JGB Futures Track Recent Gains In US Treasuries

Mar 22 19, 06:16 GMT

General Trend:

Asian equity markets trade generally lower
Japanese markets return from holiday, financials under perform after Fed decision
Eisai expected to decline in Japan after plan to discontinue Alzheimer’s study
IT and Property shares decline in Shanghai
Tencent trades flat in early trade post earnings
Sportswear company Li Ning rises after earnings
China Mobile extends post earnings decline in HK
Nike declines over 4% in afterhours trading post earnings
Energy and Financial shares rise in Australia
Japan Manufacturing PMI remained in contraction during March
Australia 3-year bond yield moved further below RBA’s 1.50% cash rate
Japan JGB Futures rise amid recent Fed decision
Thailand is expected to hold general elections on March 24th (Sunday)
China Commerce Ministry (MOFCOM): Confirms USTR Lighthizer and US Treasury Sec Mnuchin to visit China on March 28-29th (Thurs-Friday), China Vice Premier Liu He to visit the US in early April for trade talks

Headlines/Economic Data

Australia/New Zealand

China/Hong Kong

Hang Seng opened +0.4%, Shanghai Composite flat
(CN) Pres Trump reportedly is pushing negotiators to get China to raise its offer to buy US goods – CNBC
(CN) China Ministry of Commerce (MOFCOM): Exports have good momentum in March
(CN) China Finance Ministry: VAT cuts to be effective April 1st
(CN) China Agriculture Ministry: Compensation for pigs culled due to African Swine Fever must be issued in timely manner; to stabilize hog production to control price rise
(CN) Rating agency DBRS confirms China sovereign rating at ‘A’ high, trend revised to ‘Negative’ from ‘Stable’
(CN) China PBoC Open Market Operation (OMO): Skips for 3rd consecutive session
(CN) China PBoC sets yuan reference rate: 6.6944 v 6.6580 prior

Japan

Nikkei opened +0.5%
(JP) Japan National CPI Y/Y: 0.2% v 0.3%e; CPI Ex Fresh Food (Core) Y/Y: 0.7% v 0.8%e
(JP) JAPAN MAR PRELIMINARY PMI MANUFACTURING 48.9 V 48.9 PRIOR
(JP) Japan Investors Weekly Net Buying of Foreign Bonds: -¥571.6B v ¥254.2B prior; Foreign Buying of Japan Stocks: -¥1.59T v -¥1.16T prior
(JP) Japan Jan Final Leading Index: 96.5 v 95.9 prelim; Coincident Index: 98.1 v 97.9 prelim

Korea

Kospi opened +0.4%
(CN) Dept of Treasury issues sanctions on China-based companies over North Korea ties
(KR) South Korea proposed to hold military talks with North Korea – South Korean Press

North America

(US) US President Trump said to consider Stephen Moore for Federal Reserve Board
(US) SEMI: Feb North America Billings: $1.86B, -1.7% m/m and -23% y/y

Europe

(EU) EU Tusk: Offers Brexit delay, postponing no-deal risk from March 29th; Confirms if UK lawmakers back deal, UK will leave in ‘orderly’ way by May 22nd; Confirms if UK lawmakers do not agree to deal, UK will leave EU on April 12th.
(UK) UK PM May: Welcomes council approval of assurances on backstop, confirms terms of extension; To build support for deal from tomorrow.

Levels as of 1:20 ET

Nikkei 225, -0.4%, ASX 200 %, Hang Seng -0.3%; Shanghai Composite -0.4%; Kospi -0.2%
Equity Futures: S&P500 -0.1%; Nasdaq100 -0.2%, Dax -0.3%; FTSE100 -0.4%
EUR 1.1381-1.1361 ; JPY 110.89-110.65 ; AUD 0.7120-0.7094 ;NZD 0.6895-0.6874
Gold +0.1% at $1,308/oz; Crude Oil -0.2% at $59.86/brl; Copper -0.2% at $2.905/lb