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Markets Update: APAC Stocks Mixed as China Stabilizes, RBA Holds Rates, Europe Eyes Higher Open. The RBA's decision to hold rates was expected, but their hawkish tone suggests further tightening could be on the horizon.
Economic Calendar
Global Markets Roundup: 06 Feb 2024
APAC stocks opened mixed, with Chinese efforts to stabilize their market countering early headwinds from Wall Street. The Federal Reserve's Senior Loan Officer Survey (SLOOS) indicated tighter lending standards and weaker loan demand. The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% but signaled further hikes could be necessary.
Global Outlook:
European equity futures point to a positive open, with the Euro Stoxx 50 up 0.4% after a flat session on Monday.
The US Dollar Index (DXY) remains elevated, while the Australian Dollar (AUD) strengthens following the RBA decision.
USD/JPY stalls after reaching fresh year-to-date highs.
ASX 200 Retreats The Australian S&P/ASX 200 declined on Tuesday, weighed down by weakness in the technology and real estate sectors. Rising bond yields added further pressure, as investors braced for potential future interest rate hikes. Nikkei Stays Subdued, Supported by Earnings Japan's Nikkei 225 index remained subdued after disappointing household spending and wage data. However, a slew of upcoming earnings releases helped cushion the downside, with investors cautiously optimistic about corporate performance. China Outperforms on Stabilisation Measures Chinese markets outperformed their regional peers, buoyed by the government's latest efforts to stabilize the market. Reports of China's sovereign fund increasing its ETF holdings and the China Securities Regulatory Commission (CSRC) encouraging listed companies to buy back shares injected optimism and boosted investor sentiment. Hang Seng and Shanghai Comp Rise The Hang Seng index in Hong Kong and the Shanghai Composite index in mainland China both closed higher, as investors responded positively to the government's stabilisation measures.
FX:
DXY: Held most gains after strong ISM Services data and hawkish Fed comments.
EUR/USD: Lacklustre, trading below 100-day moving average.
GBP/USD: Under 1.2600 due to UK retail sales slowdown and dollar strength.
USD/JPY: Stalled after reaching YTD highs on widening yield differentials.
AUD/NZD: Modestly lifted by firmer CNH and China's market stabilization efforts. AUD/USD supported by RBA holding rates and maintaining hawkish tone.
PBoC: Set USD/CNY mid-point at 7.1082 vs exp. 7.2057.
FIXED INCOME:
10-year UST futures: Found mild reprieve after recent sell-off due to heavy supply, strong ISM data, and Fed rhetoric.
Bund futures: Recovered some losses after dipping below 134.00.
10-year JGB futures: Nursed losses after disappointing household spending and labor data.
COMMODITIES:
Crude futures: Rangebound after volatile session, Saudi Aramco unchanged OSP premiums.
Brent oil: Arab Light OSP for Asia unchanged at USD 1.50/bbl premium, NW Europe unchanged at USD 0.90/bbl premium. US premium cut to USD 4.85/bbl.
Spot gold: Price action muted after dollar and data headwinds.
Copper futures: Rebounded from lows, upside limited by dollar strength.
Upcoming Events:
Data: German Industrial Orders, EZ Retail Sales, Canadian Ivey PMI, NZ Jobs data, ECB Consumer Expectations Survey.
Central Bank Speakers: Fed's Mester, Harker, Kashkari, Collins & BoC's Macklem.
Supply: Netherlands, UK & US bond auctions.
Earnings: BP, Infineon, UBS, BMPS, Eli Lily, Ford, GE Healthcare & Chipotle.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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