ASIA WRAP: NZ Employment Not Convincing

*Chance of an RBNZ Nov. rate cut increased on soft job growth data
*However, NZ wage inflation printed in line with expectations 
*Elsewhere, China slashed its 1yr MLF rate by 5bps from 3.30% to 3.25%


  • FX markets proved little unchanged with markets awaiting more US-China trade developments.
  • AUDUSD +0.06%.
  • NZDUSD ended flat. 
  • USDJPY -0.08% pulled slightly back towards 109. 
  • US Dollar Index -0.05% finished marginally down.
  • USDCNH -0.10% remains below 7 at 6.994.


  • Equities grinded lower on negligible news as markets await Softbank's expected weak quarterly result.
  • ASX Cash -0.55% finished lower despite opening up as excessive valuations across tech stocks felt the full brunt. Appen (APX) -7.9%, Nearmap (NEA) -4.7% and Afterpay (APT) -4.4% leading the pack.
  • S&P 500 Futures -0.4%.
  • Nikkei Futures -0.09%.
  • CSI 300 Futures -0.21%.

Fixed Income:

  • Bond yields are still marginally higher since the close of yesterday.
  • AUS 10y yields +7bps.
  • US 10y yields +5bps.


  • Brent Crude Futures -0.41% edged lower on an inventory build.
  • Gold Spot ended flat as gains looked capped on weak demand.