Asian equities were mixed on Monday with Chinese markets outperforming (Nikkei -0.60%, Hang Seng +0.28%, Shabghai Comp +0.37% & S&P/ASX -0.13%) this after eminis moved 4.5 points higher to recoup most of Fridays losses. In FX space the US$ was higher across the board, with the GBP being the biggest loser after an article in the Sunday Times suggested 40 Tory MP's had agreed to sign a letter of no confidence in Prime minister May. Cable was 0.70 lower on the news as soft housing data and weak high street sales added to its woes. In Bond world, Treasuries opened on the back foot, breaking below Fridays lows but quickly finding support and edging back into positive territory for the rest of the session. Aussie Bonds followed a similar pattern breaking Fridays lows before recovering to trade around unchanged on the day. JGB's lost ground, following on from Fridays weakness to trade 13 ticks lower on the day. Volumes were below average with around 70k TYZ7s changing hands. Elsewhere Bitcoin tumble, trading down around 15% at one stage before recovering to trade a mere 5-6% lower. Feds Harker was on the wires saying one final 2017 rate hike was lighly pencilled in & RBA's Debelle said rates will only rise if Economy is stronger.
Key Headlines:
-Japan PPI Data M/M +0.3% vs +0.1% exp, pvs +0.2%. Y/Y +3.4% vs +3.1% exp, pvs +3.0%
-Japan Loans & Discounts Corp Y/Y +3.50%, previous +3.69%
-UK RightMove House Price Data M/M -0.8% pvs +1.1%, Y/Y +1.8%, pvs +1.4%
-Australia Credit Card Data Purchases +A$25.5 Bln, pvs +$26.9 Bln, Balances +A$51.4 Bln, pvs +$51.3 Bln
-Ireland Construction PMI 54.5, previous 56.5
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