Wed, Jun 23, 2021 @ 12:58 GMT
HomeContributorsFundamental AnalysisAsia Trades Modestly Higher After Gains On Wall Street

Asia Trades Modestly Higher After Gains On Wall Street

General trend

  • Nikkei has remained generally flat [Topix Iron & Steel index rose ahead of earnings from Nippon Steel and JFE; Retail index rises ahead of sales from Fast Retailing; Nintendo declines after results/guidance].
  • Shanghai moved modestly higher during the morning session [Banks index rises; IT and Consumer indices lagged].
  • Hang Seng extended gain following higher open.
  • S&P ASX 200 has risen after the flat open [Resources index outperforms amid record high iron ore prices in China].
  • Companies due to report during the NY morning include American Axle, CIGNA, DraftKings, Enbridge, Fluor, Granite Construction, Lear, Madison Square Garden Networks, Nikola, Ventas.

Headlines/Economic Data

Australia/New Zealand

  • ASX 200 opened flat.
  • (AU) Australia Apr AIG Performance of Service Index: 61.0 v 58.7 prior (Highest since Oct 2003).
  • (AU) Australia sells A$800M v A$800M indicated in 0.25% Nov 2024 bonds, avg yield 0.291%, bid to cover 4.79x.
  • (NZ) New Zealand Q2 Inflation Expectation Survey: 2-year Outlook: 2.1% v 1.9% prior.
  • (NZ) Reserve Bank of New Zealand (RBNZ) offers to buy a total of NZ$350M in government bonds next week under QE program v NZ$350M prior.

China/Hong Kong

  • Hang Seng opened +0.3%, Shanghai Composite +0.2%.
  • (CN) CHINA APR TRADE BALANCE: $42.9B V $27.7Be; Exports Y/Y: +32.3% v 24.1%e.
  • (CN) CHINA APR TRADE BALANCE (CNY): 276.5B V 129.5BE; Exports Y/Y: 22.2% v 12.5%e.
  • (CN) CHINA APR CAIXIN PMI SERVICES: 56.3 V 54.2E (4-month high, 12th consecutive expansion).
  • (CN) Reportedly top trade negotiators from China and US Biden administration may hold their first conversation soon to review the phase one trade deal – SCMP.
  • (CN) Reportedly Biden Administration is likely to proceed with the Trump-era China investment ban – press.
  • (US) Commerce Sec Raimondo: tariff exclusion policy has improved; US will work with allies to enforce entity list through countervailing duties – press interview.
  • (CN) US Sec of State Blinken said to be going to keep pressure on China during UN Speech later this week – Press.
  • (CN) China Daily: China 2021 CPI to be less than 3.0% target.
  • China Construction Bank [939.HK]: Said to be raising mortgage rates for first time and second time home buyers in Shenzhen (China) by 15-35bps; notes other China state banks might also raise mortgage rates – Press.
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY100B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net drain CNY0B v Net drain CNY40B prior.
  • (CN) China PBOC sets Yuan reference rate: 6.4678 v 6.4895 prior.
  • (CN) China Ministry of Finance (MOF) sells 3-month and 6-month bills: Sells 3-month bills: Avg Yield: 1.8167% v 1.8483% prior; Sells 6-month bills: Avg Yield: 1.9967% v 2.1881% prior.


  • Nikkei opened flat
  • (JP) Japan Mar Labor Cash Earnings Y/Y: +0.2% v -0.2%e; Real Cash Earnings Y/Y: 0.5% v 0.0%e.
  • (JP) Japan Apr Final PMI Services: 49.5 v 48.3 prelim (confirms 15 month of contraction).
  • (JP) Japan Apr Monetary Base Y/Y: 24.3% v 20.8% prior.
  • (JP) Japan Econ Min Nishimura: Govt recommends extension of state of emergency in various prefectures through May 31st (as speculated); To add Fukuoka and Aichi to state of emergency declaration – Press.
  • (JP) Japan PM Suga to hold Press conference at 06:00 EST on May 7th.


  • Kospi opened flat.
  • (KR) South Korea Mar Current Account (BOP): $7.8B v $7.9B prior; Balance of Goods (BOP): $7.9B v $6.0B prior.

North America

  • (US) President Biden to give remarks on Jobs report at 11:30EST on May 7th.


  • (UK) UK PM Johnson and France President Macron to hold talks on fishing dispute in Jersey – Press.

Levels as of 01:20 ET

  • Nikkei 225, +0.2%, ASX 200 +0.3% , Hang Seng +0.6%; Shanghai Composite +0.2% ; Kospi +0.8%.
  • Equity S&P500 Futures: +0.1%; Nasdaq100 +0.3%, Dax +0.1%; FTSE100 +0.2%.
  • EUR 1.2069-1.2059 ; JPY 109.18-108.93 ; AUD 0.7793-0.7772 ;NZD 0.7244-0.7226.
  • Gold +0.2% at $1,819/oz; Crude Oil +0.6% at $65.10/brl; Copper +0.8% at $4.6460/lb.
Trade The News
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

Featured Analysis

Learn Forex Trading