MNI China Daily Summary: Wednesday, March 12

MNI BRIEF:Direction Of Inflation Shocks Harder To Call-Lagarde

MNI BRIEF: EU Targets Retaliation Tariffs On US Red States

MNI BRIEF: China To Boost Environmental Equipment Industry

MNI BRIEF: China SME Index Highest Since June 2021

MNI China Press Digest March 12: FDI, Cars, Retail Sales

MNI: JAPAN FEB CORP GOODS PRICE INDEX +4.0% Y/Y; JAN +4.2%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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ASIA STOCKS: Tech Higher, Australian Mkts Down Nearly 10% From Recent Peak

ASIA STOCKS
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Asia Pac equity market trends are mixed in the first part of Wednesday trade. We have seen higher trends for some of the tech sensitive plays. The South Korean Kospi is up over 1.4%, while the Taiex is also +1% firmer. In Japan, the Topix is up around 0.90%, but the NKY is up more modestly. 

  • US equity futures are firmer, led by Nasdaq, but Eminis remain sub 5600 at this stage, so still close to recent lows.
  • Australian  markets are underperforming though, the ASX 200 off 1.4%. Australia failed to win a reprieve in terms of steel and aluminum tariffs placed on Australian exports to the US. Some miners are lower, but so too are some finance companies. The material sub index is off close to 1%, while the finance sub sector is down by 1.75%, so slightly underperforming the headline moves.
  • The ASX 200 is not back to levels not seen since August last year. We are close to 10% off recent Feb highs
  • Hong Kong markets have seen some volatility since the open, but the aggregate HSI is holding modestly positive at this stage. Mainland China markets are struggling for positive territory.
  • In South East Asia, most markets are weaker. Malaysian markets are down over 1%. Indonesian markets up are slightly though. Singapore is close to flat. 
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Asia Pac equity market trends are mixed in the first part of Wednesday trade. We have seen higher trends for some of the tech sensitive plays. The South Korean Kospi is up over 1.4%, while the Taiex is also +1% firmer. In Japan, the Topix is up around 0.90%, but the NKY is up more modestly. 

  • US equity futures are firmer, led by Nasdaq, but Eminis remain sub 5600 at this stage, so still close to recent lows.
  • Australian  markets are underperforming though, the ASX 200 off 1.4%. Australia failed to win a reprieve in terms of steel and aluminum tariffs placed on Australian exports to the US. Some miners are lower, but so too are some finance companies. The material sub index is off close to 1%, while the finance sub sector is down by 1.75%, so slightly underperforming the headline moves.
  • The ASX 200 is not back to levels not seen since August last year. We are close to 10% off recent Feb highs
  • Hong Kong markets have seen some volatility since the open, but the aggregate HSI is holding modestly positive at this stage. Mainland China markets are struggling for positive territory.
  • In South East Asia, most markets are weaker. Malaysian markets are down over 1%. Indonesian markets up are slightly though. Singapore is close to flat.