Global Market Quick Take: Asia – April 24, 2024 Global Market Quick Take: Asia – April 24, 2024 Global Market Quick Take: Asia – April 24, 2024

Global Market Quick Take: Asia – April 24, 2024

Macro 6 minutes to read
Charu Chanana

Head of FX Strategy

Summary:  US stocks extended their recovery from last week’s slump and Tesla’s earnings announcement was better-than-feared with focus back on affordable EVs. US PMIs also came in soft in contrast to a broader recovery in UK and Eurozone PMIs. Dollar sold-off, and GBP outperformed even as JPY remains close to multi-year lows. Earnings remain in focus with Meta coming up today, along with Boeing, Ford and IBM.

 The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. 

Equities: US stock futures were higher after the S&P 500 and NASDAQ 100 closed higher for a second straight day. Tesla reported earnings after-hours and missed expectations on both revenues and earnings, but the company announced a renewed push into more affordable EV models and that pushed the stock higher by over 10%. Texas Instruments also rose over 7% after-market on positive earnings, and Visa added over 3% as its Q1 earnings beat expectations. Spotify hit a record quarterly profit and stock was up 11.5%.

Notably, Apple closed 0.5% higher despite reports signaling a fall of 10% in China iPhone sales in Q1. Facebook owner Meta will report earnings today, followed by tech giants Microsoft and google-parent Alphabet on Thursday.

Asia markets are poised to get a positive start after the Wall Street closed higher and Tesla earnings announcement were better than feared. A weaker USD on the back of a miss in US PMIs could also underpin. Japan’s Nikkei 225 opened about 1% higher, and HK stocks were up by 1.9% on Tuesday on China’s pledge to boost HK’s financial hub status.

FX: Weak US PMIs were a contrast to the improving European PMIs, questioning how long the US exceptionalism will continue just as we highlighted in our Q2 FX outlook. Dollar slumped with the DXY index back below 106, boosting all of the other G10 currencies. GBPUSD rushed back above 1.24 as BOE speaker Haskel was hawkish. However, comments from BOE Chief Economist seemed to make room for a rate cut in the summer, and we continue to be on the lookout for market pricing of the BOE rate cuts to shift dovish, suggesting GBP downside. AUDUSD testing a break above 0.6490 but Australia’s Q1 CPI is up next and could show a sharp disinflation trend, questioning the market pricing of RBA rate cuts to not begin until the end of the year. EURUSD marched above 1.07 but the break appeared fragile, while USDJPY is still above 154.75 even as comments from authorities are hinting towards a clear intent to intervene.

Commodities: Crude oil prices were marginally higher as pricing in geopolitical risk premium remains a challenge for oil traders. The API crude inventories declined by 3.2 million barrels last week and focus will be on the EIA numbers. Meanwhile, Iran sanctions are also in focus. Copper was down 1% after hitting two-year highs while iron ore slipped close to 3%. Gold bounced back higher from the $2,300 handle as a sharp overdue correction unfolds, while Silver stayed above $26.50. Read our Commodity Strategist, Ole Hansen’s, thoughts on gold and silver correction in this article.

Fixed income: The US PMI numbers stoked labor market concerns, helping Treasuries to inch higher. 2-year yields were up by 4bps, although 10-year remains pinned near 0.8% ahead of the Quarterly Refunding announcement next week. The 5s and 7s auctions are due on Wednesday and Thursday, respectively.


  • US S&P Global Flash PMIs for April were soft, as Manufacturing fell into contractionary territory printing 49.9 (exp. 52.0, prev. 51.9). Services fell to 50.9 from 51.7, and shy of the forecasted 52.0, leaving the Composite at 50.9 from 52.1.
  • ECB's de Guindos said a June rate cut looks like a set deal (unless there are surprises) with the end of inflation fight is in sight.
  • Eurozone PMIs were supported by the services sector (France 50.5, Germany 53.3, and Euro-area 52.9) and Germany’s return to growth with composite PMI back above the 50-mark at 50.5 from 48.6 previously. UK firms also reported the strongest growth in almost a year withs services PMI at 54.9 from 53.0 previously although manufacturing was back in contraction at 48.7 from 50.4 in March. Eurozone’s PMI numbers hint that despite ECB cutting rates in June, it may remain difficult for them to commit to further rate cuts
  • BOE speakers Haskel and Pill sounded cautious on rate cuts after Ramsden’s dovish comments last week. Haskel said UK food price inflation is "unusually high"; UK labour market is "extremely tight". Chief Economist Pill did appear to make a room for rate cut as he said that they are now seeing signs of a downward shift in the persistent component of inflation dynamic, and a cut will not entirely undo the restrictive policy stance.

Macro events: Australian CPI (Mar), German Ifo Survey (Apr), US Durable Goods (Mar), Canadian Retail Sales (Feb). Speakers: ECB’s Cipollone; Schnabel

Earnings: Meta, IBM, ServiceNow, Thermo Fisher Scientific, DSV, Kone, Orange, Eni, Boeing, Ford, Hasbro

In the news:

  • Apple iPhone sales drop 19% in China as demand for Huawei smartphones soars, research says (CNBC)
  • Tesla Aims to Release Cheaper Cars by 2025 After Sales Miss (Bloomberg)
  • Traders Add Bets That Fed Will Skip Interest-Rate Cuts This Year (Bloomberg)
  • UK stocks may finally be back in fashion (Reuters)
  • Japan finance minister says groundwork laid to take appropriate FX action (Reuters)


For all macro, earnings, and dividend events check Saxo’s calendar.

For a global look at markets – go to Inspiration.


The Saxo Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.