Asian equities tread water

A decent US Non-Farm Payrolls number on Friday was balanced out by weaker ISM Manufacturing data and a sharp rise in short-dated US yields as rate hike expectations rose. NFP posted a lower than expected, but still very healthy, gain of 431,000 jobs. Notably, the previous month’s total was revised higher by 95,000 jobs. The headline employment number was enough to allow Wall Street to eke out modest, if unconvincing gains. The S&P 500 rose by 0.34%, the Nasdaq edged 0.29% higher, while the Dow Jones gained 0.40%. US futures in Asia are unchanged.

Asian markets calm at start of week

In Asia, equities are ranging around unchanged, with Covid-19 concerns in mainland China capping sentiment, with a mainland holiday also sapping trading volumes. The Nikkei 225 is 0.10% higher, while South Korea’s Kospi is up 0.25%. Mainland China markets are closed but Hong Kong’s Hang Seng has risen by 1.35% after Chinese authorities moved to ease audit inspection barriers for US-listed China companies.


Some positive news out of China this weekend, which could be mildly supportive for Wall Street later today, is that China appears to be loosening its audit restrictions, reducing the immediate threat of a mass delisting of US-listed Chinese companies. Many of those are listed in Hong Kong, which should also find reasons to cheer as a result.


In regional markets, Singapore is 0.10% higher, Kuala Lumpur has eased by 0.25%, while Jakarta is unchanged. Bangkok is 0.10% higher, with Manila falling 0.25%. Taiwan is also closed for a holiday. Australian markets are the day’s best performers, the ASX 200 rising by 0.40%, and the All Ordinaries by 0.58%, led by resources.


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Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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