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China Caixin PMI Beat Drives Relief Rally

EQUITIES

Regional equities are mostly higher, with gains in China/HK in focus. Markets have been buoyed by the surprise Caixin manufacturing PMI beat in China. This goes against the recent run of softer data outcomes and yesterday's official PMIs. US equity futures spiked on the headlines the US House had passed the debt ceiling agreement, but this proved to be short-lived.

  • Eminis were last close to 4193, just in positive territory. Earlier highs sat at 4202.50. Nasdaq futures are in the red, down -0.10% at this stage.
  • The HSI is up 0.80% at the break, but was above +1% at one stage following the PMI beat. The tech sub-index is holding close to highs, last around +2%. The CSI 300 is near +0.70% at the break, with the index back above the 3700 level.
  • Taiex (-0.40%) and the Kospi (-0.30%) are unperforming following tech losses in US trade on Wed.
  • The ASX 200 is +0.30%, aided by higher metal prices post the China data. Indian shares are trying to go higher after yesterday's Q1 GDP beat, we aren't too far off recent highs, which may be limiting upside momentum.
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EM BulletFixed Income BulletsHomepageEquitiesBulletMarketsEmerging Market NewsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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