MNI: PBOC Net Drains CNY364.5 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1016 Tues; +3.12% Y/Y

CHINA PBOC CONDUCTS CNY18.3 BLN VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1016 TUES VS 7.1203

MNI NBP WATCH: CPI, Core Point To First Cut In Q2 2025

RPT-MNI POLICY: Mexico FX Intervention Only In Market Disorder

MNI: UK BRC OCT BY VALUE SHOP SALES LFL +0.3% YY, TOTAL +0.6% YY

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI: US SEP FACTORY ORDERS -0.5%; EX-TRANSPORT NEW ORDERS +0.1%

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CROSS ASSET: Caixin PMI Beat Aids China Equities, But Not Much Else

CROSS ASSET
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

Cross asset sentiment is mixed as Friday Asia Pac trading unfolds. In the equity space, most regional markets are down, led by the tech sensitive Japan bourses. This follows losses offshore through Thursday trade. US equity futures are just in positive territory, led by the Nasdaq (+0.25%), with Amazon results encouraging, but Apple less positive from late Thursday trade in the US. 

  • China/HK equities are bucking the softer regional trend. The better Caixin PMI print in China (which moved back above 50) is a positive. The China Citi Economic activity surprise index is almost back to positive territory and sits at multi month highs.  
  • Still, this isn't doing much for other China related assets. USD/CNH has pushed back above 7.1300, with an earlier dip sub 7.1200 finding support. The A$ and NZD also hold modestly weaker. Metals are mixed, with copper up but iron ore off around 1%.
  • Oil is holding higher on Iran strike fears, but sits off best levels, WTI last near $70.40/bbl for the Dec contract.
  • USD/JPY dip sub 152.00 in early trade, but now is back to 152.30, close to 0.20% weaker in yen terms. US yields are down a touch but less than 1bps weaker at this stage.
  • the data/event risk calendar is empty for the rest of the Asia Pac session. Focus turns to US NFP print later. 
224 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Cross asset sentiment is mixed as Friday Asia Pac trading unfolds. In the equity space, most regional markets are down, led by the tech sensitive Japan bourses. This follows losses offshore through Thursday trade. US equity futures are just in positive territory, led by the Nasdaq (+0.25%), with Amazon results encouraging, but Apple less positive from late Thursday trade in the US. 

  • China/HK equities are bucking the softer regional trend. The better Caixin PMI print in China (which moved back above 50) is a positive. The China Citi Economic activity surprise index is almost back to positive territory and sits at multi month highs.  
  • Still, this isn't doing much for other China related assets. USD/CNH has pushed back above 7.1300, with an earlier dip sub 7.1200 finding support. The A$ and NZD also hold modestly weaker. Metals are mixed, with copper up but iron ore off around 1%.
  • Oil is holding higher on Iran strike fears, but sits off best levels, WTI last near $70.40/bbl for the Dec contract.
  • USD/JPY dip sub 152.00 in early trade, but now is back to 152.30, close to 0.20% weaker in yen terms. US yields are down a touch but less than 1bps weaker at this stage.
  • the data/event risk calendar is empty for the rest of the Asia Pac session. Focus turns to US NFP print later.