HomeContributorsFundamental AnalysisUST Yields Extend Rise, USD Index FUTs Rise After Prior Drop

UST Yields Extend Rise, USD Index FUTs Rise After Prior Drop

General trend

  • Asian markets have remained generally higher after the positive openings; Tech has traded mixed despite the gain on the Nasdaq [Hang Seng TECH index pared over 2.5% gain]
  • Hong Kong and Shanghai markets have lagged after outperforming on Thursday. Shanghai ended the morning session near the best levels [Property index rises over 1.5%; Consumer Staples and IT indices decline], Hang Seng pared some of decline [renewable energy cos rise on China NDRC comments; Xiaomi rose over 8% amid buyback announcement; Sunac China rises over 10% following results; JD.com declined post earnings, AIA Group and China Unicom also dropped]
  • Nikkei has outperformed amid the weaker yen [gainers include Electric Appliances, Marine Transportation, Iron & Steel and Information & Communication indices; Financials generally lag; Rakuten rose on M&A speculation]; Sharp is expected to report its delayed financial results
  • ASX 200 extended gains after the higher open [Resources index outperformed, China Iron Ore FUTs rose]
  • Companies expected to report during the NY morning include Buckle

Headlines/Economic data

Australia/New Zealand

  • ASX 200 opened +0.4%
  • (AU) Australia Treasurer Frydenberg: Australia will reform its offshore banking unit
  • (NZ) New Zealand Feb Manufacturing PMI: 53.4 v 57.5 prior
  • (NZ) New Zealand PM Ardern: Auckland to exit distancing restrictions, will move to Level 1 at midday today
  • (NZ) IMF: New Zealand should not withdraw fiscal and monetary support too soon

China/Hong Kong

  • (HK) Hang Seng opened +0.6% at 29,550, Shanghai Composite +0.3%
  • (CN) US puts new limits on licenses for some suppliers to Huawei; informs suppliers that Huawei licenses are not valid for 5G use; US Commerce Dept. spokesperson declined to comment. – financial press
  • (CN) China State Planner NDRC: Urges financial support for renewable energy sector as some cos are facing issues due to tight liquidity; tells financial institutions to roll over or renew loans for certain renewable energy cos
  • Ant Financial: Will prevent small business loans from flowing into stock and property markets
  • (CN) China Market Regulator (SAMR): Has issued fines to 12 companies (including Tencent, Baidu and Suning) of CNY500K per company citing illegal monopolistic behavior
  • (CN) China Premier Li Keqiang: Domestic recovery will create more jobs but employment pressures remain large in 2021; Believes the 2021 GDP growth target of over 6% is not low
  • (US) State Dept: Sec State Blinken will not pull any punches when he meets with his Chinese counterpart next week; there will be some difficult conversations
  • (CN) China Minister inspected the emissions cuts of steel mills located in Tangshan on Thursday (Mar 11th)
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v CNY0B prior
  • (CN) China PBOC sets Yuan reference rate: 6.4845 v 6.4970 prior

Japan

  • Nikkei 225 opened +0.3%
  • (JP) Reportedly BOJ plans to scrap a ÂĄ6T ETF purchase target – Japanese press
  • Rakuten [4755.JP]: Said to be working with Japan Post on a capital tie up – Press
  • (JP) Nikkei March Options to settle at 29,282
  • (JP) JAPAN Q1 BSI LARGE ALL INDUSTRY Q/Q: -4.5 V 11.6 PRIOR; LARGE MANUFACTURING Q/Q: 1.6 V 21.6 PRIOR

Korea

  • Kospi opened +0.6%
  • (KR) South Korea Vice Fin Min Kim: To work on stabilizing concerns on inflation; Inflation may accelerate in Q2
  • (KR) South Korea to extend current social distancing measures a further 2-weeks, to ban gatherings on 5+ people

North America

  • (US) Pres Biden officially signs the $1.9T Covid relief bill
  • (US) White House Spokesperson: To set date of July 4th for US to get closer to normal; US President Biden to give remarks on the US rescue plan on Friday (at 2:30 PM ET)
  • (US) Treasury Sec Yellen: Americans should see first deposits of stimulus checks this weekend; Stimulus package is the ‘right size’ – Press
  • (US) TREASURY $24B 30-YEAR BOND REOPENING DRAWS 2.295%; BID TO COVER 2.28 V 2.47 PRIOR AND 2.38 OVER LAST 8 REOPENINGS
  • Tesla [TSLA]: Fremont Fire Department in CA confirms responding to Telsa Factory, fire contained to a manufacturing stamping machine

Europe

  • (EU) ECB policymakers reportedly don’t agree on whether the rise in yields must be completely unwound, according to sources – press
  • AstraZeneca [AZN.UK]: Reportedly Denmark, Norway and Iceland have suspended use of AstraZeneca vaccine due to serious cases of blood clots – press

Levels as of 00:20 ET

  • Nikkei 225, +1.7%, ASX 200 +0.8% , Hang Seng -0.5%; Shanghai Composite +0.2% ; Kospi +1.5%
  • Equity S&P500 Futures: +0.1%; Nasdaq100 -0.1%, Dax flat; FTSE100 -0.2%
  • EUR 1.1989-1.1959 ; JPY 108.78-108.42 ; AUD 0.7801-0.7769 ;NZD 0.7234-0.7210
  • Gold -0.3% at $1,716/oz; Crude Oil -0.4% at $65.74/brl; Copper -1% at $4.1050/lb

 

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