Asian Session

  • Most Asian shares rose on Thursday as a recovery in Chinese stocks intensified on predictions that Beijing’s new stimulus measures would offer a floor for the country’s collapsing stock markets.
  • Hong Kong and mainland China stocks extended Wednesday’s late rally after the People’s Bank of China startled investors by announcing plans to reduce banks’ reserve requirement ratios next month. Following the PBoC’s action, officials added more steps to support the collapsing property and stock markets.
  • South Korean stocks were largely unchanged, while Japanese stocks reversed losses. SK Hynix, the world’s second-largest memory chip producer, fell as investors analysed its fourth-quarter earnings and the chip sector’s outlook. US market futures were unchanged after Wall Street continued its record rise on Wednesday.

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European Session Prep

The Federal Reserve boosted interest rates on loans to banks made under an emergency lending programme introduced last year, after borrowing increased in recent weeks as institutions took advantage of the favourable financing terms.

An auction of Japan’s longest-dated national bonds garnered sluggish investor demand as speculation intensified that the central bank is preparing to quit the world’s only subzero interest rate policy. The bid-to-cover ratio for 40-year sovereign securities fell to its lowest level since 2011.

Australian Prime Minister Anthony Albanese said Thursday that a second consecutive budget surplus is a “possibility” in the current fiscal year, as he unveiled revisions to previously approved tax cuts to help middle-income workers. Albanese commented on the text of a speech.

According to a respected think group, the next UK administration will have the most difficult mix of tax and spending challenges in 70 years. According to the Institute for Fiscal Studies, the winner of the upcoming general election will find it “more difficult to reduce debt as a fraction of national income than in any parliament since at least the 1950s” due to a combination of high interest rates and slow growth.

Oil prices climbed to near a one-month high after US stocks fell far more than expected and China announced extra stimulus.

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Economic Data Releases Ahead

04:00 ET
German IFO Expectations
Forecast 84.8 | Prior 84.3 | Range 85.5/85.3

German IFO Current Conditions
Forecast 88.5 | Prior 88.5 | Range 89.5/88.0

German IFO Business Climate
Forecast 86.6| Prior 86.4 | Range 87.5/84.7

08:15 ET
ECB Interest Rate
Forecast 4.5% | Prior 4.5% | Range 4.5%/4.5%

ECB Deposit Rate
Forecast 4.0% | Prior 4.0% | Range 4.0%/4.0%

05:00 ET
American Airlines Q4 2023 Earnings
Est. EPS $0.12 | Est Rev. $13.04B

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