NZD drops after widely expected RBNZ rate hike

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Asian Market Update: Stock markets generally reverse gains; Evergrande’s silence continues; Focus on Hong Kong’s political address; NZD falls after widely expected RBNZ rate hike, vague political outlook? ; The 10-year UST yield extends its rise, US ADP data is expected later today.

General trend

– Decline in US equities FUTS in Asia.

– Nikkei fell more than 1.5% after the higher opening [Heavyweights continue to weigh on the index (Fast Retailing and Softbank Group)]; The Topix Marine Transportation index falls again, the banks rise.

– Hang Seng also reversed the opening gain, currently reduced the loss [TECH and Property indices drop, but pare declines during morning trading].

– The S&P ASX 200 has been weighed down by financials.

– Copper FUTs prolong the decline.

– Companies expected to report this morning in New York include Madison Square Garden, RPM International, Constellation Brands.

– Shanghai markets are closed for holidays from October 1 to 7 (Friday to Thursday).

Titles / Economic data

Australia / New Zealand

The ASX 200 opened + 0.1%.

(NZ) CENTRAL BANK OF NEW ZEALAND (RBNZ) INCREASES OFFICIAL CASH RATE (OCR) FROM 25BP TO 0.50%; AS EXPECTED (1st rate hike since July 2014).

MFG.AU reports seven FUM (A $) 113.3 billion against 118.0 billion before; Outflows of AU $ 1.53 billion.

– (AU) Australia sell A $ 1.0 billion against A $ 1.0 billion quoted in November 2032 1.75% bonds, average yield 1.6137%, hedge offer: 5.88x .

– (NZ) The Reserve Bank of New Zealand (RBNZ) appoints Deputy Governor Hawkesby as Deputy Governor, replacing Bascand who is leaving in January.

(CN) China says it has released coal from Australia that has been “trapped in storage” – FT.

Japan

Nikkei 225 opened + 0.8%.

– 4502.JP The safety signal emerged in its phase 2 study of the experimental oral orexin agonist TAK-994; patient dosing suspension as a precaution.

– (JP) Japanese Prime Minister Kishida’s approval rating at 59% (3rd lowest for inaugural ratings among 9 prime ministers since 2002.

– (JP) Japan Chief Cabinet Sec Matsuno: Stopping the decline in R&D capacity in Japan is important; The CPI is not as low as the numbers suggest.

– (JP) Bank of Japan (BOJ) Gov Kuroda: The economy has recovered thanks to exports and manufacturing, strong growth in US GDP has supported global economic growth).

– (JP) Japan Fin Min Suzuki: the PM asked me to be flexible on politics; will seek a new type of capitalism and will simultaneously scrutinize fiscal health and growth (yesterday after the close).

– (JP) Japan Econ Min Yamagiwa: the government will take all necessary measures to support the economy “flexibly and without hesitation” (yesterday after the close).

– (JP) Japan Industry Min Hagiuda: Nuclear energy is essential to decarbonize Japan (yesterday after the close).

Korea

-Kospi open%.

(KR) SOUTH KOREA SEVEN CPI H / M: 0.5% V 0.4% E; Y / Y: 2.5% V 2.4% E (6th consecutive month above target); CPI Core Y / Y: 1.9% vs. 1.8% e (fastest increase since 2017).

– (KR) Japan spotted a North Korean ship carrying missiles in June off the coast of Ishikawa prefecture – Japan press.

China / Hong Kong

-Hang Seng opened + 0.6%; Shanghai Composite closed for holidays.

– (HK) Hong Kong August PMI (Whole Economy): 51.7 versus 53.3 before (8th consecutive expansion).

880.HK Said to close 1 Macau casino operations due to visit by coronavirus patient – Press.

– 2393.HK Debt Restructuring Updates: New offshore debt restructuring and agreement for $ 200 million 6.9% notes due 2021; to issue new tickets under the agreement.

(HK) Hong Kong Chief Exec Lam: Hong Kong will continue with Article 23 of the National Security Law, Confirms Northern Housing Project – Annual Political Speech.

Other

– (TW) US President Biden: met with Chinese President Xi in Taiwan; Agreed to comply with the Taiwan agreement.

(TW) Taiwan Ministry of National Defense (DND): China not sure if attack on Taiwan would be successful, could be ready for full-scale invasion of Taiwan by 2025 – Taiwanese Press.

North America

– (CN) USTR seeks public comment on tariff exclusions for 549 categories of Chinese imports – press.

Europe

– (UK) Prime Minister Johnson reportedly intends to announce “significant” minimum wage increase in coming weeks – UK’s Times.

– (IE) the Central Bank of Ireland is raising its GDP outlook for 2021 to 15.3% (before 8.3%) due to a stronger than expected surge in consumption which will worsen inflationary pressures; also raises altered domestic demand outlook.

Levels from 1:00 am ET

– Hang Seng -0.9%; Shanghai Composite closed for holidays; Kospi -1.5%; Nikkei225 -1.3%; ASX 200 -0.7%.

– Equity Futures: S & P500 -0.6%; Nasdaq100 -0.6%, Dax -0.7%; FTSE100 -0.7%.

– 1.1604-1.1583 euros; 111.76-111.43 JPY; AUD 0.7297-0.7254; NZD 0.6980-0.6919.

– Commodity Futures: Gold -0.4% at $ 1,753 / oz; Crude oil + 0.1% at $ 78.97 / brl; Copper -1.0% at $ 4.14 / lb.


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