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China Optimism Spills Over

CROSS ASSET

Optimism around China re-opening is evident across most asset classes. USD/CNH is under 6.9700, now -0.75% for the session. China/HK equities have opened up positively, HSI near +3%, while onshore stocks are around +1%. This is dragging regional bourses higher. US equity futures are still in the red.

  • The weaker than expected Caixin services PMI (46.7 against a 48.0 forecast) has done little to dent sentiment.
  • The firmer CNH tone is spilling over into the majors. The DXY is off 0.30%, likewise for the BBDXY (last around 1253). Commodity FX continues to lead the way, with the A$ the standout, last at +0.65% and tracking near 0.6835. NOK is up by over 0.50% to a 9.72 handle, while NZD/USD is near 0.6430.
  • The safe haven yen remains a laggard, but USD/JPY is down from earlier highs, last around 134.20.
  • Brent crude is up 2%, last around $87.30/bbl, while copper is above $387, +0.60% for the session. Iron ore is close to $109/tonne, nearly +3% for the session.
  • US Cash Tsy yields are holding higher, but not building further on earlier moves. the major parts of the curve are +3-4bps firmer in the yield space at this stage.
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