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Trump Signed Funding Bill With ‘Message’

General Trend

  • Gainers in Japan include Electric Appliances and Pharma cos; Air Transportation index drops on virus restrictions
  • Financial and Property indices rise in HK, Alibaba weighs on TECH index
  • Shanghai Consumer cos. rise, Property index lags
  • Markets closed for holiday include Australia, Canada, New Zealand and UK

Headlines/Economic Data

Australia/New Zealand

  • ASX200 closed for holiday
  • (AU) New South Wales Premier: Lockdowns extended in Northern Beaches worst hit areas until Jan 9th

China/Hong Kong

  • Hang Seng opened -0.4%, Shanghai Composite flat
  • Ant Financial: China Financial Regulators have asked Ant Group to establish a financial holding co.; co. was also asked to rectify certain illegal financial activities (including credit, insurance and wealth management businesses), refocus on payments business
  • Alibaba [9984.HK]: To increase size of stock buyback program to $10.0B from $6.0B
  • (CN) Eastern China local banking and insurance regulator orders banks under its supervision to stop taking deposits through internet platforms or via cooperation with third party agencies – Chinese press
  • (CN) China PBOC sets Yuan reference rate: 6.5236 v 6.5333 prior (strongest CNY fix since June 26, 2018)
  • (CN) China National People’s Congress Standing Committee (NPCSC) to hold 4th annual session on March 5, 2021
  • (CN) China Central Committee for Financial and Economic Affairs Official Han Wenxiu: average economic growth rate [GDP] for this year and the next is expected to be ~5% – China National People’s Congress Standing Committee (NPCSC)
  • (CN) China NPC appoints Wang Wentao Minister of Commerce replacing Zhong Shan
  • (CN) China Nov Industrial Profits Y/Y: 15.5% v 28.2% prior; YTD Y/Y: 2.4% v 0.7% prior
  • (CN) China Ministry of Finance: To extend punitive tariff exemption on 6 items imported from the US for 1 year to Dec 25, 2021
  • (CN) China said to have added 119 additional drugs to national insurance list – Xinhua
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY20B in 7-day reverse repos v CNY40B in 7-day reverse repos prior; Net Injection: CNY10B v CNY30B prior

Japan

  • Nikkei 225 opened +0.1%
  • (JP) Japan bans entry of all non-Japanese visitors until the end of Jan, starting Monday; the new action taken after detection of the new stain of coronavirus and daily record for new virus infections of 3,745 – press
  • *(JP) JAPAN NOV PRELIM INDUSTRIAL PRODUCTION M/M: 0.0% V 1.1%E; Y/Y: -3.0% V -2.3%E
  • Japan gov’t comments on Nov prelim industrial production: Decline in transport equipment m/m had a large impact on overall output; Motor Vehicle production declined in Nov on lower shipments to US and Australia
  • (JP) Bank of Japan (BOJ) Summary of Opinions from Dec 17-18th Policy Meeting: BOJ should conduct assessment [of framework] with goal of having Japan economy to never return to deflation
  • (JP) Japan to hold coronavirus response meeting at 03:00EST (Dec 28th)

Korea

  • Kospi opened +0.5%
  • (KR) South Korea reports 808 additional coronavirus cases, down from highs in the prior week; Also finds 1st case of UK Coronavirus strain
  • (KR) South Korea extends level 2.5 social distancing restrictions until Jan 3rd – Yonhap

Other Asia

  • (VN) Vietnam Q4 GDP Y/Y: 4.5% v 2.6% prior

North America

  • (US) President Trump: Signed coronavirus bill with message “Wasteful items” to be removed; Sending back redlined version of bill to Congress
  • (US) House Speaker Pelosi says will introduce standalone $2,000 stimulus bill on Monday (from Dec 24th)
  • Tronox Limited [TROX]: Chairman/CEO Quinn to take leave of absence, notes complaints related to alleged insider trading; effective immediately

Europe

  • (UK) UK Chief Negotiator Frost: Brexit deal offers a moment of national renewal in which UK can set its own laws again; The ‘level playing field’ deal could be renegotiated

Levels as of 1:20 ET

  • Nikkei 225, +0.5%, ASX 200 closed , Hang Seng +0.1%; Shanghai Composite +0.2% ; Kospi +0.5%
  • Equity S&P500 Futures: +0.6%; Nasdaq100 +0.6%, Dax +0.5%
  • EUR 1.2216-1.2181 ; JPY 103.63-103.45 ; AUD 0.7641-0.7591 ;NZD 0.7131-0.7103
  • Gold +0.8% at $1,898/oz; Crude Oil -0.2% at $48.16/brl; Copper+1.1% at $3.6117/lb
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