BTP: Remains under pressure
- BTP is just off the low.
- The yield tested 2.541% yesterday, now at 2.486%, with futures printing a 132.69 low yesterday.
- Worth noting that 132.61 is Low Apr 22 2020 (cont).
- So this area will be the initial area of support.
- 2.60% = 132.13
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EQUITIES: Hang Seng Lower Still Ahead Of The Close
Weakness in Hong Kong equities extending, with the benchmark Hang Seng index dealing the best part of 5% lower, while the Hang Seng Tech index is ~10% worse off. COVID worry in HK & China remains at the fore (as outlined in previous bullets).
RIKSBANK: Nordea now looks fro 2 hikes this year
- Nordea has changed its Riksbank call after today's higher-than-expected inflation print and following on from last week's more hawkish ECB.
- It now expects 25bp hikes in September 2022 and November 2022 with the repo rate unchanged in 2023 and ending the year at 0.50%.
CHINA STOCKS: Heavy Outflows From The Mainland Via The HK Connect Schemes
A pretty heavy day when it comes to outflows from Chinese mainland equities via the Hong Kong-China Stock Connect schemes, with a cumulative net CNY14.41bn shed over those channels. This ranks as the fifth largest round of net daily outflows observed under the current Connect setup (in play since late ’16), according to our calculations, with net sales of this level not seen since the runup to the LNY holiday. COVID worry, centring on a lockdown in tech hub Shenzhen and restrictions in Shanghai headlined, weighing on the space.
