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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessHSI At Fresh 13 year Lows, As Tech Headwinds Continue
Asia Pac equities are weaker, outside of a few South East Asian Markets. Wall St declines from overnight, coupled with lower futures since the open, led by the tech sector (Nasdaq futures off by over 1% on disappointing Tesla revenue), have been the major headwinds.
- The HSI is off by close to 2.5%, making fresh lows back to 2009. The tech sub-index -4.60%. This comes after the China Golden Dragon Index lost just over 7% overnight. The China authorities have reportedly held meetings with top China chip makers in light of US curbs on export/technology sharing in the sector. No clear policy response is evident at this stage.
- Mainland stocks are also lower, but to a more modest degree. The CSI 300, is down around 0.70%. Higher covid case numbers in Beijing are weighing on sentiment, while higher frequency growth indicators, like subway rides have moderated in recent weeks. Earlier 1yr and 5yr LPR rates were left unchanged, as expected.
- The Nikkei 225 is off by 1.3%, while the Taiex is down 1.65%, again led by declines in TSMC. The chip sector is facing headwinds from the slowing global growth backdrop/along with US-China tensions. The Kospi is down 1.6%.
- Indonesian stocks have outperformed, up close to 1.4%, led by local bank shares.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.