US Steel issued profit warning
|Asia Market Update: Asian indices trade mixed, Property shares outperform in HK and Shanghai ; US Steel issued profit warning ; PBOC left LPRs unchanged
General Trend:
- Nike declined over 2% in afterhours trading after Q2 results
- Gainers in Shanghai include financials and property firms, IT companies decline
- Telecoms and property firms are among the gainers in Hong Kong
- Electric Appliance companies and banks are among the decliners in Japan
- Australian equities decline amid losses in consumer and financial firms
- Regis Healthcare (Australian provider of aged care services) declines over 17% on profit warning
Headlines/Economic Data
Australia/New Zealand
- ASX 200 opened +0.1%
-(NZ) New Zealand Dec Consumer Confidence Index: 123.3 v 120.7 prior; M/M 2.2% v 1.9% prior
-(NZ) New Zealand Credit Card Spending m/m: +1.6% v -1.5% prior; y/y: 4.5% v 2.5% prior
China/Hong Kong
-Shanghai Composite opened +0.1%, Hang Seng +0.1%
-(CN) China President Xi: Macau has become one of the safest cities in the world, integrates national sovereignty into its development; Macau should raise infrastructure construction - comments from Macau
-(CN) China Premier Li: Downward pressure on China's economy could be even bigger next year; could see more complications during the year; Reiterates stance to keep economic operations within a reasonable range
-(CN) China President Xi said to not attend the upcoming January meeting in Davos, Switzerland; China still plans to send Vice Premier Liu He to Washington to sign the phase-one deal - financial press
-(CN) CHINA PBOC SETS 1-YEAR LOAN PRIME RATE (LPR) AT 4.15% V 4.15% PRIOR (4.10%E); SETS 5-YEAR LPR AT 4.80% V 4.80% PRIOR (4.80%E)
-(CN) China PBOC sets Yuan Reference Rate: 7.0020 v 7.0025 prior
-(CN) China PBoC Open Market Operation (OMO): Injects CNY150B in 14-day reverse repos; net injection CNY150B
- (CN) China Finance Ministry (MOF) sells 50-year bonds: avg yield 3.8418% v 3.88%e; bid to cover 2.1x v 1.9x prior
- (CN) China PBoC sells CNY10B v CNY10B indicated in 6-month bills in HK; avg yield 2.90% v 2.89% prior
Japan
- Nikkei 225 opened +0.1%
-(JP) JAPAN NOV NATIONAL CPI Y/Y: 0.5% V 0.5%E; CPI EX-FRESH FOOD (CORE) Y/Y: 0.5% V 0.5%E
-(JP) Japan Finance Ministry (MOF) comments on FY20/21 budget: Confirms issuance to be ¥128.8T in FY20/21 v ¥129.4T y/y; cabinet approves FY20/21 budget of ¥102.7T (record, as speculated)
-(JP) Japan End Sept (Q3) Total Household Assets: ¥1,864T, -0.6% y/y; BoJ holdings of JGBs: 43.9% v ~43.5% prior - BoJ Quarterly Flow of Funds Report
- Japan 10-year JGB yield turns positive for the first time since March 2019
Korea
-Kospi opened +0.4%
-(KR) South Korea Trade Ministry: Trade Ministers from South Korea, China and Japan to hold meeting in Beijing on Dec 22nd (Sunday)
-(KR) Korea Exchange: South Korea ex-dividend date is Dec 27th; the last day of equity trading in 2019 will be Dec 30th, markets are closed on Dec 31st
-(KR) South Korea Nov PPI Y/Y: -0.1% v -0.6% prior
Other Asia
- (MY) Malaysia Nov CPI Y/Y: 0.9% v 1.1%e
North America
-US Steel [X]: Guides Q4 adj -$1.15 v -$0.65e; Cuts FY20 CAPEX forecast to $875M (vs $950M prior); Cuts quarterly dividend by ~80% to $0.01 (vs $0.05 prior, the new implied yield is less than 1%), formally terminates stock buyback program
-(US) SEMI Nov North America-based Manufacturers of semi equipment Billings: $2.1B, +1.9% m/m and +9.1% y/y
Europe
-(UK) Financial Conduct Authority chief executive Andrew Bailey reportedly has been selected as next Bank of England governor - FT
-(UK) Follow Up: BOE and US Fed said to examine certain traders' access to audio feeds – FT
-(UK) Dec GFK Consumer Confidence: -11 v -14e
Levels as of 00:20 ET
- Nikkei 225, -0.1%, ASX 200 -0.3%, Hang Seng +0.4%; Shanghai Composite +0.1%; Kospi +0.2%
- Equity Futures: S&P500 flat; Nasdaq100 flat, Dax -0.1%; FTSE100 flat
- EUR 1.1126-1.1114 ; JPY 109.40-109.28 ; AUD 0.6901-0.6882;NZD 0.6615-0.6600
- Gold -0.1% at $1,482/oz; Crude Oil -0.1% at $61.12/brl; Copper +0.1% at $2.827/lb
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.