Asian markets were mixed overnight with the Shanghai Comp reaching fresh 22 month highs whilst the Hang Seng & Kospi lost ground (Nikkei +0.16%, Hang Seng -0.16%, Shanghai Comp +0.46% & S&P/ASX +0.11%). The USD was on the back foot from the start of the session with the market bottoming out towards midday. It then recovered around half of its losses to finish around 22 pips lower vs the Yen. Bond markets were genarally higher with Aussie 3yrs printing levels not seen since the middle of September while Treasuries added to gains made since the US afternoon. TYZ7s were 4.5 better at 124-19+ on below average volume of just over 65K lots. Elsewhere Oil was a touch lower and Gold was higher continuing to build from yesterdays lows. In other news China started marketing its first US Dollar-denominated bonds since 2004; 5-year US Dollar bonds marketed at Treasuries plus 30-40bps; 10-year US Dollar bonds marketed at Treasuries plus 40-50bps
Key Headlines
-South Korea GDP Data (Q3 P) Q/Q +1.4% vs +0.9% exp, pvs +0.6%. Y/Y +3.6% vs +3.0% exp, pvs +2.7%.
-Japan PPI Services Y/Y (Sep) +0.9% vs +0.8% exp, pvs +0.8%.
-Australia Import Prices -1.6% vs -1.5% exp, pvs -0.1%. Export Prices -3.0% vs -4.0% exp, pvs -5.7%.
-The PBoC set the yuan mid-point at 6.6288 (vs. 6.6322)
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