Overnight Price Action
Asian shares rose, albeit o nly marginally following S&P gains overnight. HSI and SHComp were up 0.1%, the Kospi and Sensex was up 0.2%, while S&P futures and the Nikkei held flat. Most G10 FX are stuck at NY closes. EURUSD has stabilized at 1.348 after the decent fall overnight. USDJPY ground marginally lower to 98.7 and AUDUSD to 0.934. Better mood in equity failed to lift Asian currencies. With the exception of the INR, Asian currencies traded on the weak side. USDMYR rose 0.3% to 3.22, and USDPHP inched up 0.1% to 43.32. In contrast, INR extended gains to 61.9, close to post FOMC levels.
US yields edged higher and stabilized at 2.66% in Asia. Most Asian rates followed, yields were up 1 to 3bps.
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Credit Suisse