26 Mar 2015
Market Movers: Equities on the defensive, Oil spikes - TDS
FXStreet (Barcelona) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities, summarizes the market performance during the Asian trade.
Key Quotes
“The weaker US Durables Goods outcome and the decent US equity sell off overnight have equities on the defensive here in Asia. Other than Chinese stocks, which are up 0.25%, most major regional indices are down 1% or more.”
“News that Saudi Arabia and its allies launched air strikes in Yemen saw oil spike US$2 in Asia. No doubt this played a hand in accelerating the equity declines, but it also helped provide a bid for ACGBs and NZGBs, where bond yields were up as much as 4-5bps earlier in the session, but are now close to unchanged. UST are 1 bps lower in Asia.”
“The defensive tilt however did not see a USD bid emerge, the DXY down 0.25%, with the AUD and NZD the only two G10 crosses weaker vs the USD, -0.2%.”
“The commodity space is firmer with gold and oil moving up on news of the airstrikes, Gold at US$1200 and Brent futures +3.5%. Copper is +0.4%, but iron ore futures are down 3%.”
Key Quotes
“The weaker US Durables Goods outcome and the decent US equity sell off overnight have equities on the defensive here in Asia. Other than Chinese stocks, which are up 0.25%, most major regional indices are down 1% or more.”
“News that Saudi Arabia and its allies launched air strikes in Yemen saw oil spike US$2 in Asia. No doubt this played a hand in accelerating the equity declines, but it also helped provide a bid for ACGBs and NZGBs, where bond yields were up as much as 4-5bps earlier in the session, but are now close to unchanged. UST are 1 bps lower in Asia.”
“The defensive tilt however did not see a USD bid emerge, the DXY down 0.25%, with the AUD and NZD the only two G10 crosses weaker vs the USD, -0.2%.”
“The commodity space is firmer with gold and oil moving up on news of the airstrikes, Gold at US$1200 and Brent futures +3.5%. Copper is +0.4%, but iron ore futures are down 3%.”