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HK & Chinese Equities Firm After Politburo Meeting, Positive Risk Spill-Over Elsewhere

CROSS ASSET

HK and Chinese Equities are firmer in early dealing, the Hang Seng is up ~2.9% and the CSI300 is up ~1.6%. A gauge of mainland property stocks on the Hang Seng is up over 10% at this stage. The Hang Seng Tech index is +5%. The moves come after details emerged from the anticipated Chinese politburo meeting. The politburo noted it will enact plans to resolve local government debt issues as well as increase support for the property market.

  • In the FX space the USD has retreated from session highs and BBDXY is now down ~0.1%. AUD is leading the bid in the G-10 space, AUD/USD is up ~0.2% having been pressured in early dealing. Kiwi is also a touch firmer however it remains well within recent ranges.
  • USD/CNH has dipped sub 7.1500, +0.50% stronger in CNH terms versus Monday NY closing levels. We sit slightly higher now, last around 7.1540.
  • US Tsys have firmed off session lows, 10 Year US Tsy Yields now sit ~1bp lower. TYU3 sits a touch off session highs at 111-31+, -0-02+.
  • WTI has held onto yesterday's gains sitting marginally firmer this morning. SGX Iron Ore futures have risen above $114/tonne and are up ~1.4%. Copper is up ~0.2%.
EM BulletFixed Income BulletsHomepageCommoditiesEquitiesBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletFixed Income BulletsHomepageCommoditiesEquitiesBulletMarketsEmerging Market NewsForeign Exchange Bullets

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