EQUITIES: Equities Open Lower, Tracking Moves On Wall Street, Nvidia Tonight
Feb-26 00:43
- Asian markets opened lower this morning, tracking Wall Street’s decline after weaker-than-expected US consumer confidence data fueled concerns about economic growth.
- The Nikkei 225 fell 0.8% as exporters slumped due to the yen strengthening to a four-month high on haven demand and expectations of further BoJ rate hikes. The broader TOPIX is 0.60% lower.
- The KOSPI is little changed, with Samsung Electronics slipping 1.05% while SK Hynix posted modest gains.
- In Australia, the ASX 200 declined 0.3%, weighed down by weakness in mining and communications stocks amid a heavy earnings season.
- Investors are also digesting US President Donald Trump’s executive order on potential copper tariffs, which lifted copper prices and could impact Asian producers.
- US Treasury yields dipped, and traders are now pricing in over 50bps of Fed rate cuts this year, reflecting growing concerns over US economic strength. Market participants are also awaiting Nvidia’s earnings later today, which will be a key test for AI-related sentiment.
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US TSYS: Cash Bonds Open Richer After The Weekend’s Tariff News
Jan-27 00:21
TYH5 is dealing at 108-19+, +0-04+ from NY closing levels, in today’s Asia-Pac session.
- US stock futures are dealing lower ahead of key earnings week, with the S&P 500 and the Nasdaq down ~0.50%.
- “In a social media post on Sunday, Trump said he ordered an emergency 25% tariff on all Colombian goods coming into the US, which will be raised to 50% in a week. Oil, gold, coffee and flowers top the list of exports, according to Colombia’s tax authorities.” (per BBG)
- Cash bonds are dealing 1-3bps richer in today’s Asia-Pac session, with a flattening bias, after finishing Friday mildly stronger.
- Focus this week is the FOMC policy announcement on Wednesday.
GOLD: Gold Opens Cautiously in Asia As Tariff Risk Heightens.
Jan-27 00:05
- Gold has had a stellar start to 2025 and last week delivered the best weekly gains thus far.
- Gold gained +2.4% last week driven by a ‘safe-haven’ bid in the face of mounting tariff risks.
- This week has started no differently with news that President Trump intends to levy up to 25% tariffs on Colombia following the turning away of a flight from the US, deporting illegal immigrants.
- Gold closed Friday at US$2,770.58 and has given some of that back in early trading, down to $2,767.00
- Over the weekend Ghana’s released it’s trade surplus details, rising US$5bn, driven by a 50% increase in gold exports to $11.6bn.
ASIA: Government Bond Issuance Today.
Jan-26 23:46
- Thailand to Sell 40 Billion Thb of 182-Days Bills
- MAS to Sell S$15.9 Billion 25-Day Bills
- MAS to Sell S$22.5 Billion 83-Day Bills
- Philippines To Sell PHP 7.0Bln 90D Bills (PH0000058463)
- Philippines To Sell PHP 7.0Bln 181D Bills (PH0000058935)
- Philippines To Sell PHP 8.0Bln 363D Bills (PH0000059818)
- Bank of Korea to Sell 1 Trillion Won 91-Day Bonds
