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HK Equity Weakness Drives USD/CNH Higher, AUD and NZD Weaken

CROSS ASSET

Hong Kong equities opened around flat, but are now down around 1.0% in terms of the HSI. Renewed property market concerns with Evergrande scraping a creditors meeting and revisiting its restructuring plan, appear to be weighing. China Oceanwide, which has operations in real estate, will reportedly be wound up. The HSI Tech sub index is also weaker, down 2%.

  • China equity indices are also tracking lower, albeit modestly. Trends are mixed elsewhere, with US equity futures in positive territory, led by the Nasdaq, +0.27% (slightly away from session highs).
  • The weaker HK equity tone has seen USD/CNH push back above 7.3000, with the pair last just off session highs at 7.3020. AUD and NZD are also weaker, off by 0.10% at this stage. AUD/USD last at 0.6435, NZD/USD around 0.5955. Both pairs slightly abvoe session lows.
  • USD/JPY is holding steady near 148.40.
  • US yields are holding higher at this stage, the 10yr yield near 4.455%, +2bps higher.
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