Mon, Nov 29, 2021 @ 12:13 GMT
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Equity Indices Decline After Weakness On Wall Street

General trend

  • US equity FUTS extend declines.
  • Nikkei has remained lower.
  • Hang Seng is also lower following the negative open; TECH index drops after prior rise.
  • Still no public comments out of Evergrande.
  • Shanghai Composite extended decline during morning trading.
  • China Thermal Coal FUTS continue to rise.
  • S&P ASX 200 has traded modestly lower after opening flat [Financial and Energy indices decline].
  • China Sept Money Supply and Bank Lending data may be released today.
  • LG Electronics may issue prelim results today.
  • Companies due to report during the NY morning include Fastenal.

Headlines/Economic data

Australia/New Zealand

  • ASX 200 opened flat.
  • (AU) Australia Sept NAB Business Confidence: +13 v -6 prior; Conditions: 5 v 14 prior.
  • (AU) Australia Sept Port Hedland Iron Ore Exports 47.0Mt v 44.4Mt prior; Exports to China 38.6Mt v 35.9Mt prior.
  • (NZ) New Zealand Fin Min Robertson: To publish half-year fiscal update on Dec 15th (Wed): FY21 final budget deficit at NZ$4.56B [deficit is NZ$10.6B smaller than forecast].
  • (NZ) New Zealand Sept ANZ Truckometer Heavy M/M: +13.4% v -18.1% prior.
  • (NZ) New Zealand Sept Total Card Spending M/M: +1.6% v -21.8% prior; Retail Card Spending M/M: +0.9% v -19.8% prior.

China/Hong Kong

  • Hang Seng opened -1.3%, Shanghai Composite -0.3%.
  • Evergrande [3333.HK] Certain Evergrande bondholders said they had not received bond interest payments as of end of Oct 11th – Press.
  • (CN) China Pres Xi reportedly to target Chinese financial firms’ connections to private companies, part of his govt’s most extensive probe since he took power – press.
  • (CN) China Sept y/y rise in PPI might exceed 10% (prior 9.5%), notes rise in energy prices; CPI is expected to slow on lower pork prices – Chinese Press.
  • (CN) China PBOC seen cutting the RRR rate during Q4 [in line], may also conduct ‘large’ MLF and reverse repo operations – China press.
  • (CN) China NDRC: China will push all Industrial companies to enter power trading market; Industrial and Commercial users to enter power markets in an orderly way; Power price reform impact on consumer prices is limited.
  • (CN) Said that most coal mines in Shanxi that were shut by flooding have resumed operations – Press.
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B prior; Net drain CN90B v Net drain CNY190B prior.
  • (CN) China PBOC sets Yuan reference rate: 6.4447 v 6.4479 prior.

Japan

  • Nikkei 225 opened -0.1%.
  • (JP) Japan Sept Bank Lending Y/Y: 0.6% v 0.6% prior; Bank Lending (ex-trusts) Y/Y: 0.4% v 0.3% prior.
  • (JP) Japan Sept PPI (CGPI) M/M: 0.3% v 0.2%e; Y/Y: 6.3% v 5.8%e (largest annualized rise since Sept 2008).
  • (JP) Japan MoF sells ¥900B v ¥900B indicated in 0.7% 30-year JGBs, avg yield 0.7020% v 0.6530% prior, bid to cover: 2.90x v 3.00x prior.
  • (JP) Japan Fin Min Suzuki: Does not know when capital gains will be reassessed.

Korea

  • Kospi opened -0.2%.
  • (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 0.75%; AS EXPECTED.
  • (KR) BOK Gov Lee post rate decision press conference: Will decide whether to hike rates at Nov meeting; can consider Nov rate hike if recovery trends continue; Majority favor rate hike if situation remains unchanged.
  • (KR) South Korea Oct 1-10th Imports Y/Y: 63.5% v 60.6% prior; Exports Y/Y: 58.6% v 30.7% prior; Chip Exports y/y: +22.0% v -2.1% prior.
  • (KR) North Korea Leader Kim: To continue strengthening military power; Main enemy is war, not a specific country like US or South Korea – KCNA.

Europe

  • (FR) France Central Bank cuts Q3 growth estimate from 2.5% to 2.3%.
  • (UK) Sept BRC Sales LFL Y/Y: -0.6% v +1.5% prior.
  • (PT) Portugal issues 2022 draft budget: estimates 2022 budget deficit at 3.2% of GDP, down from 4.3% in 2021.

Levels as of 01:20 ET

  • Nikkei 225, -0.9%, ASX 200 -0.3% , Hang Seng -1%; Shanghai Composite -1.5% ; Kospi -1.3%.
  • Equity S&P500 Futures: -0.4%; Nasdaq100 -0.4%, Dax -0.6%; FTSE100 -0.5%.
  • EUR 1.1561-1.1547; JPY 113.48-113.20 ; AUD 0.7356-0.7331 ;NZD 0.6950-0.6923.
  • Gold +0.1% at $1,757/oz; Crude Oil -0.1% at $80.42/brl; Copper -1.1% at $4.2930/lb.

 

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