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Tuesday, August 16, 2022 4:19:45 PM
By: Reuters | August 16, 2022
• A look at the day ahead in Asian markets from Jamie McGeever
Earnings from China’s Tencent, an interest rate decision from New Zealand, and a clutch of Japanese economic indicators will give Asian markets a local steer on Wednesday, following another solid rise on Wall Street and notable decline in oil prices.
Tencent’s second-quarter results come a day after Reuters exclusively reported that the tech giant plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan.
This would placate domestic regulators but also bring a timely cash injection – Tencent’s second-quarter profit is forecast to slide 27%, per analyst estimates on Refinitiv, thanks to a slowing economy and tightened video-game rule.
Tencent’s shares edged up 0.9% on Tuesday, while Meituan’s slumped 9%, their biggest fall in five months.
On the macro front, the Reserve Bank of New Zealand is expected to raise its cash rate by 50 basis points for the fourth meeting in a row. All 23 economists in a Reuters poll forecast the rise to 3.00%, which would mark the most aggressive tightening since 1999.
RBNZ rate decision: https://tmsnrt.rs/3ApCqVH
Meanwhile, figures from Japan are expected to show a recovery in machine orders and a narrowing trade deficit. The Tankan manufacturing and services indexes for August will also be released.
Tuesday marked another 3% fall in oil prices and solid rise on Wall Street. Brent crude is now lower than it was before Russia’s Feb. 24 invasion of Ukraine, and the S&P 500 has rebounded almost 20% from its June low.
Later on Wednesday investors also have a clutch of U.S. and European macro releases to digest, including: UK inflation, euro zone GDP and employment, and U.S. retail sales.
Read Full Story »»»
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