Before an hour
Treasury yields are slightly lower as investors weigh expectations for the economy and Fed policy
US Treasury yields fell slightly on Wednesday as investors pondered the outlook for the economy and Federal Reserve interest rates ahead of the central bank’s next monetary policy meeting on June 13-14.
Mixed messages from central bank officials and strong economic data have left investors questioning whether the Fed will pause or continue its rate hike campaign.
At 4:38 am ET, the 10-year Treasury bond yield was trading over a basis point lower at 3.6832%. The 2-year government bond yield fell more than a basis point to 4.5103%.
2 hours ago
Japanese stocks fall, erasing gains from previous sessions
Stocks in Japan tumbled on Wednesday afternoon as investors sold off ahead of the special listing price setting at the end of the week.
The Nikkei fell sharply by more than 1.8% and the Topix fell 1.34% – the latter posting declines led by healthcare, industrials and technology stocks.
Sony shares led gains, falling 1.95%, followed by Tokyo Electron, Keyence Corp and Daikin Industries.
Reversal in gains after Japanese stocks hit fresh three-decade highs in previous sessions. The Japanese yen gained 0.2% against the US dollar to 139.36.
– Jihye Lee
6 hours ago
China’s exports slump more than expected
China’s exports fell more than expected in May, government data showed.
Exports fell 7.5% year-on-year in US dollars, falling more than a Portal poll had forecast (0.4%). Imports, meanwhile, fell 4.5% year-on-year, slightly above expectations of an 8% contraction.
The trade surplus fell short of expectations, coming in at $65.81 billion.
The Chinese onshore yuan weakened and last traded at 7.1190 against the US dollar.
– Jihye Lee
7 hours ago
Australia’s economy grew 2.3% in the first quarter, the slowest growth in 18 months.
Australia’s gross domestic product grew 2.3% year-on-year in the first quarter, just below analysts’ expectations.
This was the slowest growth rate in 18 months since the country emerged from the Covid-19 lockdown in September 2021.
Economists polled by Portal are forecasting growth of 2.4%, compared with growth of 2.7% in the fourth quarter of 2022.
On a quarterly basis, GDP grew by 0.2% compared to the 0.3% expected in the Portal poll.
— Lim Hui Jie
2 hours ago
European equity markets open mixed
European equities opened mixed on Wednesday, but sentiment remains generally subdued and markets lack direction.
The pan-European Stoxx index rose 0.1% on market open before quickly turning negative, with sectors posting a mix of marginal gains and losses. Banking stocks edged up 0.5%, followed by retail stocks, which added 0.4%. Health care, chemicals and telecoms each fell 0.4%.
— Hannah Ward-Glenton
11 hours ago
Stitch Fix wins due to a smaller than expected loss
Stitch Fix’s stock rose more than 4% in extended trading after the company reported better-than-expected results for its most recent quarter, including a smaller-than-expected loss.
The online apparel and styling company, which has a total market capitalization of approximately $414 million, posted a loss of 19 cents a share on sales of $395 million. Analysts polled by Refinitiv had expected a loss of 30 cents a share on total revenue of $389 million.
Stitch Fix said it would look into exiting the UK market in fiscal 2024.
— Samantha Subin
11 hours ago
Profit increases at Dave & Buster
Dave & Buster’s stock rose nearly 4% in extended trading after the entertainment company posted first-quarter revenue that beat Wall Street expectations.
The company reported earnings of $1.45 per share. That was 21 cents above the $1.24 analysts were expecting, according to Refinitiv. Dave & Buster’s reported sales of $597 million for the period, slightly below the expected $602 million.
— Samantha Subin
11 hours ago