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Early Gains Reversed

EQUITIES

After an initially positive start equity markets in Asia reversed early gains and languish in negative territory, the ongoing Chinese market holiday kept liquidity thin. Japanese bourses led the way lower again, the Nikkei 225 down for the eighth straight session. The initial round of approval ratings for the Kishida Cabinet proved disappointing for LDP officials. In New Zealand the RBNZ raised interest rates for the first time in seven years, the NZX 50 gave back early gains and sits ~0.3% lower on the day. Similar price action in the US, early gains for e-minis reversed as yields continued to rise, markets look ahead to the ADP employment report ahead of NFP figures later this week.

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