The worse-than-expected earnings may press Walmart down!
Asia equities decline from decade maximum as China reports rare data miss
On Thursday, Asian equities tumbled from 10-year maximums, reacting to a burst of Chinese data that was mostly weaker than financial markets actually expected. Meanwhile, the greenback held steady ahead of American inflation data due later in the day.
China's fixed-asset investment, retail sales and factory output all surged less than anticipated, thus backing views that the world's number two economy is gradually starting to lose steam in the face of soaring borrowing costs.
It took some of the shine off China's suddenly sturdy surge in the first half of 2017 that has helped to drive stronger global demand, especially for commodities. However, experts don’t see a risk of a steep slowdown in the economic momentum.
MSCI's index of Asia-Pacific stocks slumped 0.1% having grown to its highest value since 2007 the day before. Additionally, China stocks CSI300 went down into the red following the data, giving up moderate early profits.
Japan's Nikkei N225 sank 0.2%.
Twitter reported encouraging earnings results. Cisco's earnings beat estimates, but revenue declined for the fifth quarter in a row.
Stocks rise and drop on their earnings reports. Let's review those which reported recently.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.