Eyes On Xi

A narrow Wednesday re-open for core markets after U.S. equities ultimately finished lower on Tuesday (with tech outperforming on the day). The general feeling surrounding U.S. fiscal matters is that support is coming, but probably after the November election. The blue wave election scenario would be the most favourable re: the size of fiscal stimulus, although a Republican hold in the Senate may muddy matters somewhat. COVID-19 vaccine headlines also added pressure to the space, as did Apple's disappointing reveal event. Elsewhere, we saw Citi and J.P.Morgan release their quarterly earnings reports, with better than expected earnings and trading revenue highlighted, although both releases contained a fair degree of caution. U.S. Tsys bull flattened.

• Focus in Asia-Pac hours will likely fall on address from Chinese President Xi. The speech will be made in Shenzhen, with suggestions that it will centre on the opening up of the Greater Bay area. Elsewhere, regional central bank decisions provide some interest, with the BoK and MAS decisions on the slate (although no change is the consensus in each case). Elsewhere, RBNZ Assistant Governor Hawkesby will speak, as will San Francisco Fed President Daly.