Asia Market Update: Asian indices trade mixed, no specific agreement seen yet regarding tariff relief for China; China Oct trade surplus beats ests as exports decline less than feared

 

Headlines/Economic Data

Australia/New Zealand

- ASX 200 opened flat

- (AU) RBA STATEMENT ON MONETARY POLICY (SOMP): Sees gradual pick up in consumption; reiterates prepared to ease further if necessary

- (AU) AUSTRALIA SEPT HOME LOANS M/M: 3.6% V 1.0%E; INVESTMENT LENDING: -4.0% V 1.5%E

- (NZ) New Zealand to issue half-year economic and fiscal update on Dec 11th (Wed)

China/Hong Kong

- Shanghai Composite opened +0.5%, Hang Seng opened +0.2%

- (US) Reportedly White House plans to roll back tariffs against China faces some strong internal opposition and no final decision has been reached yet – press

- (CN) Fox's Lawrence: "China wants all tariffs rolled back as phases of the trade deals are completed. Those sources say the US offered to roll back some tariffs but want to keep majority in place until the Chinese reach certain milestones after the full trade deal is completed"

- (CN) White House advisor Navarro said no deal until Trump says so; Notes there is no agreement at this time to remove any of the existing tariffs, as a condition of the phase one deal; Only person who can make that decision is President Trump. - Fox Business

- White House aide Kellyanne Conway: no decision yet on the timing or location of signing of Phase 1 China trade deal

- (US) White House Aide: Very optimistic a deal with China will be reached soon - US Financial Press

- (CN) US govt spokesperson: US has agreed that first China trade deal would include tariff rollbacks – press

- (CN) China Vice Premier Liu He: Economy is stable despite challenges

- (CN) CHINA OCT TRADE BALANCE: $42.8B V $40.1BE; Exports Y/Y: -0.9% v -3.9%e

- (CH) CHINA OCT TRADE BALANCE (CNY-DENOMINATED): 301.3B V 282.3BE

- (CN) CHINA PBOC SETS YUAN REFERENCE RATE: 6.9945 V 7.0008 PRIOR (first time firmer than 7-level since Aug 6)

- (CN) China PBoC Open Market Operation (OMO): Skips for 10th consecutive session

- (CN) MSCI: China A-shares to have 4.1% weighting in MSCI Emerging Market Index vs 2.55% prior

Japan

- Nikkei 225 opened +0.9%

- (JP) Nikkei 225 Nov Options said to settle at ~23,638

- (JP) Japan Chief Cabinet Sec Suga: Confirms PM Abe has given instruction for additional budget

- (JP) Japan Finance Min Aso: Not immediately thinking about issuing 50-year bond but is a topic for consideration

- (JP) JAPAN SEPT LABOR CASH EARNINGS Y/Y: 0.8% V 0.1%E; REAL CASH EARNINGS Y/Y: 0.6% V -0.4%E

- (JP) Japan Sept Household Spending Y/Y: 9.5% v 7.0%e (fastest rise since data became available in 2001)

- (JP) Japan Oct Official Reserve Assets: $1.32T v $1.32T prior

Korea

- Kospi opened +0.5%

Other Asia

- (IN) Moody's cut India sovereign rating outlook to Negative from Stable; rating is Baa2

 

Levels as of 00:20 ET

- Nikkei 225, flat, ASX 200 flat, Hang Seng -0.6%; Shanghai Composite flat; Kospi -0.4%

- Equity Futures: S&P500 -0.3%; Nasdaq100 -0.4%, Dax -0.3%; FTSE100 -0.3%

- EUR 1.1055-1.1045; JPY 109.41-109.14 ; AUD 0.6906-0.6875 ;NZD 0.6382-0.6359

- Gold +0.2% at $1,469/oz; Crude Oil -0.4% at $56.91/brl; Copper -0.2% at $2.706/lb

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