Asian Market Update: Most Asian equity bourses swing between gains and losses as markets seek direction from China and the US

- In economic data, Japan's current account surplus rose to a less than expected ¥1.27T (JAPAN JULY CURRENT ACCOUNT: ¥1.27T V ¥1.45TE). Additionally, Japan's July trade surplus declined to a lower than expected ¥437.3B. However, Japan's July adjusted exports rose by 1.4% m/m. In other Japanese data, Aug bank lending rose less than expected (Aug Bank lending including trusts Y/Y: 1.8% v 1.9%e). In Australia, the Aug NAB business conditions survey rose to the highest level since the middle of 2008, while the NAB business confidence index rose to a 6-year high [AUSTRALIA AUG NAB BUSINESS CONDITIONS: 4 V 1 PRIOR (highest level since Mid-2008); BUSINESS CONFIDENCE: 18 V 10 PRIOR (6-year high)].

- At the time of writing, the Japanese yen is firmer across the board but off of the session's highs, as the currency gained following the negative open for Shanghai equities. The Yen is performing best against the commodity currencies (AUD, CAD, NZD). The USD is weaker against the European major currencies. However, GBP/USD continues to lag the gains of the EUR and CHF against the dollar. In terms of the commodity currencies, the AUD/USD and NZD/USD are both marginally lower, after both pairs rose to the highest levels since Sept on yesterday's session. In other currency pairs, EUR/GBP is higher by more than 0.05%.

- Asian equities have moved between gains and losses as markets await further direction from China and the US. The Nikkei 225 is higher by more than 0.10% led by gains in shares of oil/gas companies. The Shanghai Composite ended the morning break higher by more than 0.15% on advances in shares of consumer goods companies and telecoms. Australia's S&P ASX 200 is higher by more than 1%, led by gains in shares of basic materials companies and financials. Taiwan's Taiex has gained more than 0.75% in a broad-based rally, led by consumer services companies. The Kospi is rising by more than 0.20% on advances in resource-related companies. In Hong Kong, the Hang Seng is gaining by more than 0.40%, tracking equities in Shanghai.

- Crude oil prices are higher by more than 0.40% and trading above $68/bbl. In terms of this week's OPEC meeting, the Saudi Arabian Oil Minister Al-Naimi was quoted as saying that the oil market is steady and in good shape, as consumers and producers like the current price of oil. However, Al-Naimi said what happens at the OPEC meeting is still to be decided. A related unconfirmed report, quoted a senior Gulf official as saying OPEC would stress compliance instead of a supply reduction at the upcoming meeting. Spot Gold is higher by more than 0.10%, tracking the gains in oil prices and EUR/USD.
Earlier during the session, the Dec gold futures contract touched $1,000/oz, which was the highest level since Feb.