Mixed Equity Trading Seen In Asia

Nov 15 21, 06:26 GMT

General trend

RBA mins due on Tues at 12:30 am GMT, Lowe to also comment on recent inflation trends on Tues [at 2:30 GMT].
Australia Q3 wage data is due on Wed (Nov 17th).
US equity FUTs pare gain.
Nikkei is also off of the best levels.
Japanese companies due to report earnings include Mitsubishi UFJ.
Shanghai Composite ended morning trading slightly lower (-0.3%); Property index declined by >2%, new home prices dropped for the 2nd straight month.
Beijing Stock Exchange begins trading, multiple cos. were halted after trading limit up.
Hang Seng has pared the opening gain; Property index dropped as developers continue to announce stock offerings.
S&P ASX 200 has traded slightly higher; the Materials index has been supported by results from Incitec; REITs rise amid drop in bond yields.
Companies due to report during the NY morning include FreightCar America, Tyson Foods, Warner Music Group.

Headlines/Economic Data

Australia/New Zealand

ASX 200 opened -0.0%.
ELD.AU Reports FY21 (A$) Net 149.8M v 124.2M y/y, underlying EBIT 166.5M v 119.4M y/y; Rev 2.55B v 2.09B y.
(AU) RBA Assist Gov (Economic) Ellis and Head of Economics Jones: Australian builders are keeping up with supply, but Australians are looking to live in larger homes than pre pandemic.
(NZ) Reserve Bank of New Zealand (RBNZ) Chief economist and board member, Yuong Ha, to leave after 25 years, effective after Feb 2022 Monetary Policy Statement.

Japan

Nikkei 225 opened +0.7%.
(JP) JAPAN Q3 PRELIMINARY GDP Q/Q: -0.8% V -0.2%E; GDP ANNUALIZED Q/Q: -3.0% V -0.7%E.
(JP) Japan latest economic stimulus to be compiled on Nov 19th expected to be ¥40T (prior speculated ¥30T) – press.
(JP) Bank of Japan (BOJ) Gov Kuroda: Closely watching economic impact of COVID, reiterates won’t hesitate to add easing if needed, recovery likely to become clearer in H1 of 2022.
(JP) Bank of Japan (BOJ) Gov Kuroda: No decision made on fate of BOJ’s pandemic relief loan scheme after current March deadline, no decision on April, can expect a pick up in consumer spending, but pace is uncertain.
(JP) Japan Econ Min Yamagiwa: Economy is continuing to pick up, but pace is weakening and needs policy support, economic stimulus will include measures to address high energy prices, chip and other supply issues – comments following GDP release.
(US) Commerce Sec Raimondo: Japan relations are critically important.
(JP) Japan Sept Final Industrial Production M/M: -5.4% v -5.4% prelim; Y/Y: -2.3% v -2.3% prelim; Capacity Utilization M/M: -7.4% v -3.9% prior.
6502.JP Confirms strategic reorganization to separate into three standalone companies to enhance shareholder value, to separate into three standalone companies (Friday after the close).

Korea

Kospi opened +0.7%.
(KR) North Korea to hold conference on the country’s “three-revolution movement” aimed at developing its ideology, technology and culture – State media.
(KR) South Korea 9M Electric vehicle (EV) sales 71.0K, +96% y/y.

China/Hong Kong

Hang Seng opened +0.4%; Shanghai Composite opened +0.1%.
(CN) CHINA OCT INDUSTRIAL PRODUCTION Y/Y: 3.5% V 3.0%E.
(CN) CHINA OCT RETAIL SALES Y/Y: 4.9% V 3.7%E; YTD Y/Y: 14.9% V 14.7%E.
(CN) China Oct Surveyed Jobless Rate: 4.9% v 4.9%e.
(CN) CHINA OCT FIXED URBAN ASSETS YTD Y/Y: 6.1% V 6.2%E.
(CN) CHINA OCT PROPERTY INVESTMENT YTD Y/Y: 7.2% V 7.8%E.
(CN) China National Bureau of Stats (NBS): More effort is needed to maintain economic stability, periodic structural problems still exist in the economy, consumer inflation to remain mild.
(CN) CHINA PBOC CONDUCTS CNY1.0T V CNY1.0T MATURING IN 1-YEAR MEDIUM-TERM LENDING FACILITY (MLF) AT 2.95% V 2.95% PRIOR.
(CN) CHINA OCT NEW HOMES PRICES M/M: -0.3% V -0.1% PRIOR; Y/Y: 3.4% V 3.8% PRIOR.
(CN) China Govt said to be planning to limit steel production in Hebei province for 4 months to 30%, effective Nov 15th – Sina.
(CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY100B prior; Net drain CNY90B v Net CNY0B prior.
(CN) US President Biden and China President Xi confirm virtual meeting for Monday, Nov 15th, 19:45ET.
(CN) China PBOC sets Yuan reference rate: 6.3896 v 6.4065 prior.
(CN) Dalian (port city in China) has been hit hard by 3 round of cold-chain related [COVID] outbreaks – Global Times.

Other

(EU) New COVID variant know as B.1.X or B.1.640 found in France, UK, Switzerland, Scotland and Italy – French press.
2409.TW Innolux and AU Optronics said to be cutting capacity utilization due to weak Q4 demand – local press.

North America

(US) Fed’s Kashkari (dove, non-voter): Fed has taken appropriate steps in face of inflation; Sees higher inflation continuing over next few months.
(US) White House econ adviser Deese: Rising prices is not a result of Biden administration’s policies.
NVDA UK reportedly may order in-depth probe into Nvidia’s acquisition of Arm; Announcement could come upcoming week – UK press.
EDU Gives business update: Planning to cease offering tutoring services related to academic subjects to students from kindergarten through grade nine at all learning centers across China by the end of 2021, due to implementation rules, regulations and measures promulgated by competent authorities.
(US) US Treasury Sec Yellen reiterated that US inflation will not normalize until late 2022 – CBS (update).

Europe

(UK) Govt may announce £1.0T post Brexit export strategy – FT.
(DE) Three state health ministers in Germany have called on parties negotiating new govt to prolong states’ power to implement stricter pandemic measures such as lockdowns or school closures as Germany COVID cases continue to hit record highs – press.
(UK) Nov Rightmove House Prices M/M: -0.6% v +1.8% prior (biggest decline since height of COVID); Y/Y: 6.3% v 6.5% prior; Pre-Christmas lull will be short lived.

Levels as of 00:15ET

Hang Seng -0.2%; Shanghai Composite -0.5%; Kospi +1.1%; Nikkei225 +0.5%; ASX 200 +0.4%.
Equity Futures: S&P500 +0.1%; Nasdaq100 +0.2%, Dax -0.0%; FTSE100 -0.1%.
EUR 1.1464-1.1441; JPY 114.04-113.75 ;AUD 0.7346-0.7323; NZD 0.7051-0.7030.
Commodity Futures: Gold -0.5% at $1,859/oz; Crude Oil -0.4% at $79.34/brl; Copper -0.7% at $4.42/lb.