(Bloomberg) — Asian stocks are poised to track Wall Street gains following a big tech rally on Monday which buoyed US stocks at the start of a week that brings key inflation data and bank earnings. (Bloomberg) — Asian stocks are poised to track Wall Street gains following a big tech rally on Monday which buoyed US stocks at the start of a week that brings key inflation data and bank earnings. Futures point to gains for shares in Japan, Hong Kong and Australia in early trading Tuesday.
The Nasdaq 100 outperformed, with Nvidia Corp. surging after announcing new artificial-intelligence products for personal computers. Boeing Co.
sank as its 737 Max 9 model was temporarily grounded by authorities. Bitcoin rose above $47,000 for the first time since April 2022. “The valuation-led year-end rally pulled potential gains from 2024 into 2023, making this a tricky year to prognosticate — especially as data are becoming more mixed and futures markets show that Fed rate cuts are already factored in,” said Robert Teeter, managing director of Silvercrest Asset Management.
In China, a senior central bank authority indicated the amount of money banks must set aside as reserves to boost lending may be lowered, even after it provided a massive amount of liquidity via other tools in recent weeks. His remarks come as traders ramp up bets on more monetary easing this year. Bitcoin surged with US regulators seen as being poised to approve exchange-traded funds that invests directly in the digital asset for the first time.
In the US, Federal Reserve Governor Michelle Bowman said inflation could fall toward the central bank’s 2% target with interest rates held at current levels, and offered potential backing for lowering borrowing costs if price pressures fade. “Should inflation continue to fall closer to our 2% goal over time, it will eventually become appropriate to begin the process of lowering our policy rate to prevent policy from becoming overly restrictive,” Bowman said in prepared remarks to the South Carolina Bankers Association in Columbia. Treasury yields fell alongside the dollar on Monday.
Oil slid to around $70 after Saudi Arabia cut official selling prices for all regions, the latest sign that fundamentals are worsening. Meanwhile, Sony Group Corp. is planning to call off the merger pact of its India unit with Zee Entertainment Enterprises Ltd.
, said people familiar with the matter. Canceling the deal would cap two years of drama and delay in creating a $10 billion media giant. Stephanie Guild, Robinhood Financial head of investment strategy, says earnings expectations need to come down.
Source: Bloomberg Corporate Highlights: A. P. Moller – Maersk A/S and Hapag-Lloyd AG denied any pact with Yemen’s Houthi rebels to facilitate the safe movement of vessels through the Red Sea.
Lululemon Athletica Inc. , Abercrombie & Fitch Co. and American Eagle Outfitters Inc.
raised their sales outlooks on the back of a strong holiday quarter. Moderna Inc. ’s product sales for 2023 modestly beat analyst estimates as it eked out a bigger US market share for Covid shots, though the biotech giant reiterated a downbeat outlook for the year ahead.
Boston Scientific Corp. agreed to pay $71 a share in cash for medical technology firm Axonics Inc. , a maker of devices to treat urinary and bowel dysfunction.
Johnson & Johnson will pay $2 billion in cash to acquire Ambrx Biopharma Inc. , gaining a developer of widely sought drugs that target tumors with lethal drugs. Key events this week: China aggregate financing, money supply, new yuan loans, Tuesday Eurozone unemployment, Tuesday Germany industrial production, Tuesday Japan Tokyo CPI, household spending, Tuesday US trade, Tuesday US wholesale inventories, Wednesday The World Economic Forum’s global risks report is released, Wednesday New York Fed President John Williams speaks, Wednesday US CPI, initial jobless claims, Thursday China CPI, PPI, trade, Friday UK industrial production, Friday US PPI, Friday Some of the biggest US banks report fourth-quarter results, Friday Minneapolis Fed President Neel Kashkari speaks, Friday ECB chief economist Philip Lane speaks, Friday Some of the main moves in markets: Stocks The S&P 500 rose 1.
4% The Nasdaq 100 rose 2. 1% Hang Seng futures rose 0. 8% as of 7:41 a.
m. Tokyo time S&P/ASX 200 futures rose 1. 1% Nikkei 225 futures rose 0.
3% Currencies The Bloomberg Dollar Spot Index fell 0. 2% The euro was little changed at $1. 0951 The Japanese yen was unchanged at 144.
23 per dollar The offshore yuan was little changed at 7. 1625 per dollar Cryptocurrencies Bitcoin fell 0. 2% to $47,013.
48 Ether was little changed at $2,337. 45 Bonds The yield on 10-year Treasuries declined two basis points to 4. 03% Australia’s 10-year yield declined four basis points to 4.
12% Commodities West Texas Intermediate crude fell 3. 8% to $71. 01 a barrel on Monday Spot gold fell 0.
8% to $2,028. 07 an ounce This story was produced with the assistance of Bloomberg Automation. More stories like this are available on bloomberg.
com ©2024 Bloomberg L. P. .
From: bloombergquint
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