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Equity indices trade lower amid holidays and recent US declines
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ECB refuted press report
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RBA pushes review of taper to February
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- 1015Z.KR Temporarily suspended its sole plant in Busan due to lack of semiconductor parts – Yonhap.
- (KR) Follow Up: South Korea Presidential Office: Meeting between President Moon and Japan PM Suga is still uncertain.
- (KR) South Korea sells KRW1.02T in 5-year bonds: avg yield 1.700% v 1.675% prior.
China/Hong Kong
Hang Seng opened -0.8%; Shanghai Composite opened -0.3%.
- (CN) China State Planner (NDRC) Approved CNY38.9B in fixed asset investments in June, total CNY246.4B in H1, fully confident in reaching annual economic and social development targets despite recovery still facing difficulties and challenges.
- (CN) China has signaled that Hong Kong is the preferred place for Chinese companies to IPO (not New York) and will exempt any Chinese company from requiring approval from cybersecurity regulatory body if they IPO in Hong Kong v other offshore markets – press.
7/2/2021 5:41:05 AM GMT
Asia Market Update: Asia trades mixed ahead of US jobs report, Chinese markets lag; AU and NZ gov t bond yields decline.
General trend
- US equity FUTs trade mixed ahead of data; 10-yr UST yield declines.
- Shanghai Composite opened lower and continued to drop during morning session [Healthcare, Financials and Consumer indices drop over 2%].
- Hang Seng opened slightly higher (+0.1%) following holiday, the index later dropped by over 1.5% [TECH index drops over 3%; Property and Financial firms also trade generally weaker].
- Nikkei has seen modest rise after opening flat; Fast Retailing to report Jun sales after the market close.