Equity Losses Grow Post China PMI Misses, Dollar Higher

Equity sentiment has weakened in the last bit of trading. The HSI is off 1.60%, with the tech sub index down 2%. China markets are weaker onshore, although dips are less than 1% at this stage. The earlier PMI misses for October throwing up fresh uncertainty around the outlook. The Kospi is another weaker performer, down over 1%.

• US equity futures are also weaker, led by the Nasdaq off by more than 0.50% at this stage. Headlines crossed a little while ago that Nvidia could lose 45bn in China orders due to US tech curbs (WSJ).
• These trends are lending a modest bid to the USD, up 0.15% for the BBDXY to 1272.80. AUD is the weakest performer in the G10 space, down 0.30%, last near 0.6350. USD/CNH is relatively steady though last near 7.3260.
• WTI is weakening as well, last back under $82.50/bbl (earlier highs were at $82.93/bbl).
• Tsys have ticked away from session lows however ranges remain narrow. Cash tsys sit ~1bp richer across the major benchmarks. TYZ3 deals at 106-04+, -0-02+, a 0-04 range has been observed.