09.27.2022 12 new Morning Note posts under Morning Note (11) and CAPIS Insights (1)

International Summary

News Trading Desk

International Summary

"CAPIS Global Recap – 9/11/2019"

posted by Clayton Duff on 09/11/2019 at 6:43 am

by Clayton Duff

09/11/2019 at 6:43 am

The CAPIS International Trading Desk wishes those affected by and who still remember daily the events of 9/11, now 18 years later, peace and continued healing.

World Market Points

Apart from mainland China all indices in the region finished higher with weakness in Defensives weighing in that market. Financials finished up post word the government will remove QFII (qualified foreign institutional investor) and RQFII (yuan-based QFII) quota limits as they open up their markets more.  Conversely the Hang Seng rallied nearly two percent on broad gains as Real Estate, Financials, and Industrials surged.  Energy names joined Financials and Utilities for sizable gains in Japan while Materials led Down Under.  South Korea Kospi was higher with the country expected to file a WTO complaint against Japan concerning their chip-making material ban.  Word is some Japanese companies are looking to curtail production in Korea.

The improved sentiment on US/China trade talks helped markets. One story out of China noted that back in May 80% of the agreement between the two existed.  Supposedly China will purchase more US ag products as it looks to finalize the deal with the US.    There were several economic releases out including South Korea reporting unemployment down to 3.1% in August, considering better than the previous 4.0%. 3.1% is a 6 year low for the country. Down Under, Westpac Consumer Confidence slipped up 100, to 98.2. Of interest, the National Australia Bank sees the RBA cutting their benchmark rate to .5% by next February with another 25bps cut to follow if need be.   After the close china reported New Yuan Loans at 1.210T Yuan, well above the prior 1.06T reading.

Ahead of the ECB meeting tomorrow and the expected reduction of the deposit facility rate European markets are to the upside today.  Gains are broad with Financials leading with rates mixed today with a slight bias to lower bond prices. Basic Resources are also strong along with Banks, Tech, and Autos.  In Italy, PM Conte won the second confidence vote with a new government expected to take office.

News in specific names

  • Japan Post Insurance rallied +1.3% and Japan Post Bank finished up 2.8% despite Japan’s Financial Services Agency beginning investigations into the firm concerning sales practices.
  • Amsterdam-listed Prosus opened higher but is currently flat on its initial day of trading today. The reference point was at €58.7 but the stock opened at €76.  The spinoff from South Africa’s Naspers +4.5 % contains the firm’s stake in Tencent +1.7%. Prosus also has a South African listing as well.
  • Fresh from its announced purchase of Refinitiv, the LSE is today up 4.5% after the Hong Kong Exchange made a bid of £20.45 cash and 2.495 shares of HKEX shares for the firm.  The deal values the LSE at £83.61 a share.
  • ArcelorMittal +1.9% is better with word they may offload their construction unit with a value of €700-800m seen in the business. The sale is expected next quarter.
  • Casino +2.8% is racking up gains today on bid spec from Carrefour -1% as they deny they are interested.

Event Survey Actual Prior Revised
SK 48) Unemployment rate SA Aug 4.00% 3.10% 4.00%
JN 49) BSI Large All Industry QoQ 3Q -1 1.1 -3.7
JN 50) BSI Large Manufacturing QoQ 3Q -0.2 -10.4
AU 51) Westpac Consumer Conf Index Sep 98.2 100
AU 52) Westpac Consumer Conf SA MoM Sep -1.70% 3.60%
SK 53) Bank Lending To Household Total Aug KR862.1t KR854.7t KR854.8t
SK 54) Bloomberg Sept. South Korea Economic Survey (Table)
SP 55) Industrial Output NSA YoY Jul 2.90% -1.80% -1.90%
SP 56) Industrial Output SA YoY Jul 1.50% 0.80% 1.80% 1.60%
SP 57) Industrial Production MoM Jul -0.30% -0.40% -0.20%
CH 58) Aggregate Financing CNY Aug 1604.5b 1980.0b 1010.0b 1011.2b
CH 59) Money Supply M0 YoY Aug 4.50% 4.80% 4.50%
CH 60) Money Supply M1 YoY Aug 3.70% 3.40% 3.10%
CH 61) New Yuan Loans CNY Aug 1200.0b 1210.0b 1060.0b
CH 62) Money Supply M2 YoY Aug 8.20% 8.20% 8.10%
PO 63) CPI MoM Aug F -0.10% -0.10%
PO 64) CPI YoY Aug F -0.10% -0.10%
PO 65) CPI EU Harmonized MoM Aug F -0.10% -0.10%
PO 66) CPI EU Harmonized YoY Aug F -0.10% -0.10%

About the Author

Clayton Duff headshot
ClaytonDuffDir,Director of International Trading

Clayton Duff joined the firm in 2008. He has worked in the industry since 1994 and held various trading and sales positions before CAPIS, including four years as a trader for First Southwest. Clayton was promoted to manager of international trading in 2019. He earned his bachelor’s degree f...

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