*Aussie banks finding it tough
*Aussie retail sales missed expectations
*Equity markets still up on US-China trade hopes
FX:
- Negligible headlines in FX through Asia with US-China trade hopes supporting risk.
- AUDUSD +0.04%. Aussie Retail Sales m/m missed expectations 0.2%; est. 0.5%; prior 0.4%.
- NZDUSD +0.36% was high beta on US-China trade.
- USDJPY +0.05% didn't buy in to US-China trade hopes and still remains steadfast at 108.22.
- US Dollar Index -0.03% was little changed with EURUSD flat and GBPUSD +0.02%.
- USDZAR -1.3% was high beta in Asia trading with markets appearing relieved that a ratings downgrade by Moodys eschewed junk status and only went as low as negative.
- Other EM FX pairs were broadly USD negative.
Equities:
- Equities finished up in Asia driven by broad US-China trade hopes. Some more than others.
- ASX Cash +0.27% spiked at the open but was faded throughout the day on the weak outlook for Aussie bank stocks, who make up a significant proportion of the index. Westpac (WBC.AX) was front page news with profits significantly lower, its dividend cut and a A$2.5bn cap raising announced.
- ASX 200 Futures +0.166%.
- S&P 500 Futures +0.22% has slowed near all-time highs.
- Nikkei Futures +0.39%.
- CSI 300 Futures +0.44%.
- HSI 50 Futures +1.16% despite claims that protests will heat up after two critical weekend clashes.
Fixed Income:
- Yields pointed up through the session as bonds sold.
- AUS 10y yields +3bps.
- NZ 10y yields opened +5bps higher.
Commodities:
- Brent Crude Futures -0.5% were slightly softer on some cautious trading ahead of manufacturing data.
- Gold spot -0.16% was marginally lower given US-China positivity. The lull in negative US-China headlines over the last month has seen Gold stay within a tight range.
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