General trend

- Equities markets lower across the region with, Hang Seng taking the biggest decline, as general economic concerns and rising inflation take center stage and crude pushed higher. ASX the only spot of green, led higher on strong earnings and trading updates.

- Overnight PBOC Gov Yi affirmed China would continue with accommodative policy and wasn’t concerned with inflation.

- China NDRC notes challenges to stabilize prices and job market, but indicates confidence in the ability to do so, will encourage foreign investment.

- USD stronger against the majors with the exception of the yen. KRW, THB all higher..

- Markets start to price in a 50bps rate hike from the Bank of Korea.

- Press notes that FX reserves are rapidly declining as central banks in Asia prop up their currencies.

- Analysts closely watching if BOJ will be able to defend its yield target.

Headlines/Economic data

Australia/New Zealand

- ASX 200 opened 0.0%.

- TGR.AU Cooke Inc make indicative proposal at A$4.85/shr cash (follows 2 confidential proposals); Will not engage with Cooke on proposal.

- (NZ) New Zealand May Filled Jobs M/M: 0.3% v 0.6% prior.

- BWX.AU Cuts FY22 (A$) Underlying EBITDA 12-16M (prior 34-37M) Rev 206M (prior 233-243M); Announces A$23.2M capital raise; Guides FY23.

- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence W/W: 3.7% v 1.6% prior.

- CKF.AU Reports FY21 (A$) Underlying 59.8M v 47.8M; Rev 1.18B v 1.07B y/y.


- Nikkei 225 opened -0.3%.

- (JP) Japan Chief Cabinet Sec Matsuno: Expects power Supply to increase later this week; Power Squeeze to ease as more supply comes online; affirms stance on restart of nuclear power plants.

- (JP) Analysts increasingly noting that it is unlikely Bank of Japan (BOJ) will be able to maintain its super easy monetary policy with the trend of global inflation – press.

- (JP) Japan Govt Pension Investment Fund (GPIF) may report a second consecutive gain of ~5.6% due to weaker yen, which is boosting the value of foreign holdings – press.

- (JP) Bank of Japan (BOJ) offers to buy 5-10 year JGBs at fixed rate of 25bps; Opens window to buy unlimited amount of 10-year JGBs at 0.25% [as expected].

- (JP) UK expected to remove restrictions on food imports from Japan on Weds (Jun 29th) – Press.

- (JP) Japan MOF sells ¥3.0T v ¥3.0T indicated in 0.00% 2-year JGBs: Avg Yield: -0.0490% v -0.0580% prior; bid-to-cover: 3.81x v 5.43x prior.


- Kospi opened +0.1%.

- (KR) South Korea Fin Min Choo: Increasing concerns on inflation and slowing growth; Asking companies to refrain from large wage increases – speaking to business group.

- (KR) South Korea to raise electricity rates by KRW5/kwh and natural gas prices KRW1.11/mj for civilian use in Q3 due to rising inflation and energy costs - Yonhap.

- (KR) South Korea Unification Min: Would not be surprising to see North Korea carry out a nuclear test soon – Yonhap.

- (KR) South Korea PM Han Duck-soo: Ministers need to come up with measures to help stabilize inflation – Yonhap.

- (KR) Some speculation now that Bank of Korea (BOK) could utilize a 50bps rate hike at the next meeting - press.

China/Hong Kong

- Hang Seng opened -0.4%; Shanghai Composite opened 0.0%.

- (CN) Shanghai and Beijing both report 0 covid cases for June 27th.

- (HK) Hong Kong Police to brief media on China President Xi's visit at 16:00.

- (HK) Hong Kong Health Chief: Do not plan on mass coronavirus testing like in Macau.

- (CN) China re-using tactic to revitalize housing market by offering vouchers for shantytown residents to buy homes in 20 smaller cities, but analysts don't think it will work – press.

- (CN) China Securities Times: China Officials will have to bring out additional fiscal and monetary policies in the second half to support economic growth, still is ample room to do so.

- (CN) China State Planner (NDRC): China facing new challenges in stabilizing jobs and prices due to coronavirus and Ukraine war.

- 3333.HK Notes wind up petition filed by Top Shine Global on June 24th in Hong Kong over HK$862.5M obligation.

- (CN) PBoC Gov Yi Gang: China monetary policy will remain accommodative; Inflation outlook is stable in China (yesterday after the close).

- (CN) China PBOC Adviser: Difficulties remain for 5.5% GDP growth target. (late yesterday).

- (CN) BBC's China correspondent McDonell tweets: Beijing City Government announced “Zero Covid” will be maintained for the next five years (late yesterday).

- (CN) China PBOC sets Yuan reference rate: 6.6930 v 6.6850 prior.

- (CN) China PBOC Open Market Operation (OMO): Sells CNY110B in 7-day reverse repos v CNY100B prior; Net inject CNY100B v Net inject CNY90B prior.

North America

- TCOM Reports Q1 (CNY) -0.06 v -0.34 y/y, Rev 4.11B v 3.85Be.

- (US) Atlanta Fed GDPNow: Raises Q2 GDP forecast from 0.0% to 0.3%.

- SAVE JetBlue modifies $33.50/shr offer after consultation with shareholders; Increases reverse breakup fee to $400M and accelerated prepayment to $2.50/shr; Includes 'ticking fee' mechanism.

- NKE Guides FY23 Rev growth in low double digits on currency neutral basis; Guides gross margin flat to -50 bps y/y - earnings call.


- (UK) House of Commons advances Northern Ireland bill to next stage; Vote was 295-221.

- (UK) UK National Statistician Diamond confirms UK to become the first major economy to report greenhouse gas pollution on a quarterly basis.

- (CH) Switzerland Customs finds the 3.1 tonnes of gold imported in May was Russian and came via UK - press.

- (CN) China Commerce Ministry (MOFCOM): maintains anti dumping duties on EU and UK iron and steel fasteners for additional 5 years.

Levels as of 01:00ET

- Hang Seng -0.8%; Shanghai Composite -0.2%; Kospi -0.2%; Nikkei225 -0.0%; ASX 200 +0.5%.

- Equity Futures: S&P500 -0.2%; Nasdaq100 -0.3%, Dax -0.1%; FTSE100 +0.2%.

- EUR 1.0615-1.0550; JPY 135.60-135.13; AUD 0.6938-0.6916; NZD 0.6308-0.6289.

- Commodity Futures: Gold +0.1% at $1,827/oz; Crude Oil +1.1% at $110.72/brl; Copper +0.1% at $3.76/lb.

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