- This topic has 72 replies, 4 voices, and was last updated 1 week, 6 days ago by
.
- Posts
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
Property names in Hong Kong saw renewed weakness after Monday’s rally, which followed reports that China’s government will announce additional stimulus measures.
—Equity Markets—
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: -2.1%
China’s Shanghai Composite: -0.7%
India’s Sensex: +0.2%
South Korea’s Kospi: -0.1%
Australia’s ASX All Ordinaries: -0.1%China’s Caixin Services PMI decelerated again in August, coming in at its lowest level of the year, while Australia’s Services PMI remained in contraction for the second consecutive month.
China’s August Services PMI 51.8 (expected 53.6; last 54.1)
Japan’s August Services PMI 54.3, as expected (last 53.8)
Hong Kong’s August Manufacturing PMI 49.8 (last 49.4)
India’s August Services PMI 60.1 (expected 61.0; last 62.3)
Australia’s August Services PMI 47.8 (expected 46.7; last 47.9)South Korea’s August CPI grew 1.0% m/m, its fastest pace since early 2011.
The Reserve Bank of Australia left its cash rate at 4.10%, as expected.Japan’s July Household Spending -2.7% m/m (expected 0.7%; last 0.9%); -5.0% yr/yr (expected -2.5%; last -4.2%).
South Korea’s August CPI 1.0% m/m (expected 0.3%; last 0.1%); 3.4% yr/yr (expected 2.7%; last 2.3%). Q2 GDP 0.6% qtr/qtr (expected 0.3%; last 0.6%); 0.9% yr/yr, as expected (last 0.9%)
Singapore’s July Retail Sales 0.6% m/m (last -0.8%); 1.1% yr/yr (last 1.0%)
Australia’s Q2 Current Account surplus AUD7.7 bln (expected surplus of AUD8.0 bln; last surplus of AUD12.5 bln).
Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: UNCH
Germany’s DAX: UNCH
U.K.’s FTSE 100: +0.3%
France’s CAC 40: +0.1%
Italy’s FTSE MIB: +0.3%
Spain’s IBEX 35: +0.3%Eurozone’s final PMI readings for August confirmed a renewed contraction in activity.
Eurozone’s July PPI -0.5% m/m (expected -0.6%; last -0.4%); -7.6% yr/yr, as expected (last -3.4%).
August Services PMI 47.9 (expected 48.3; last 50.9)
Germany’s August Services PMI 47.3, as expected (last 52.3)
U.K.’s August Services PMI 49.5 (expected 48.7; last 51.5)
France’s August Services PMI 46.0 (expected 46.7; last 47.1)
Italy’s August Services PMI 49.8 (expected 50.2; last 51.5)
Spain’s August Services PMI 49.3 (expected 51.5; last 52.8)Spain’s IBEX 35: +0.3%
Corporate debt issuance has reportedly increased notably in recent days.
European Central Bank policymaker Nagel repeated that inflation remains too high.
The latest Consumer Expectations Survey from the ECB showed that year-ahead inflation expectations remain at 3.4% while the three-year outlook increased to 2.4% from 2.3%.
Factory orders declined 2.1% month-over-month in July (consensus -2.4%) following an unrevised 2.3% increase in June. Excluding transportation, factory orders increased 0.8% month-over-month on the heels of a 0.3% increase in June. Shipments of manufactured goods rose 0.5% month-over-month after increasing 0.2% in June.
The key takeaway from the report is that factory orders were better than they appeared in July given the strength seen in orders excluding the volatile transportation component.
Goldman Sachs has lowered its probability of the U.S. suffering a recession to just 15% from 20%. The bad news so to speak is that this good news is contributing to an uptick in market rates.
The 2-yr note yield is unchanged at 4.88% (after hitting 4.93% earlier) but the 10-yr note yield is up four basis points to 4.21%.
Oracle (ORCL 123.08, +2.15, +1.8%): upgraded to Overweight from Equal Weight at Barclays
American Express (AXP 160.45, +0.83, +0.5%): upgraded to Outperform from Sector Perform at RBC Capital MktsBlackstone (BX 108.50, +4.01, +3.8%): will replace Lincoln National (LNC) in the S&P 500, effective prior to the open of trading on Monday September 18
AirBnb (ABNB 140.23, +7.54, +5.6%): will replace Newell Brands (NWL) in the S&P 500, effective prior to the open of trading on Monday September 18; NYC struggling with backlog of AirBnb (ABNB) license requests amid new regulations, according to Bloomberg
NextGen Healthcare (NXGN 21.01, +1.68, +8.7%): Thomas Bravo in advanced discussions to purchase NXGN, according to Bloombergeach asking price, according to Daily Mail
Walt Disney (DIS 81.50, -0.14, -0.2%): urges Spectrum (CHTR) customers to watch Hulu; says dispute is still ongoing
KLA Corporation (KLAC 505.19, -1.83, -0.4%): announces increase in quarterly dividend level to $1.45/share and $2 billion increase in total share repurchase authorization
Manchester United (MANU $19.63-4.03 (-17.03%): bidders failed to reach asking price, according to Daily Mail
Manchester United (NYSE:MANU) dropped 17% amid a report that the Glazer family will take the famed soccer club off the market after failing to get the price they wanted.
The Glazers will take the soccer team off the market and try to sell the club again in 2025, when they hope they will attract more bidders, according to a Daily Mail report on Sunday, which cited an unidentified source.
The latest update counters a report late last month that a £6 billion sale to Qatar’s Sheikh Jassim may be announced as early as this month. Sheikh Jassim’s team is completing its due diligence on the famed soccer club, The Sun reported last month.
There was a report last month that the Qatari buyer appeared concerned that Glazers wouldn’t sell the famed soccer club. Qatari Sheiki is still awaiting a response from the Glazer family to his bid, and there is “real concern” that the Glazers may not sell the Premier League club.
- You must be logged in to reply to this topic.