Asia closes lower, Tokyo -0.5%
The return of concerns about the moves by the Fed and the signs of deflation in China, accompanied by the decline in imports and exports, are weighing on Asian stock markets, all of which are in the red. Tokyo loses 0.5%, Shanghai 0.7%, Shenzhen 0.8%, Sydney 0.6% while Seoul and Hong Kong suffer, down 1.5% and 2.3% respectively %. Yesterday the data on American inflation, which stopped at 3.7% in September, rekindled fears of a new rate increase before the end of the year, while overnight consumer prices in China remained unchanged year on year and those in production fell by 2.5%. The swap contracts recorded the American news, increasing from 30 to 40% the probability of another tightening of 25 basis points in the USA, where today Jp Morgan, Citigroup, Blackrock and Wells Fargo will open the season of quarterly reports and where the futures on Wall Street are not very busy at the moment. Treasuries, which jumped above 4.7% yesterday, were trading at around 4.65% in the morning. Even the rumors, reported by Bloomberg, regarding the possible launch of a Chinese state fund with the task of stabilizing the stock market did not help the markets to regain confidence. Meanwhile, on the energy front, oil starts to rise again, with the WTI gaining 0.9% to 83.82 dollars a barrel, while gas takes a breather and, after yesterday’s rally, drops 2.7% in Asterdam , still remaining above 50 euros per megawatt hour. In Europe, data on industrial production in the Eurozone are expected mid-morning, while the University of Michigan index will arrive from the USA in the afternoon. On the central banks front, the ECB board member, Joachim Nagel, and the president, Christine Lagarde, will speak.
2023-10-13 15:46:51
#Todays #stock #markets #October #13th #Avalanches #profits #banks #stock #markets #close #Visco #Prudence #Maneuver
