Bracing for heavy selloff
By Jamie McGeever
Sept 9 (Reuters) -A look at the day ahead in Asian markets.
Asian stocks are set to open sharply lower on Monday, tracking Wall Street's slump on Friday after investors interpreted U.S.jobs data and comments from top Fed officials as a 'worst of both worlds' outcome - further labor market weakness, but little appetite to cut interest rates by 50 basis points next week.
Japanese futures point to the Nikkei 225 index opening down more than 3%, dragged lower also by the yen's strength, another indication of the risk aversion permeating world markets.
The S&P 500 and the Dow's losses on Friday secured the biggest weekly drop since March 2023, and the Nasdaq's 2.6% fall confirmed its biggest weekly loss since January 2022.
If heightened anxiety over the U.S. economic and policy outlook were not enough, Asia's calendar is packed with top-tier economic indicators from China, Japan and Taiwan that will be of potential global significance too.
Japan releases bank lending, trade, current account and revised GDP growth figures, Taiwan releases trade data, and perhaps most important of all, China unveils producer and consumer price inflation figures.
Overseas investors are growing more cautious on Asian stocks. LSEG data show they were net sellers in August, while JP Morgan recently ditched its buy recommendation on Chinese stocks. Chinese stocks on Friday closed at a seven-month low.
The signals from the United States on Friday were probably more nuanced than markets' negative reaction would suggest. The unemployment rate ticked lower, wage growth accelerated and officials reaffirmed their confidence in a 'soft landing'.
Fed Governor Christopher Waller or New York Fed President John Williams both said on Friday that it is time to cut rates. But in prepared remarks and question and answer sessions, neither signaled that a 50 basis point cut is in the offing.
Oil and commodity prices, meanwhile, are falling rapidly, another sign of investors' growing unease about the global economic picture. Asia's calendar on Monday will deliver another few pieces of that jigsaw.
Figures from Beijing are expected to show that annual consumer inflation in China accelerated to 0.7% in August from 0.5% in July.
That would be welcome progress. But the fight against deflation is nowhere near over - data on Monday are expected to show that factory gate prices fell 1.4% year-on-year in August, nearly twice the pace of July's 0.8% fall.
Former central bank governor Yi Gang on Friday urged the country to do more to fight deflationary pressures with more fiscal stimulus and accommodative monetary policy.
Japan's second quarter GDP growth is expected to be revised up slightly, while Taiwan's export growth is forecast to have more than doubled in August to 7.35%. Taiwan's TSMC is the world's largest contract chipmaker and Nvidia's chip manufacturing partner.
Here are key developments that could provide more direction to Asian markets on Monday:
- China PPI, CPI inflation (August)
- Japan GDP (Q2, revised)
- Taiwan trade (August)
China's battle against deflation https://tmsnrt.rs/4dZZFY8
Dollar/yen downside momentum gathers pace https://tmsnrt.rs/4de7NmF
Reporting by Jamie McGeever
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.