- Asian Equities Advance as Yen Steadies After Drop: Markets Wrap
(Bloomberg) — Asian stocks advanced Tuesday, led by Japanese equities, while the yen steadied after
weakening against the dollar over the past week. Japanese stocks rose alongside Hong Kong equity futures,
while shares in Sydney were little changed. US contracts edged lower ahead of Wall Street reopening later
Tuesday, following the Labor Day public holiday. - Stock futures slip to kick off September trading
U.S. stock futures inched down Monday night as traders braced for a potentially tough month ahead after a
strong but volatile August. Futures tied to the Dow Jones Industrial Average slipped 70 points, or 0.17%. S&P
500 futures lost 0.14%, and Nasdaq-100 futures fell 0.34%. U.S. markets were closed Monday due to the
Labor Day holiday. The major averages are coming off a winning session, securing a gain for the month. The
S&P 500 rose 2.3% in August, marking its fourth straight monthly gain. The Dow and Nasdaq advanced 1.8%
and 0.7%, respectively, during the period. - Oil prices fall as weak demand overshadows Libya blockade
Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down
demand outweighed the impact of a blockade of oil production facilities in Libya. Brent crude futures
were down 37 cents, or 0.48%, to $77.15 a barrel by 0156 GMT. U.S. West Texas Intermediate crude, which
did not have a Monday settlement because of the U.S. Labor Day holiday, was 28 cents up from its Friday
close of $73.55. - Gold eases as traders strap in for U.S. economic data
Gold prices drifted lower on Tuesday, while investors awaited a slew of U.S. economic data to gauge the size
of the Federal Reserve’s expected interest rate cut this month. Spot gold eased 0.2% at $2,494.19 per ounce
by 0155 GMT. Prices hit a record high of $2,531.60 on Aug. 20. U.S. gold futures fell 0.1% at $2,526.10. The
dollar lingered near a two-week high. A stronger dollar makes gold less appealing for other currency holders. - Kyle Bass Says Blackballing Oil Has Proved a Bad Bet for ESG
(Bloomberg) — One of the most contentious investing strategies on Wall Street might be a lot less
beleaguered right now if its defenders had shown a bit more moderation from the get-go, according to Kyle
Bass. The hedge fund veteran and founder of Hayman Capital Management says the backlash that’s been
building against environmental, social and governance. - Harris says she opposes U.S. Steel’s sale to a Japanese firm during campaign event
Vice President Kamala Harris used a joint campaign appearance with President Joe Biden in the critical swing
state of Pennsylvania on Monday to say that U.S. Steel should remain domestically owned concurring with
the White House’s monthslong opposition to the company’s planned sale to Japan’s Nippon Steel. Her
comments came during a rally before cheering union members marking Labor Day in the industrial city of
Pittsburgh, where Harris said U.S. Steel was an historic American company and it is vital for our country to
maintain strong American steel companies. - Angry Israelis Push Netanyahu’s Red Lines on Hostage Deaths
(Bloomberg) — After six Israeli hostages were found shot dead in a Gaza tunnel at the weekend, Prime
Minister Benjamin Netanyahu did something he hadn’t done in 11 months of war, he apologized to the
bereaved families. - Japan Inflation Surprise Index Tips BOJ Hike Closer: Economics
(Bloomberg Economics) — The Bank of Japan’s guidance is straight forward, it will continue to lift rates if
inflation and growth are consistent with its forecasts. Gauging whether data are coming in on track is more
difficult. - Argentina Ships Gold Bars Abroad to Be Financially Certified
(Bloomberg) — Argentina’s central bank sent part of its gold reserves abroad in recent weeks to be validated
for financial use, a move that could give the country some much-needed flexibility, according to people with
direct knowledge of the matter. Once certified, the gold could eventually be used as collateral to obtain
financing. - KOREA REACT: CPI Hits 2% Target, Clearing Way for Oct. Cut
(Bloomberg Economics) — OUR TAKE: Inflation no longer stands in the way of a rate cut by the Bank of Korea.
The sharper—than-expected slowdown in August took the CPI gains down to 2% on target for the first time
since March 2021. An anticipated Federal Reserve rate cut in September will also reduce concerns about a
pivot spurring won weakness clearing another hurdle. The BOK still sees financial stability risks from rapidly
rising home prices in Seoul. - SoftBank’s India IPO Wins Put Focus on Its Pipeline: ECM Watch
(Bloomberg) — The strong returns of recent Indian listings by companies backed by SoftBank Group Corp.
have put its plans for more deals firmly in the spotlight. The firm’s portfolio companies that are getting ready
for initial public offerings in India include food-delivery app Swiggy Ltd., which has filed a draft offer
document with India’s market regulator. - CIMB
CIMB shares rose 1.22% after the bank reported Q2 profit that beat the average analyst estimate, driven by
buoyant non-interest income and benign credit costs. The Malaysian lender also declared a total dividend of
27 sen/share for the first half. The company reported Q2 net income of 1.96 billion ringgit compared to
estimate of 1.86 billion ringgit. - Hamamatsu Photonics
Shares of Hamamatsu Photonics fell on plans by its shareholder Toyota Motor to sell its stake in the
company. The stock declined as much as 4.4% Monday morning, underperforming the benchmark Nikkei 225
Index’s 0.4% gain. The optical sensor and electronic parts maker said it planned to make a secondary offering
and set the selling price using a closing price between September 9 and 11. - Elliott Boosts Southwest Air Stake Above Meeting Threshold: Rtrs
(Bloomberg) — Elliott Investment Management now holds 10% of Southwest Airlines’ common stock, crossing
the threshold that allows the hedge fund to call a special meeting, Reuters reports, citing an unidentified
person familiar with the matter. The hedge fund, which had taken an 11% economic stake through
derivatives, converted enough of those holdings into common shares. - Huawei looks to upstage Apple with product launch just hours after expected iPhone 16 unveiling
Huawei plans to hold a product launch event on Sept. 10 at 2:30 p.m. Beijing time, just hours after Apple’s
iPhone 16 unveiling. It’s unclear what Huawei plans to launch, but the company’s consumer and automotive
technology executive Richard Yu, called it an epoch-making product. Huawei’s resurgence has challenged
Apple in China with the U.S. tech giant losing its place among the top five smartphone vendors in the country
in the second quarter.
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