CNH: USD/CNY Fixing Edges Higher, Error Term Steady
Feb-27 01:20
The USD/CNY fix printed at 7.1740, versus a Bloomberg consensus of 7.2570.
- This is another fresh high for the fixing back to Jan 20. It continues the steady drift higher in the fixing, although aggregate daily moves remain modest. This time last week the fixing was 7.1712.
- The fixing error was -830pips, little changed.
- USD/CNH is holding a little higher in the first part of Thursday dealings. We were last near 7.2675. Broader USD sentiment is a touch higher in the G10 space.
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JGBS: Rinban Purchase Offer
Jan-28 01:12
The BoJ offers to buy a total of Y750bn of JGBs from the market:
- Y300bn worth of JGBs with 1-3 Years until maturity
- Y300bn worth of JGBs with 3-5 Years until maturity
- Y150bn worth of JGBs with 10-25 Years until maturity
EQUITIES: Asian Equities Lower, Following DeepSeek Rise, Many Markets Closed
Jan-28 01:02
- Asian stocks fell sharply as a global tech selloff, triggered by Chinese AI startup DeepSeek’s rise, rattled investor confidence. Japan’s Topix and Nikkei indices dropped 0.6% and 1.5%, respectively, with chip-related stocks like Advantest and Disco Corp. sliding further. Concerns emerged over the sustainability of high AI valuations after DeepSeek's low-cost model topped Apple’s app store, while Nvidia saw a historic $589 billion market-cap loss.
- The yen strengthened, adding pressure on Japanese exporters, but strategists suggested the market could stabilize ahead of earnings season.
- Australia's ASX is trading little changed this morning, benefitting from its small exposure to tech stocks. Consumer Discretionary stocks are leading the gains, while Real Estate stocks, led by Goodman Group after concerns grow due to their large exposure to data centers, the stock was last 7% lower.
- US equity futures were flat after President Trump announced upcoming tariffs on foreign semiconductors and metals, fueling USD gains. Global attention is now focused on this week’s Big Tech earnings from Microsoft, Apple, and others, with slower profit growth expected amid stretched valuations. Lunar New Year holidays in many Asian markets limited trading activity.
AUSTRALIA DATA: NAB Business Surveys, Business Conditions Improve
Jan-28 00:42
