Asia Stocks to Track US Rebound on Profit Optimism: Markets Wrap

Bloomberg04-23

(Bloomberg) -- Asian stocks were poised to follow their Wall Street peers higher after US shares rebounded from a $2 trillion selloff on optimism big tech leaders will announce hefty profits this week...

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Ray Dalio’s Famous Trade Is Sputtering and Investors Are Bailing. Stocks Climb as US Earnings Kick Into High Gear: Markets Wrap. TikTok to Remove Executive Tasked With Fending Off US Claims. Strategists at Wall Street’s top banks are split on whether companies can deliver on robust forecasts. While Morgan Stanley’s Michael Wilson said he expects profit growth to improve as the economy strengthens, his counterpart at JPMorgan Chase & Co., Mislav Matejka, argues that hot inflation, a stronger dollar and geopolitical tensions are clouding the outlook.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","OEX":"标普100",".SPX":"S&P 500 Index","GOOGL":"谷歌A","BK4516":"特朗普概念","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","GOOG":"谷歌","SSO":"两倍做多标普500ETF","ASML":"阿斯麦","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","VOO":"Vanguard标普500ETF","BK4559":"巴菲特持仓","MSFT":"微软","AAPL":"苹果","BK4550":"红杉资本持仓","SH":"标普500反向ETF","SDS":"两倍做空标普500ETF","03165":"华夏欧优股对冲","TSLA":"特斯拉","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","SPXU":"三倍做空标普500ETF","UPRO":"三倍做多标普500ETF","IVV":"标普500指数ETF","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4147":"半导体设备","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","BK4097":"系统软件","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H"},"translate_title":"亚洲股市追踪美国利润乐观反弹：市场总结","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":0.9,"ASML":0.9,"MSFT":0.9,"GOOGL":0.9,"GOOG":0.9,"VOO":0.71,"SPY":0.71,"AAPL":0.62,"US10Y.BOND":0.62,"US12M.BOND":0.62,"US2Y.BOND":0.62,"US30Y.BOND":0.62,"US7Y.BOND":0.62,"US6M.BOND":0.62,"US5Y.BOND":0.62,"US3Y.BOND":0.62,"SH":0.6,"US912797GW17.BOND":0.6,"UPRO":0.6,"US912797HH31.BOND":0.6,"US912796CX52.BOND":0.6,"US912797FH58.BOND":0.6,"US912797FS14.BOND":0.6,"US912797GB79.BOND":0.6,"US912797HG57.BOND":0.6,"US912797HE00.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"IVV":0.6,"03165":0.6,"ESmain":0.6,"SSO":0.6,"OEF":0.6,"OEX":0.6,"SDS":0.6,".SPX":0.6,"SPXU":0.6},"content_text":"(Bloomberg) -- Asian stocks were poised to follow their Wall Street peers higher after US shares rebounded from a $2 trillion selloff on optimism big tech leaders will announce hefty profits this week.\nMost Read from Bloomberg\n\nTrump Has Only $6.8 Million for Legal Fees With Trial Underway\nRay Dalio’s Famous Trade Is Sputtering and Investors Are Bailing\nStocks Climb as US Earnings Kick Into High Gear: Markets Wrap\nTikTok to Remove Executive Tasked With Fending Off US Claims\nRussians Transform Dubai as They Flee Putin’s War: Photo Essay\n\nFutures showed equities in Japan and Hong Kong may rise as much as 1%, while Australian shares are set to edge higher. That’s after the S&P 500 topped 5,000 — halting a six-day rout — while the Nasdaq 100 rose 1%, with Nvidia Corp. leading gains in big tech. Apple Inc. was named a top pick for 2024 at $Bank of America Corp(BAC-N)$. on optimism over its upcoming results.\nInvestors are waiting to see if earnings will meet the lofty expectations for artificial intelligence this week when about 180 companies in the S&P 500 — representing over 40% of the gauge’s market capitalization — are due to report their results. Stakes are high for the “Magnificent Seven” megacaps, whose profits are forecast to rise nearly 40% from a year ago, according to Bloomberg Intelligence. The focus on earnings comes after a rout fueled by geopolitical fears and signals the Federal Reserve will be in no rush to cut rates.\n“Just beating consensus estimates for earnings won’t be enough,” said Matt Maley at Miller Tabak + Co. “We’re going to have to see much better guidance from Corporate America if the stock market is going to resume its advance.” \nTreasuries wavered ahead of a flurry of bond auctions that will test investors’ appetite after yields hit the highest in 2024. Investors were encouraged as some Middle East tensions eased, although Israeli Prime Minister Benjamin Netanyahu’s pledge to “increase the military and diplomatic pressure” on Hamas suggested an assault on the Gazan city of Rafah may be imminent. \nOil continued to fall in early Asian trading, mainly due to easing geopolitical tensions. Gold opened steady after tumbling 2.7% on Monday as haven demand waned.\nIn Asia, focus returns to China’s role as a major lender to developing nations amid a report the head of the central bank wants creditors engaged in debt restructurings to agree on how to fairly share the burden of relief. In Japan, the yen is facing growing risks it will rebound against the dollar because trader positions betting it will weaken have become stretched, reaching record levels.\nStrategists at Wall Street’s top banks are split on whether companies can deliver on robust forecasts. While Morgan Stanley’s Michael Wilson said he expects profit growth to improve as the economy strengthens, his counterpart at JPMorgan Chase & Co., Mislav Matejka, argues that hot inflation, a stronger dollar and geopolitical tensions are clouding the outlook.\nNearly two-thirds of 409 respondents in Bloomberg’s Markets Live Pulse survey said they expect earnings to give the US equity benchmark a boost. That’s the highest vote of confidence for profits since the poll began asking the question in October 2022.\nThe challenge to S&P 500 returns this earnings season is that companies will have to produce earnings — and outlooks — that support the already elevated multiples, according to Megan Horneman at Verdence Capital Advisors.\nTo Marko Kolanovic at JPMorgan, while price action may depend on earnings and could stabilize near-term, the market selloff likely has further to go. \n“We remain concerned about continued complacency in equity valuations, inflation staying too hot, further Fed repricing, and a profit outlook where the implied acceleration this year might end up too optimistic,” he noted.\n“Concerns about rising interest rates, stubborn inflation, and geopolitical risks aren’t going anywhere — but this week, the tech sector may be ‘calling the shots’,” said Chris Larkin at E*Trade from Morgan Stanley.\nIndeed, the stakes are high for America’s technology behemoths to start delivering on artificial intelligence promises with their earnings poised to decelerate, according to Bank of America Corp. strategists.\nMicrosoft Corp., Alphabet Inc., Meta Platforms Inc. and Tesla Inc. report results this week — kicking off earnings for the so-called Magnificent Seven. With AI seen as the key to future profits, its contributions to the earnings mix is a focus for traders, a BofA team including Ohsung Kwon and Savita Subramanian said.\nBig tech companies are running out of steam as the earnings momentum once enjoyed by the sector faces a cool down, according to UBS Group AG’s Jonathan Golub.\nHe cut the sector recommendation on the “Big Six” technology stocks — Alphabet, Apple, Amazon.com Inc., Meta, Microsoft and Nvidia — to neutral from overweight.\n“Earnings momentum is turning decidedly negative following a surge in profit growth,” Golub said.\nCorporate Highlights:\n\nVerizon Communications Inc. reported continued customer losses and lagging revenue.\nTruist Financial Corp. posted lower first-quarter lending profits than analysts expected as it was forced to pay customers more for deposits with interest rates remaining elevated, and the bank trimmed its revenue guidance for the rest of the year.\nInformatica Inc. said it’s not engaged in takeover talks following reports that discussions with Salesforce Inc. had cooled.\nKroger Co. and Albertsons Cos. agreed to divest more stores to C&S Wholesale Grocers, seeking to make their planned $24.6 billion merger more appealing to antitrust authorities.\nViking Holdings Ltd. and its existing shareholders are seeking to raise as much as $1.1 billion in a New York initial public offering, with the cruise operator looking to go public as the travel industry rebounds from its pandemic-era slump.\nASML Holding NV is weighing options to expand its presence in the Netherlands, after the government committed €2.5 billion ($2.7 billion) to infrastructure and education spending in the region where the company’s headquarters are located.\nTesla Inc.’s weekend move to slash prices across its range in China risks triggering a new round in the nation’s bruising price war, with Li Auto Inc. immediately responding with discounts and cash rebates on new models.\nReliance Industries Ltd., led by billionaire Mukesh Ambani, posted a lower-than-expected quarterly profit as a continued weakness in its petrochemicals business and higher taxes offset growth in its consumer unit and a large surge in other income.\n\nKey events this week:\n\nEurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Tuesday\nUS new home sales, Tuesday\nTesla, PepsiCo earnings, Tuesday\nBOE chief economist Huw Pill speaks, Tuesday\nGermany IFO business climate, Wednesday\nUS durable goods, Wednesday\nIBM, Boeing, Meta Platforms earnings, Wednesday\nUS GDP, wholesale inventories, initial jobless claims, Thursday\nMicrosoft, Alphabet, Airbus earnings, Thursday\nJapan rate decision, Tokyo CPI, inflation and GDP forecasts, Friday\nUS personal income and spending, PCE deflator, University of Michigan consumer sentiment, Friday\nExxon Mobil, Chevron earnings, Friday\n\nSome of the main moves in markets:\nStocks\n\nHang Seng futures rose 1% as of 7:16 a.m. Tokyo time\nS&P/ASX 200 futures rose 0.2%\nNikkei 225 futures rose 0.8%\nThe S&P 500 rose 0.9%; futures were little changed\nThe Nasdaq 100 rose 1%; futures were little changed\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was little changed at $1.0652\nThe Japanese yen was little changed at 154.82 per dollar\nThe offshore yuan was little changed at 7.2503 per dollar\n\nCryptocurrencies\n\nBitcoin was little changed at $66,566.38\nEther rose 0.3% to $3,200.08\n\nBonds\n\nThe yield on 10-year Treasuries declined one basis point to 4.61%\n\nCommodities\n\nSpot gold was little changed at at $2,328.30 an ounce\nWest Texas Intermediate crude fell 1% to $82.01 a barrel\n\nThis story was produced with the assistance of Bloomberg Automation.\nMost Read from Bloomberg Businessweek\n\nHow a Massive Hack of Psychotherapy Records Revealed a Nation’s Secrets\nChina’s Bubble Tea Boom Creates a Half-Dozen Billionaires\nWhat Really Happens When You Trade In an iPhone at the Apple Store\nRents Are the Fed’s ‘Biggest Stumbling Block’ in Taming US Inflation\nThe Pentagon Wants to Give Defense Startups a Chance \n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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