General Trend
- Shanghai Composite rose by less than 0.3% during morning session; Consumer and – Property firms were among the gainers, Kweichow Moutai rises amid broker comments; Banks lagged in early trading
- Hang Seng pared opening gain, Property and Financial indices decline; Technology shares rise after US gains
- Yum China declines in HK debut
- Topix Marine Transportation index rises over 5.5%; Exporters in South Korea are dealing with ‘soaring’ freight rates, notes the lack of container ships (South Korean press)
- Australian Resource and Energy cos. rise, Financials lag
- China’s Commerce Ministry (MOFCOM) sometimes holds weekly news conferences on Thursday
Headlines/Economic Data
Australia/New Zealand
- ASX 200 opened +0.4%
- (AU) Victoria state (Australia) reports 51 additional coronavirus cases v 76 prior; 7 additional deaths
- (AU) Reserve Bank of Australia (RBA) Skips offering to buy bonds v A$2.0B prior
- (AU) Australia Sept Consumer Inflation Expectation Survey: 3.1% v 3.3% prior
- (NZ) New Zealand July Total Card Spending M/M: -7.0% v 19.1% prior; Retail Card Spending M/M: -7.9% v 1.2% prior
- (NZ) New Zealand Debt Management Office (DMO) sells NZ$950M v NZ$950M indicated in 2024, 2031 and 2037 bonds,
China/Hong Kong
- Hang Seng opened +0.5%, Shanghai Composite +0.9%
- (CN) China Xinhua: Speculative trading on the ChiNext index should be curbed, regulators will maintain ‘zero tolerance’ for ChiNext ‘market chaos’
- (CN) China reported to increase Oil, Metal, and food in state stockpiles [timing uncertain]
- Huawei: Follow Up: Reported to unveil its updated HarmonyOS due to increasing sanctions by the US, announcement expected later today (Sept 10th) – Global Times
- ByteDance and US govt reportedly discussing alternatives that might allow TikTok to avoid a sale of its US operations; options could let TikTok operate without a full sale – press
- (HK) US Consulate Staff living quarters sold for HK$2.57B – Press
- (CN) Russia and China reportedly discussing pushing forward local currency settlement; To consider deepening cooperation between banks
- (CN) Shanghai (China) said to tighten quarantine following asymptomatic case in Nanjing
- (CN) China PBoC Open Market Operation (OMO): Injects CNY140B in 7-day reverse repos v Injects CNY120B in 7-day prior; Net Inject CNY20B v Net inject CNY100B prior
- (CN) China PBOC sets Yuan reference rate: 6.8331 v 6.8423 prior
Japan
- Nikkei225 opened +0.7%
- (JP) Japan Defense Min Kono: expects snap parliamentary election in Oct – Japanese press
- (JP) Japan reported to consider including Tokyo in the “GoTo Travel” campaign beginning in Oct
- (JP) Tokyo Virus panel decreases virus alert level by 1 level
- DoCoMo [9437.JP]: Said to suspend e-money services due to fraud, effective as of Thursday (Sept 10th) – US financial press
- (JP) Japan July Core Machine Orders M/M: 6.3% v +2.0%e; Y/Y: -16.2% v -18.1%e
- (JP) Japan Aug Tokyo Avg Office Vacancies: 3.1% v 2.8% prior
- (JP) Japan MoF sells ¥1.2T v ¥1.2T indicated in 0.40% 20-year JGBs; avg yield 0.4080% v 0.4030% prior, bid to cover 3.7x v 3.9x prior
Korea
- Kospi opened +1.2%
- (KR) Follow Up: South Korea Finance Ministry issued $625M in USD-denominated 10-year notes, €700M in EUR-denominated 5-year bonds [said to be the first time that a non-European country sold euro-denominated bonds with a negative yield]
- (KR) South Korea 4th extra budget to total KRW7.8T
Other Asia
- (ID) Jakarta’s Governor announced that Jakarta will be back on full PSBB (Large Scale Social Restriction) mode starting Monday, 14 September [due to rising cases of COVID-19 and filling up of emergency hospital beds]
North America
- (US) CDC: Beginning Sept 14, 2020, will remove requirements for directing all flights carrying airline passengers arriving from, or recently had a presence in, certain countries to land at one of 15 designated airports and halt enhanced entry health screening for these passengers.
Europe
- AstraZeneca [AZN.UK]: COVID-19 vaccine trials reportedly could resume next week – FT
- (UK) EU reportedly sees a case for legal action versus the UK for infringement over internal markets bill – press
- (UK) Aug RICS House Price Balance: 44% v 25%e (highest since 2016); 12 Month sales expectations turned negative in August
Levels as of 1:20 ET
- Nikkei 225, +0.8%, ASX 200 +0.1% , Hang Seng +0.1%; Shanghai Composite +0.4% ; Kospi +1.1%
- Equity S&P500 Futures: -0.1%; Nasdaq100 -0.1%, Dax +0.1%; FTSE100 -0.4%
- EUR 1.1824-1.1800 ; JPY 106.30-106.05 ; AUD 0.7287-0.7261 ;NZD 0.6687-0.6670
- Gold flat at $1,955/oz; Crude Oil -0.2% at $37.98/brl; Copper -0.8% at $3.0307/lb
