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Equity indices in the Asia-Pacific region began the week on a higher note.
Japan’s Nikkei: +1.7%,
Hong Kong’s Hang Seng: +1.0%,
China’s Shanghai Composite: +1.1%,
India’s Sensex: +0.2%,
South Korea’s Kospi: +1.0%,
Australia’s ASX All Ordinaries: +0.5%.Brokerage stocks outperformed in China after officials confirmed reports that stamp duty on stock trades will be cut in half. In addition, officials are reducing margin financing requirements, restricting refinancing options for listed companies, and restricting share sales by large shareholders.
Shares of developer Evergrande were relisted in Hong Kong.
China’s July Industrial Profit -15.5% YTD (last -16.8%)
There is growing speculation that Xi Jinping is facing a growing power struggle within the Communist Party and within the People’s Liberation Army.
Japan’s June Leading Index -0.2% m/m, as expected (last 1.1%) and Coincident Indicator 0.8% m/m (expected 0.9%; last 0.1%)
Australia’s July Retail Sales 0.5% m/m (expected 0.3%; last -0.8%)
Major European indices trade in the green while the U.K.’s FTSE is closed for a Bank Holiday.
STOXX Europe 600: +0.5%,
Germany’s DAX: +0.5%,
U.K.’s FTSE 100: CLOSED,
France’s CAC 40: +0.7%,
Italy’s FTSE MIB: +0.8%,
Spain’s IBEX 35: +1.0%.Eurozone’s July M3 Money Supply -0.4% yr/yr (expected 0.0%; last 0.6%), July Private Sector Loans 1.3% yr/yr (expected 1.4%; last 1.7%), and July loans to nonfinancials 2.2% yr/yr (expected 2.5%; last 3.0%)
European Central Bank President Lagarde said at the Jackson Hole Symposium that interest rates will be set as high as necessary to slow inflation and that price expectations must be anchored. Meanwhile, policymaker Kazaks said that there is no rush to declare an end to the ECB’s rate hike campaign.
Horizon Therapeutics plc (HZNP 112.25, +5.58, +5.2%): FTC files motion to withdraw matter from adjudication regarding Amgen (AMGN) deal for HZNP
XPeng (XPEV 18.54, +1.05, +5.9%): to expand in A-class Smart EV Segment through strategic partnership with DiDi (DIDIY)
3M (MMM 104.20, +5.25, +5.3%): to pay $5.5 bln to resolve military earplug lawsuits, according to Bloomberg
Hawaiian Electric (HE 13.03, +3.37, +34.2%): Provides Update on Lahaina Fires, Response
RPT Realty (RPT 11.01, +1.44, +15.1%): Kimco Realty (KIM) to acquire RPT Realty in all-stock transaction; will host a joint conference call on August 28, 2023 at 8:30 a.m. ET
Hersha Hospitality Trust (HT 9.72, +3.44, +54.8%): be acquired by KSL Capital Partners; common shareholders to receive $10.00/share in cash, a 60% premium to prior closing price
Abcam (ABMC 23.45, +0.09, +0.4%): to be acquired by Danaher (DHR) for $24.00 per share
NovoCure (NVCR 17.51, -12.26, -41.2%): Provides update on phase 3 ENGOT-ov50 / GOG-3029 / INNOVATE-3 trial evaluating tumor treating fields therapy in platinum-resistant ovarian cancer; did not meet its primary endpoint of overall survival (OS) at the final analysis
Boston Scientific (BSX 53.66, +2.90, +5.7%): reports ADVENT study of the FARAPULSE Pulsed Field Ablation System meets primary efficacy and safety endpointsBSX
Dow +199.56 at 34546.38, Nasdaq +50.99 at 13642.01, S&P +16.21 at 4421.92
S&P 500 and Nasdaq have exhibited somewhat choppy action, turning sharply lower recently.
Losses in some mega cap names have weighed on the broader market somewhat, but the overall vibe remains positive. The A-D line favors advancers by a greater than 5-to-1 margin at the NYSE and a greater than 2-to-1 margin at the Nasdaq.
Microsoft (MSFT 322.95, -0.09, -0.03%) and Tesla (TSLA 238.26, -0.24, -0.1%) recently joined NVIDIA (NVDA 455.23, -4.84, -1.1%) and Amazon.com (AMZN 132.23, -1.03, -0.7%) in negative territory.
The Vanguard Mega Cap Growth ETF (MGK) is up 0.3% while the Invesco S&P 500 Equal Weight ETF (RSP) trades up 0.8%. The market-cap weighed S&P 500 is up 0.4%.
^^^^ +1s for excellent posts that preview current week ahead 🙂
Markets started out strong on Monday & while still up about 1/2 % — gains have lost a little momentum”
As the Allman Brothers once sang “it’s a STORMY MONDAY”Possible CAT 2-3 at landfall & TS strength all the way thru path until it exits as west to east jetstream sends it out to sea
Dow 34,559.98 213.08 0.62%
S&P 500 4,433.31 27.60 0.63%
Nasdaq 13,705.13 114.48 0.84%
VIX 15.09 -0.59 -3.76%
Gold 1,948.10 8.20 0.42%
Oil 80.15 0.32 0.40%
BITCOIN 25,992Equity indices in the Asia-Pacific region ended Tuesday on a higher note.
Japan’s Nikkei: +0.2%,
Hong Kong’s Hang Seng: +2.0%,
China’s Shanghai Composite: +1.2%,
India’s Sensex: +0.1%,
South Korea’s Kospi: +0.3%,
Australia’s ASX All Ordinaries: +0.7%.Japan’s July Unemployment Rate 2.7% (expected 2.5%; last 2.5%) and jobs/applications ratio 1.29 (expected 1.30; last 1.30)
Japan’s Unemployment Rate increased by 20 bps to 2.7% in July, reaching its highest level since March.
The Japanese government believes it is at an inflection point in its fight against deflation.
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