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CREDIT UPDATE: Slow Session With Many Regions Out, Property Stocks Drop

CREDIT UPDATE
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  • Asian markets traded mixed today. Japanese equities rose, with the Nikkei up 2.22% and the TOPIX gaining 1.37%, driven by a weaker yen after Prime Minister Shigeru Ishiba signaled no immediate rate hikes, and strong demand for Nvidia's new chips boosted tech stocks. In Hong Kong, profit-taking hit the market, particularly in property and tech stocks, with the Mainland Property Index dropping 7.60% and the HSTech Index down 5.20%. Australian shares were little changed as gains in the real estate sector were offset by losses in gold miners. Emerging market equities across Asia saw declines, with net selling in Malaysia, Indonesia, and Thailand following China's stimulus announcement.
  • Not surprising it was another slow session in Asia today with China, Taiwan & South Korea all out. In Australia today A$ RMBS/ABS deal keep pricing/being announced while in secondary all the action was in the Tier 2 space with spreads -1/-2bps, the top performing names today have been the line that have underperformed of late such as MQGAU.
  • Little to mention in Asia today, all the action in Asian names has been happening in the US session with most markets closed here in Asia today. However overnight Asia IG traded  1-3bps tighter, while most of the action was in the HY space with gaming 0.25-0.5pt higher, while China property bonds were 2-5pts higher, however we have seen selling in property today stocks today so expect some profit taking in bonds.
  • Aus iTraxx CDS is -0.5bps at 65bps & while Asia Ex-J iTraxx is unch at 71.5bps
  • Headlines: Shimao Adds Sweeteners to Debt Plan as It Seeks to Gain Support - BBG
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  • Asian markets traded mixed today. Japanese equities rose, with the Nikkei up 2.22% and the TOPIX gaining 1.37%, driven by a weaker yen after Prime Minister Shigeru Ishiba signaled no immediate rate hikes, and strong demand for Nvidia's new chips boosted tech stocks. In Hong Kong, profit-taking hit the market, particularly in property and tech stocks, with the Mainland Property Index dropping 7.60% and the HSTech Index down 5.20%. Australian shares were little changed as gains in the real estate sector were offset by losses in gold miners. Emerging market equities across Asia saw declines, with net selling in Malaysia, Indonesia, and Thailand following China's stimulus announcement.
  • Not surprising it was another slow session in Asia today with China, Taiwan & South Korea all out. In Australia today A$ RMBS/ABS deal keep pricing/being announced while in secondary all the action was in the Tier 2 space with spreads -1/-2bps, the top performing names today have been the line that have underperformed of late such as MQGAU.
  • Little to mention in Asia today, all the action in Asian names has been happening in the US session with most markets closed here in Asia today. However overnight Asia IG traded  1-3bps tighter, while most of the action was in the HY space with gaming 0.25-0.5pt higher, while China property bonds were 2-5pts higher, however we have seen selling in property today stocks today so expect some profit taking in bonds.
  • Aus iTraxx CDS is -0.5bps at 65bps & while Asia Ex-J iTraxx is unch at 71.5bps
  • Headlines: Shimao Adds Sweeteners to Debt Plan as It Seeks to Gain Support - BBG