Equity markets trade mixed, Nasdaq FUTS decline slightly after results from NVIDIA

Asia Market Update: Equity markets trade mixed; Nasdaq FUTS decline slightly after results from NVIDIA; JGB yields move higher.

General trend

- Bank of Japan (BOJ) announcement related to daily outright bond buying operation: again decreases amount of regular bond buying.

- CNH rose briefly after yuan fix.

- Japanese equities rise after recent underperformance.

- RBA Gov to speak later today [Speech by Michele Bullock, Governor – A Monetary Policy Fit for the Future – at the ABE Annual Dinner, Sydney. The Governor will talk about the recent monetary policy decision and progress on the implementation of recommendations of the Review of the Bank].

Headlines/economic data

Australia/New Zealand

-ASX 200 opens +0.1% at 7,081.

-Australia Oct Westpac Leading Index M/M: -0.03% v 0.1% prior [first decline since Aug].

-Australia sells A$800M vs. A$800M indicated in 3.50% Dec 2034 bonds; Avg Yield: 4.4479% v 4.1956% prior; bid-to-cover: 3.38x v 4.20x prior.

China/Hong Kong.

-Hang Seng opens flat at 17,736.

-Shanghai Composite opens -0.2% at 3,060.

-CHINA PBOC SETS YUAN REFERENCE RATE: 7.1254 V 7.1406 PRIOR [strongest CNY fix since Jun].

-China's major state-owned banks seen acquiring US dollars via onshore swaps and selling them in spot FX market this week - press [from Nov 21st].

-China expected to name veteran banker Zhu Hexin as the next head of FX regulator SAFE - financial press.

-China government advisers said to recommend GDP growth target for 2024 of 4.5-5.5% - financial press.

-China PBOC Open Market Operation (OMO): Sells CNY460B in 7-day reverse repos; Net drains CNY35B.

Japan

-Nikkei 225 opens -0.5% at 33,182.

- Japan Cabinet Office (Govt) Nov Monthly Report: cuts view on the overall economy for Nov [first time since Jan], cuts view on Capex for the first time since Dec 2021- financial press.

-Iwatani Corp [8088.JP]: Said to delay Yen-denominated bond sale; cites company reasons - US financial press.

Korea

-Kospi opens -0.7% at 2,493.

-LG Energy: Appoints Kim Dong-Myung CEO.

-South Korea Q3 Short-Term External Debt: $141.6B v $161.9B prior; Short-term external debt to FX reserves ratio at the lowest since Q4 2019.

- Japan PM Office: North Korea may have fired a missile; Warned residents in Okinawa to shelter.

-South Korea responds to North Korea missile launch; Says will suspend parts of 2018 inter-Korean deal that sought to lower military tensions.

Other Asia

-Foxconn: China fines unit CNY20K for alleged tax violations; relates to overstated R&D costs from 2021 and 2022 - US financial press.

-Singapore Q3 Final GDP Q/Q: 1.4% v 1.1%e; Y/Y: 1.1% v 0.8%e.

-Singapore Central Bank (MAS): Affirms current monetary policy stance is appropriate.

North America

-NVIDIA: Reports Q3 $4.02 v $3.36e, Rev $18.1B v $16.2Be; Guides Q4 strong; Guides Q4 Rev $19.6-20.4B v $17.9Be.

-NVIDIA: Comments on chip export restrictions impact on China market: China and other impacted regions normally contribute 20-25% of data center sales, which will decline significantly in Q4, but believe will be more than offset by growth in other regions- 8-K filing.

-(US) NOV FOMC MEETING MINUTES: Persistent financial conditions would impact policy; Most Fed officials saw upside risks to inflation.

-(US) OCT EXISTING HOME SALES: 3.79M V 3.90ME.

-(US) TREASURY $15B 10-YEAR TIPS REOPENING DRAWS 2.180% V 2.094% PRIOR; BID TO COVER 2.32 V 2.44 PRIOR.

Europe

-(US) Dept of Defense: A U.S. military AC-130J Ghostrider attacked an Iran-backed militant group after the group used a ballistic missile to attack U.S. and coalition forces on Al-Asad Airbase, Iraq.

Levels as of 00:20 ET

- Nikkei 225, +0.4%, ASX 200 -0.1% , Hang Seng flat; Shanghai Composite -0.2% ; Kospi +0.1%.

- Equity S&P500 Futures: flat; Nasdaq100 -0.1%, Dax +0.2%; FTSE100 +0.1%.

- EUR 1.0923-1.0909 ; JPY 148.56-148.01 ; AUD 0.6569-0.6549 ;NZD 0.6065-0.6040.

- Gold flat at $2,000/oz; Crude Oil flat at $77.77/brl; Copper -0.3% at $3.7927/lb.