Asian equity markets open mixed in cautious trade ahead of Jackson Hole comments
General Trend:
- Japanese steel makers rise on plan by Toyota to raise specialty steel prices
- Some focus remains on HK earnings as more protests said to be planned: Retail sourcing company Li & Fung rises over 5% after earnings report , CITIC Securities drops after financial results
- Apple supplier AAC Technologies declines over 3% in HK post earnings
- Banks are among the outperformers in Shanghai after being weighed down earlier this week by the PBOC’s interest rate reform
- Little initial impact seen on NZD from weaker retail sales, currency supported by RBNZ Gov comments
- USD/CNH trades above 7.10 amid weaker yuan fixing
- Fed Chairman Powell expected to deliver Jackson Hole speech on Friday morning at 10 a.m. ET (Aug 23rd)
- G7 meeting due to be held in France on Aug 24-26 (Sat-Monday)
Headlines/Economic Data
Australia/New Zealand
- ASX200 opened -0.1%
-(NZ) NEW ZEALAND Q2 RETAIL SALES (EX-INFLATION) Q/Q: 0.2% V 0.3%E
-(NZ) Reserve Bank of New Zealand (RBNZ) Gov Orr: Reiterates rate cut reduces probability of having to do more later; can afford to wait and observe what is happening - Jackson Hole comments
-(NZ) RBNZ Assist Gov: If monetary policy is to be successful for another 30 years we nee to confront challenges of stubbornly low inflation and interest rates
China/Hong Kong
- Shanghai Composite opened +0.1%, Hang Seng flat
-- (US) White House Econ Adviser Kudlow: Deputy trade negotiators had constructive talks on conf calls with China this week; expect another call in next few days; still looking toward face-to-face meeting in Sept
-(CN) China PBoC sets yuan reference rate: 7.0572 v 7.0490 prior (weakest CNY fixing since March 21 2008)-(CN) China PBoC Open Market Operation (OMO): Injects CNY80B in 7-day reverse repos v Injects CNY60B prior; Net drain CNY0B v drain CNY30B prior
- (HK) Multiple protests are said to be planned for Friday (Aug 23rd) in Hong Kong - financial press
Japan
- Nikkei 225 opened -0.2%
- (JP) Japan Econ Min Motegi: Plans to resume ministerial level trade talks with US tomorrow as talks have been extended for 1 day; getting close to a conclusion; US Pres Trump and Japan PM Abe may discuss trade talk results on sidelines at G7 on Aug 23-27
- (JP) JAPAN JULY NATIONAL CPI Y/Y: 0.5% V 0.6%E; CPI EX-FRESH FOOD (CORE) Y/Y: 0.6% V 0.6%E
Korea
- Kospi opened -0.4%
-(KR) South Korea Fin Min: It has become more difficult to meet GDP forecast, but will maintain 2019 GDP target of 2.4-2.5% despite increased downside risks
North America
-(US) Fed's Kaplan (dove, non-voter): would like to avoid cutting again in Sept, but will have an open mind about taking further action in next few months; Sees potential for rate cut at Sept meeting; notes risk from global growth and trade uncertainty
-(US) White House Econ Adviser Kudlow: We are still looking at "tax cuts 2.0" to improve long term growth of economy - FOX Business interview
-(US) SEMI: July North America Manufacture Billings: $2.03B, +0.4% m/m, -14.5% y/y
Levels as of 1:20 ET
- Nikkei 225, +0.3%, ASX 200 +0.2%, Hang Seng +0.3%; Shanghai Composite +0.4%; Kospi -0.1%
- Equity Futures: S&P500 +0.3%; Nasdaq100 +0.5%, Dax +0.5%; FTSE100 +0.6%
- EUR 1.1087-1.1070 ; JPY 106.62-106.37 ; AUD 0.6765-0.6745 ;NZD 0.6397-0.6364
- Gold -0.3% at $1,504/oz; Crude Oil +0.2% at $55.47/brl; Copper +0.1% at $2.561/lb
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.