Asian markets started out risk-on, with USDKRW touching 1150 and the Nikkei up more than 1%. Equity markets in ASEAN maintained gains, most notably the Philippines (up 4.9%) and Indonesia (up 2.5%), but the Nikkei has swung back to losses, down 0.8% as we write. The Shenzhen index rose 1%, but the SHComp fell 0.9% despite a statement from the PBoC overnight signaling an end to the cash squeeze and China’s 7-day repo rate falling to 7.22%. S&P futures dropped 0.4%.
Read the full report: Market Research
Credit Suisse