +0.7%
U.K.’s FTSE 100: +0.2%
France’s CAC 40: +0.7%
Italy’s FTSE MIB: +0.3%
Spain’s IBEX 35: -0.1%There is a renewed concern about the supply of energy to Europe after it was reported that the Nord Stream pipeline is leaking gas. European Central Bank policymaker Centeno said that inflation will be higher and “less temporary” than he expected a year ago. Germany’s ifo Institute noted that sentiment among exporters has fallen to its lowest level since May 2020.
Eurozone’s August Private Sector Loans 4.5% yr/yr (last 4.5%) and loans to nonfinancials 8.7% yr/yr (last 7.7%)
Italy’s August non-EU trade deficit EUR5.79 bln (last deficit of EUR2.83 bln)Biogen (BIIB 198.61, +2.86, +1.5%): agrees to pay $900 mln to resolve allegations regarding false claims to Medicare and Medicaid, according to DOJ
United Natural Foods (UNFI 39.50, +1.06, +2.8%): beats by $0.01, reports revs in-line; guides FY23 EPS in-line, revs in-line
Tesla (TSLA 282.13, +6.12, +2.2%): expects high volume of deliveries at end of Q3.
Rio Tinto (RIO 52.39, +1.17, +2.3%): to begin underground mining at Kennecott copper operations
Splunk (SPLK 80.11, +0.73, +0.9%): CFO has accepted a position at a leading pre-IPO semiconductor company; company also reaffirms Q3 and FY23 guidanceThe S&P 500 futures are up 52 points and are trading 1.5% above fair value.
The Nasdaq 100 futures are up 191 points and are trading 1.7% above fair value.
The Dow Jones Industrial Average futures are up 337 points and are trading 1.2% above fair value.Equity indices in the Asia-Pacific region ended the midweek session on a lower note.
—Equity Markets—
Japan’s Nikkei: -1.5%
Hong Kong’s Hang Seng: -3.4%
China’s Shanghai Composite: -1.6%
India’s Sensex: -0.9%
South Korea’s Kospi: -2.5%
Australia’s ASX All Ordinaries: -0.6%The Minutes from the Bank of Japan’s July meeting showed that policymakers are ready to step up easing efforts if needed.
South Korea’s finance ministry and central bank will conduct direct bond purchases in an effort to stabilize markets.
Caixin speculated that weaker demand for goods from China indicates the end of a shipping boom.
Chinese regulators have told banks to resume their use of a counter-cyclical factor in daily yuan fixings. North Korea conducted two missile launches off its east coast.
Japan’s August Leading Index 98.9 (last 100.3)
Australia’s August Retail Sales 0.6% m/m (expected 0.4%; last 1.3%)Major European indices trade in the red.
—Equity Markets—
STOXX Europe 600: -0.7%
Germany’s DAX: -0.6%
U.K.’s FTSE 100: -0.4%
France’s CAC 40: -0.7%
Italy’s FTSE MIB: -1.2%
Spain’s IBEX 35: -0.7%The Bank of England announced a plan to conduct temporary purchases of longer-dated gilts “to restore orderly market conditions.” The announcement gave a brief boost to the pound, but the move was retraced entirely.
Germany is extending the operating life of two nuclear plants to reduce the risk of a winter energy shortage. European Central Bank policymaker Kazimir said that a 75-bps hike would be a good option for the October meeting while policymakers Rehn and Holzmann also spoke positively about a 75-bps hike.
Germany’s October GfK Consumer Climate -42.5 (expected -39.0; last -36.8)
France’s September Consumer Confidence 79 (expected 80; last 82)
Italy’s July Industrial Sales -0.1% m/m (last -0.4%); 16.3% yr/yr (last 17.9%). September Consumer Confidence 94.8 (expected 95.1; last 98.3) and Business Confidence 101.3 (expected 102.1; last 104.0)
Swiss September ZEW Expectations -69.2 (last -56.3)
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