Azijske delnice so neopisane

It looks to be a reasonably neutral day in Asia, with US Inflation data coming in on forecasts and failing to provide any directional momentum for Asia. The exception is Mainland China, where markets are lower as Bloomberg reports that the insurance industry may be the next one in Xi Jinping’s crosshairs. They also reported that overnight, China’s State Council and Communist Party Central Committee jointly released a document outlining a five-year plan to increase supervision of key industries.

With China’s regulatory crackdown now seemingly set for years ahead, Mainland equities have retreated, but not markedly so, hinting that investors are being more accepting of the “new normal.” The Shanghai Composite is 0.15% lower, but once again, the CSI 300 has retreated by 0.60%, with Hong Kong unchanged. Although regulatory threats have had a modest impact today, the lesson seems to be that gains in China stock will be limited for some time because of them. I doubt the cheapness of price to governmental risks ratio for China equities has finished its repricing exercise lower yet.

Elsewhere, Wall Street had a mixed night, with rotation into growth evident again after US inflation data passed without incident. The S&P 500 rose 0.25%, while the Nasdaq fell by 0.16%, with the Dow Jones once again outperf0orming, rising by 0.63%. In Asia, US futures are basically unchanged.

That has left Asia drifting with the Nikkei 225 and Kospi unchanged for the session. Taipei has edged 0.15% lower, with Singapore rising by 0.30% and Kuala Lumpur unchanged. Jakarta has risen 0.55%, while Bangkok has retreated by 0.55%, with Manila slumping 1.15% ahead of the BSP policy decision. Australia’s ASX 200 and All Ordinaries are unchanged.

With Asia caught between delta-variant and China regulatory risks on one side and a US economy still on its recovery track on the other, Europe is likely to open neutral to slightly higher. This evening, it would be a huge surprise if the US data stopped the party early for US equities.

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Jeffrey Halley je z več kot 30 -letnimi izkušnjami na področju deviznih tečajev - od trgovanja na prostem/maržah in NDF do valutnih opcij in terminskih pogodb - višji tržni analitik OANDA za azijsko -pacifiški sektor, odgovoren za zagotavljanje pravočasne in ustrezne makro analize, ki pokriva široko paleto razredov sredstev. Pred tem je sodeloval z vodilnimi institucijami, kot so Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC in Barclays. Jeffrey, zelo iskan analitik, se je pojavil na številnih globalnih novinskih kanalih, vključno z Bloombergom, BBC, Reutersom, CNBC, MSN, Sky TV, Channel News Asia, pa tudi v vodilnih tiskanih publikacijah, vključno z New York Timesom in The Wall Street Journal, med drugim. Rojen je bil na Novi Zelandiji in ima MBA poslovne šole Cass.

Zadnje objave avtorja Jeffrey Halley (Poglej vse)