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Risk Appetite Softens On Shanghai Headlines

CROSS ASSET

Risk appetite has softened a touch on headlines that Shanghai will lock down a district this Saturday for mass Covid testing. The lockdown will be lifted once testing is complete. Another headline followed after, citing another district set to conduct mass testing this coming weekend.

  • The Minhang district, that is due to be locked down, is home to just over 2.4 million people, while the Songjiang district boasts around 1.6mn residents. This comes even as Covid case trends remain favorable in broader Shanghai.
  • US equity futures are a touch weaker, -0.1% for eminis, while Nasdaq futures are off by slightly more.
  • Equity sentiment is generally on the backfoot throughout the region. Australia and South Korea markets down by 1.00% and 0.50% respectively. Japan stocks continue to outperform though.
  • US Cash Tsys edging up by 1-2bps. The 10yr to 3.03%, while the 2yr is at 2.80%.
  • In the FX space, USD/CNH has popped above overnight highs, last tracking above 6.7050. 1 month USD/KRW is also through 1260.
  • AUD and NZD have weakened further, with AUD/USD down through 0.7180, around 0.25% sub the NY close.
  • USD/JPY is off highs above 134.50, last at 134.20, slipping into negative territory.
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