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Post FOMC Sentiment Dominates Asia Pac Trade

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The first part of Thursday Asia Pac trade has been dominated by post FOMC sentiment. Broader macro sentiment is largely following US yield direction. We are -1 to -2bps down across the curve, which is away from session lows from a yield standpoint.

  • Still, the slight rebound in US yields hasn't materially dented risks appetite. Equity sentiment remains upbeat, with US futures, +0.30% higher for Eminis and +0.4% for Nasdaq futures, both near session highs.
  • Regional equities are stronger across the board, albeit to varying degrees. Higher beta plays like Hong Kong (+1.5%) and South Korea (+2%) outperforming.
  • The BBDXY is down 0.30%, with AUD (0.60%) and NZD (0.70%) outperforming. In EM Asia FX, the won is over 1%, THB +0.70%.
  • In the commodity space, oil has gained over 1% for the major benchmarks, copper +0.80%. while gold is up a more modest +0.20%.
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The first part of Thursday Asia Pac trade has been dominated by post FOMC sentiment. Broader macro sentiment is largely following US yield direction. We are -1 to -2bps down across the curve, which is away from session lows from a yield standpoint.

  • Still, the slight rebound in US yields hasn't materially dented risks appetite. Equity sentiment remains upbeat, with US futures, +0.30% higher for Eminis and +0.4% for Nasdaq futures, both near session highs.
  • Regional equities are stronger across the board, albeit to varying degrees. Higher beta plays like Hong Kong (+1.5%) and South Korea (+2%) outperforming.
  • The BBDXY is down 0.30%, with AUD (0.60%) and NZD (0.70%) outperforming. In EM Asia FX, the won is over 1%, THB +0.70%.
  • In the commodity space, oil has gained over 1% for the major benchmarks, copper +0.80%. while gold is up a more modest +0.20%.