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TradeTheNews.com Asia Market Update: USD trades generally weaker, UST yields decline; Equities track gains on Wall St.
Thu, 22 Dec 2022 0:30 AM EST
General Trend:
- Japanese equities continue to trade cautiously following the recent BOJ decision
- Hang Seng index outperforms
- Chinese property companies trade mixed [government continues to pledge support for the sector]
- Micron declines amid weaker EPS guidance
- China’s Commerce Ministry (MOFCOM) sometimes holds weekly news conferences on Thurs
- Indonesia expected to hike rates later today
- Japan monthly CPI due on Fri
- US GDP revision due later today
***Headlines/Economic Data***
Australia/New Zealand
- ASX 200 opened +0.2%
- (AU) Australia Foreign Minister Penny Wong: Future dialog on trade was brought up at meeting - comments from Beijing
Japan
- Nikkei 225 opened -0.1%
- (JP) Japan Industry Ministry (METI) expects Jan-Mar steel production -4.0% y/y, +0.3% q/q
- (JP) Japan PM Kishida: Wants ¥100T in investments as soon as possible; To host special session of Council on Economic and Fiscal policy early 2023 to discuss long term macro economic policy with panel
- (JP) Japan expected to sell ~¥190T in JGBs during FY23/24 and to cut short term bond issuance [vs. ¥198.6T y/y]
- (JP) Bank of Japan (BOJ) offers to additional purchase of 3-5 year and 5-10 year JGBS
- (JP) Bank of Japan (BOJ) offers to buy 5-10 year JGBs at fixed rate of 50bps; Opens window to buy unlimited amount of 10-year JGBs at 0.50% [as expected]
- (JP) Japan Govt maintains FY23 CPI forecast at 1.7%; Raises FY23 GDP forecast to 1.5% from 1.1% prior
- (JP) Japan Investors Net Buying of Foreign Bonds: -¥941.8B v -¥605.7B prior; Foreign Net Buying of Japan Stocks: -¥667.1B v ¥1.15T prior
- (JP) Japan Nov Crude Steel Production 7.18Mt, -2.2% m/m, -10.7% y/y
- (JP) Japan Oct Final Leading Index CI: 98.6 v 99.0 prelim; Coincident Index: 99.6 v 99.9 prelim
Korea
- Kospi opened +0.6%
- (KR) South Korea Finance Ministry: To repurchase KRW1.7T in government bonds on Dec 27th [ahead of maturity]
China/Hong Kong
- Hang Seng opened +2.0%; Shanghai Composite opened +0.6%
- (CN) China Jan-Nov Postal Sector Rev: CNY1.23T, +5.6% y/y – Chinese press
- (CN) China PBOC Open Market Operation (OMO): Sells CNY4B in 7-day reverse repos v CNY19B prior; Sells CNY153B in 14-day reverse repos v CNY141B prior; Net inject CNY155B v net inject CNY158B prior
- (CN) China PBOC sets Yuan reference rate: 6.9713 v 6.9650 prior
- (CN) China Nov Swift Global Payments (CNY): 2.37% 2.13% prior
- (CN) Shanghai Sec News: CNY may receive year end support from Corporate sales of USD
- (CN) Brazil to impoase ~14.9% countervailing duties on China Aluminum sheet products
North America
- TSLA: Offers $7.5K in Credits and Free charging for 10K miles for certain models for deliveries of new vehicles between today and Dec 31st [relates to new Model 3 and Y vehicles]
-(US) MBA Mortgage Applications w/e Dec 16th: +0.9% v +3.2% prior
-(US) DEC CONSUMER CONFIDENCE: 108.3 V 101.0E; Inflation expectations fall to lowest level since Sep 2021
-(US) NOV EXISTING HOME SALES: 4.09M V 4.20ME; Months supply: 3.3 v 3.3 prior
-(US) DOE CRUDE: -5.9M V -0.1ME; GASOLINE: +2.5M V +1.8ME; DISTILLATE: +0.3M V +0.7ME
- (US) Senate Majority Leader Schumer (D-NY) said to have moved to set up a procedural vote on the spending bill [(US) Senators left the Capitol late Wednesday as a partisan dispute over pandemic-era border restrictions blocked debate on the 2023 omnibus spending package - Press]
Europe
- (DE) German Fin Min: Expect subdued economic growth in winter, CPI to ease in 2023 - Monthly Report
- (NL) Netherlands Nov House Price Index M/M: +1.0% v -0.5% prior; Y/Y: 4.9% v 7.8% prior
-(ES) Spanish Senate said to approve windfall tax proposal for banks and large energy companies - press
-(PT) ECB's Centeno (Portugal): Data indicates inflation is reaching peak in Q4 2022 - press interview
Levels as of 00:20 ET
- Nikkei 225, +0.5%, ASX 200 +0.5% , Hang Seng +2.6%; Shanghai Composite +0.2% ; Kospi +0.8%%
- Equity S&P500 Futures: +0.3%; Nasdaq100 +0.3%, Dax +0.3%; FTSE100 +0.4%
- EUR 1.0610-1.0603 ; JPY 132.49-131.64 ; AUD 0.6764-0.6702 ;NZD 0.6329-0.6284
- Gold +0.2% at $1,828/oz; Crude Oil +0.6% at $78.75/brl; Copper +0.7% at $3.8445/lb
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