China Property/Brokerage Stocks Firm, Spillover Limited Thus Far

Chinese brokerage/property stocks are firmer today, helping the major indices climb (see this link). We are away from earlier highs though, the CSI last +0.30/0.40%. There has been little spillover to wider markets thus far.

• The greenback is marginally firmer, however there has been little follow through on moves in G-10 FX. NZD is moderately pressured as its trims some of yesterdays gains. USD/CNH is down from earlier highs above 6.9300, but is still +0.15% above NY closing levels. US Treasury Yields are ~1bp softer across the curve.
• E-minis are ~0.1% lower as are NASDAQ futures. The Hang Seng is down ~0.3%.
• WTI futures have firmed from session lows however they are still down ~0.2%. Bloomberg Commodity Index is down ~0.3% as it pares some of yesterday's 0.7% gain.