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Post FOMC Sentiment Dominates Asia Pac Trade

CROSS ASSET

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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