General Trend:

  • US Commerce Dept: Proposing rule to impose countervailing duties on countries that undervalue their currency relative to the US dollar
  • China Commerce Min (MOFCOM): More efforts should be made to stabilize and improve China’s trade
  • Samsung shares decline as Huawei concerns move to South Korea
  • Australia ASX 200 index weighed down by Energy sector
  • Westpac’s RBA call sends Aussie yields lower
  • Oil prices rise over 1% in Asia after sell-off on Thursday
  • US/Japan expected to hold trade talks later today

Headlines/Economic Data

Australia/New Zealand

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  • ASX 200 opened -0.1%
  • (AU) Westpac now forecasts 3 RBA rate cuts in 2019 (previously said it saw rate cuts in June and Aug 2019); Now expects the RBA to cut the cash rate to 0.75% by Nov 2019 (current target rate is 1.50%)
  • (NZ) New Zealand PM Ardern: Economic growth set to be slower than recent years
  • (NZ) New Zealand Apr Trade Balance (NZ$): 433M v 450Me

China/Hong Kong

  • Shanghai Composite opened -0.2%, Hang Seng +0.4%
  • (CN) China Commerce Min (MOFCOM): Domestic Economy faces downward pressure; some structural issues remain to be resolved; trade environment growing more uncertain – Report on China’s Foreign Trade Condition
  • (CN) China said to issue policy to boost development of small tech companies – press
  • (CN) Pres Trump: there’s a good possibility of a China trade deal; Huawei could be included in a China trade deal
  • (CN) Pres Trump: remains hopeful at some point US will get together with China; will see China’s Pres Xi at G20 meeting
  • Hikvision [002415.CN]: Fitch affirms Hkvision at A-; Outlook stable; US Tariffs won’t have material effect on rating
  • (CN) China PBoC Deputy Governor: FX market condition is stable, has ample policy tools to cope with exchange rate fluctuations
  • (CN) China PBoC Open Market Operation (OMO): Skips for 2nd straight session; Net: CNY0B v CNY0B prior
  • (CN) China PBoC sets yuan reference rate: 6.8993 v 6.8994 prior

Japan

  • Nikkei 225 opened -0.8%
  • (JP) JAPAN APR NATIONAL CPI Y/Y 0.9% V 0.9%E; CPI EX FRESH FOOD (CORE) Y/Y: 0.9% V 0.9%E
  • (JP) Japan PM Abe: Will do all to manage economy amid overseas uncertainties; reiterates no change on sales tax [increase plan] unless Lehman Brothers scale shock occurs
  • (JP) Japan PM Abe considering visit to Iran in June – Financial Press
  • (JP) Japan said to delay the release of monthly labor survey for March amid data probe, notes data related to regular employment figures for July 2018 need to be examined – US financial press

Korea

  • Kospi opened -0.6%
  • (KR) South Korea Official Yoon: Q2 GDP expected to ‘significantly’ improve; housing prices remain stable

North America

  • Global Payments [GPN]: Said to be in early stage talks with Total System – US Financial Press
  • Tallgrass Energy LP [TGE]: Issues notice of temporary embargo for all movements into destinations located near Cushing (Oklahoma); notes temporary embargo of deliveries due to extensive flooding on the Cimarron River in Payne County

Levels as of 1:20 ET

  • Nikkei 225, -0.4%, ASX 200 -0.7%, Hang Seng +0.5%; Shanghai Composite -0.1%; Kospi -0.7%
  • Equity Futures: S&P500 +0.3%; Nasdaq100 +0.4%, Dax +0.6%; FTSE100 +0.3%
  • EUR 1.1187-1.1173 ; JPY 109.74-109.47 ; AUD 0.6906-0.6880 ;NZD 0.6526-0.6512
  • Gold -0.2% at $1,283/oz; Crude Oil +1% at $58.61/brl; Copper +0.2% at $2/688/lb
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