Overnight Price Action
The Nikkei has rallied 2.1% and S&P futures are up slightly, but most other Asian equity markets are down slightly. Shanghai is down 0.2%, the HSI has fallen 0.3%, and the Kospi is down 0.4%. In Southeast Asia only markets in Singapore and Thailand are up.
G10 FX has essentially drifted going into the Fed. AUDUSD is at 0.9349, EURUSD is at 1.33556, and USDJPY is at 99.21. EM Asia FX has been similarly lacklustre. USDKRW has drifted lower to 1081.75, USDMYR opened lower and has edged down to 3.2327, and USDINR is stable at 63.288. In Asian rates, the main movement has been in China where the repo rate bounced up 17bps to 3.71%. However, swap rates are up only 1-2bps. JGB yields are off very slightly and most other Asian markets are essentially flat.
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Credit Suisse