Asian Stocks Rise, US Equities Fall on Walmart Earnings
Market Summary
Asian stocks are poised for gains, while US shares have retreated from record highs after disappointing earnings from Walmart. Alibaba Group's strong revenue growth boosted investor sentiment in Asia.
Equity Markets
* Australian equity futures edged higher, while Hong Kong futures and US-listed Chinese stocks jumped.
* Alibaba Group reported its fastest revenue growth in over a year.
* US stocks declined, with Walmart falling 6.5% after its earnings report.
* Japanese equities slipped as the yen strengthened.
Consumer Trends
* Walmart's weak results raised concerns about consumer spending.
* The CFO cited uncertainties related to consumer behavior and economic conditions.
* Consumers face rising prices and borrowing costs, leading to increased debt reliance.
Central Bank Watch
* The yield on 10-year Treasuries declined, flattening the yield curve.
* Treasury Secretary Bessent ruled out boosting longer-term Treasury issuance due to inflation concerns.
* The Bloomberg Dollar Spot Index weakened.
* The yen gained on expectations of an imminent Bank of Japan rate hike.
* Reserve Bank of Australia officials will testify to parliament after delivering a rate cut.
Economic Indicators
* Eurozone PMI and US S&P Global PMI due Friday.
* US existing home sales and consumer sentiment data also expected.
Key Market Movers
Stocks
* Hang Seng futures: +2%
* S&P/ASX 200 futures: +0.2%
Currencies
* Bloomberg Dollar Spot Index: -0.7%
* Euro: $1.0498
* Japanese yen: 149.59 per dollar
* Offshore yuan: 7.2360 per dollar
* Australian dollar: $0.6399
Cryptocurrencies
* Bitcoin: $98,252.89
* Ether: $2,731.59
Commodities
* Spot gold: $2,938.98 an ounce