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Needle Still Points North


Bearish Correction Still In Play

STOCKS: Asian stocks traded cautiously in front of Tuesday's key US CPI release,
with all of the region's major indices lower.
- Japan's Nikkei 225 pared its early losses to trade flat on the day. Automakers
& machinery names dragged, with defensive names outperforming. USDJPY moved back
above 106.50 which helped the benchmark to reverse the bulk of its losses.
- Hong Kong & Chinese stocks were lower, with the Hang Seng trading -0.3% & the
CSI 300 -0.4%. Consumer staples & energy weighed in Hong Kong, while the
Utilities & Financial sectors were the only 2 groups to trade higher. The PBoC's
meagre liquidity injections did little to stoke risk on flow.
- The ASX 200 underperformed, last trading 0.6% lower with materials leading the
way as the heavyweight miners fell afoul of lower iron ore prices.
- US index futures were largely unchanged.
MNI London Bureau | +44 0203-865-3809 |