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HK Equity Rebound Weighs On USD, Boosts CNH

CROSS ASSET

Risk appetite has firmed somewhat since the Hong Kong equity market open. The HSI is up nearly 2%, just off session highs in recent dealings. The properties sub-index is up 2.30% at this stage. Reports that Shenzhen plans to relax the floor for mortgage rates for first home buyers appears to be aiding sentiment (see this link).

  • The HS TECH index is +2.7% so far, hence we are seeing broad based gains, after a relatively poor Q3 for HK equities (today being the last trading day of the quarter).
  • Spill over from today's rebound is evident in terms of the BBDXY down -0.12%, with NZD (+0.50%) and AUD (+0.35%) outperforming. Yen is lagging (flat at 149.30). USD/CNH is also lower, last near 7.2840, around 0.15% firmer in CNH terms versus NY closing levels.
  • US equity futures are down, but away from lows for the session. US bond yields 1-2.5bps firmer across key parts of the curve.
  • Metal commodities are higher, with iron ore and copper extending gains from Thursday.
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