Article / 06 September 2016 at 2:10 GMT

Morning Report APAC: Asian equities feel the boost

APAC Sales Trading Desk / Saxo Capital Markets

  • Japan’s Topix at three-month high this morning with Kospi also near highs
  • USD maintains lower levels, with AUD the strongest beneficiary
  • WTI crude remains above $45/barrel after gains were lost in last session
  • Europe, UK enjoy some robust data - UK Services PMI leading the way

By Saxo APAC Sales Trading

Economic data of the day (Singapore Time)


No speeches

Overnight news

US:  Extremely quiet session from the US as they were out for Labour Day holiday. 

Europe:  Robust set of services PMI across Europe yesterday, with the Eurozone coming in at 52.8, down slightly from 53.3 prior but comfortably in expansionary territory. Eurozone retail sales had a strong beat coming in at 2.9% year on year versus consensus expectations of 1.8%.

UK: The services PMI came in much stronger than expected, printing 52.9 versus 50 expected. The raft of strong UK data continues and saw a rapid rise in the GBP post release, but gains were pared later in the session.


The USD traded on the backfoot all day triggered by comments from Bank of Japan governor Haruhiko Kuroda at the G20, which the market interpreted as hinting at potentially less stimulus or at a lack of clarity around stimulus at the September 21 BoJ meeting.

Risk sentiment was generally buoyant throughout yesterday’s Asian session which saw traders sell USD and buy carry currencies.

Emerging markets saw big inflows yesterday and had a very strong day before a quiet overnight session due to the US holiday.

THB bucked the trend, traded weaker as the Stock Exchange of Thailand tumbled on the market open and rumours of the Bank of Thailand preventing baht strength circulated.

Ahead we expect emerging market currencies with strong fundamentals to remain bid as the market continues to push for yield.
Foreign exchange movementsxxx


The European Central Bank's quantitative easing program passed a milestone last week, topping 1 trillion euros in purchases after 18 months of aggressive bond buying.

The bank's policy makers are scheduled to hold their regular meeting on Thursday, and expectations are mixed: Some expect the ECB to extend the run of the QE program beyond March 2017, while others expect the bank to wait until later in the year before acting, in order to have a better understanding of the Brexit fallout.





US markets were closed for Labor Day. European markets finished lower last night with shares in London leading the region. The FTSE 100 was down 0.22% while Germany's Dax was off 0.11% and France's CAC 40 is lower by 0.02%.

Airbus Group (AIR:xpar)is said to be in advanced talks with Vietnam’s Vietjet for a multi-billion dollar single-aisle jet order. Deal is likely to be announced as early as Tuesday and Airbus group closed 67 cents higher or 1.8% to E53.86.

Asia-Pacific stocks

Greater China highlights

  • Beijing Xinwei (600485 CH): Spacecom seeks to amend sale terms with co., CEO says
  • Fosun Intl (656 HK): Bought back 1.89m shares for HK$22.1m on Monday
  • Goldin Financial (530 HK): Signs JV pact to buy land for as nuch as HK$20b

Japan highlights


  • ABC Mart (2670 JP): Korea unit seeks to list on Korea Exchange
  • Amada Holding (6113 JP): To lower payout ratio target to at least 50%: Nikkei
  • KDDI (9433 JP): TV shopping ops may add 20b yen to FY oper. profit: Nikkei

Southeast Asia highlights

  • Global Premium Hotels (GPHL SP): Tourist influx brings no joy to Singapore hotels amid room glut
  • Greenwood Sejahtera (GWSA IJ): Plans to offer up to 2.5b shrs in rgt issue
  • Matahari Dept. Stores (LPPF IJ): Lippo seeks up to $128m paring Matahari Dept Store stake: Terms

Source: Bloomberg

Haruhiko Kuroda told the G20 last night that there were downsides to Japan's negative
interest-rate policy, suggesting caution about further reductions in rates. Photo: Flickr

– Edited by Adam Courtenay

This report was compiled by the Saxo APAC Sales trading team in Singapore – the home of social trading. Follow the team on @SaxoStrats or post your comment below to engage with Saxo Bank's social trading platform. Follow us on @SaxoStrats on Twitter

All material contained herein is provided for your general information. The information and commentaries are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Saxo Capital Markets Pte. Ltd. (“SCM SG”). Any expression of opinion (which may be subject to change without notice) is personal to the presenter and/or author; they do not reflect the view or opinion of SCM SG or its affiliates, neither do they constitute an endorsement of SCM SG’s view or analysis of the same.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. SCM SG does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment based on any commentaries or information provided here.
For further information, please click here.  

Saxo Capital Markets Pte Ltd ("Saxo Capital Markets") is a licensed subsidiary of Saxo Bank A/S, an online trading and investment specialist. Saxo Capital Markets serves as the APAC headquarters and holds a capital markets services licence under the Monetary Authority of Singapore; and a commodity broker licence issued by the International Enterprise Singapore. Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, the leading multi-asset online trading platforms.
Trading risks are magnified by leverage - losses can exceed your deposits. Trade only after you have acknowledged and accepted the risks. You should carefully consider whether trading in leveraged products is appropriate for you based on your financial circumstances. Please consider our Risk Warning and General Business Terms before trading with us. Please see full General Disclaimer.

Thousands of serious traders receive free news and analysis from Saxo Capital Markets each day. Saxo Capital Markets never sends these emails unsolicited; they are sent following acceptance of your membership and subscription request by Saxo Capital Markets at If you do not wish to receive any emails from Saxo Capital Markets in the future, please reply to this email with the word "UNSUBSCRIBE" in the subject header.

Copyright | Disclaimer | Risk Warning | Privacy Policy | Contact Us
Samsung Hub | 3 Church Street | # 30-01 | Singapore 049483
Company No. 200601141M

Relevant articles for you


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer
- 沪ICP备13028953号-1

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail