EM ASIA CREDIT: Baidu (BIDU, A3/NR/A) still in the frame with Apple

Feb-14 01:17

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CHINA SETS YUAN CENTRAL PARITY AT 7.1883 WEDS VS 7.1878

Jan-15 01:15
  • CHINA SETS YUAN CENTRAL PARITY AT 7.1883 WEDS VS 7.1878

ASIA STOCKS: Asian Equities See Bounce, Focus Turns To US CPI Later

Jan-15 01:03

Asian equities on opening higher today, with the MSCI Asia Pacific Index gaining 0.4%, driven by tech and shipbuilding stocks in South Korea and materials shares in Australia. The CSI 300 Index is expected to extend its rebound, supported by stronger-than-expected Chinese M1 money growth and the continuation of a "moderately loose" monetary policy. US-listed Chinese shares gained over 2%, aided by positive tariff policy developments. 

  • Japanese equities are higher today after four consecutive sessions of losses, supported by a weaker yen benefiting export-focused sectors like automakers and machinery firms. The Topix is 0.6% higher while the Nikkei trades just 0.15% higher. Keyence led gains on the Topix, rising 4.4%, with banks and insurers also advancing. Semiconductor-related stocks saw renewed buying after recent sell-offs tied to concerns over rising interest rates and regulatory issues.
  • Later today Bank Indonesia is expected to maintain its key interest rate at 6% amid ongoing efforts to stabilize the rupiah. Rate cuts, initially expected earlier, are now likely delayed until the second half of 2025.
  • Eurozone Industrial production data is due out later today before focus turns to the US inflation report, adding another layer of focus on global growth and central bank policies. 

FOREX: Early Trends Favor USD, But Aggregate Moves Limited

Jan-15 00:57

Early G10 FX trends are skewed modestly in favor of the USD, but aggregate moves are modest. The USD BBDXY index is little changed, last near 1314.2. 

  • AUD and GBP are off a little over 0.10% at this stage, but both currencies remain within recent ranges. AUD/USD was last 0.6180/855, GBP near 1.2200. EUR/USD is hovering close to 1.0300. USD/JPY is little changed, hovering near 158.00.
  • In the cross asset space, US equity futures are up a touch, while regional equity markets, which are open, are mostly tracking higher. US yields sit down a touch, but looses are not much beyond 1bps at this stage.
  • NZD/USD is back to 0.5600, down slightly for the session. Onshore yields continue to push higher, extending yesterday's recovery. Earlier data from the Westpac/McDermott Miller employment confidence index highlighted: "Employment confidence picked up by 2.4 points to 91.6 in the December quarter, led by an improvement in perceptions of job availability."
  • There is little in the way of further data outcomes/risks events for Asia Pac markets. Focus is firmly on the upcoming US CPI print.