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Bulls applaud China, make headlines on Evergrande




  • Asian stocks are tracking Wall Street gains amid falling US Treasury yields.
  • Evenrgrande raises 16 quotes after paying US bond coupons, PBOC remains defensive.
  • Australia is considering booster injections, New Zealand markets are off.
  • Firmer oil is probing equity bulls amid a quiet start to the key week.

Asian stocks show a positive start to the week ahead of Monday’s European session, thanks to headlines from China. US stimulus hopes and low US Treasury yields also contribute to the risky mood.

U.S. policymakers including President Joe Biden and House Speaker Nancy Pelosi have signaled the proximity of the long-awaited infrastructure spending deal of late. The same goes with comments from Chinese Evergrande suggesting he has resumed construction work on 16 cities, including the last six, to brighten up the mood. In addition, China’s ability to regain official headquarters at the United Nations (UN) and the efforts of the People’s Bank of China (PBOC) to protect the financial system, recently with a net injection of 190 billion yuan, also strengthen the positive feeling.

On the contrary, new covid fears from China, as conveyed by Mi Feng, spokesperson for the National Health Commission, join the Fed’s chatter, supported by Fed Chairman Jerome Powell on Friday, defy the atmosphere.

Amid these games, the MSCI Asia-Pacific Ex-Japan Equity Index gained 0.20% intraday. However, the Japanese Nikkei falls 0.85% at the latest after a Meiji Yasuda Life insurance company hinted the yen would be even stronger.

Elsewhere, Australia is considering COVID-19 booster injections shortly after the activity restrictions caused by the virus were eased, according to Reuters, which in turn joined the recently lower Australian virus numbers to help the ASX to earn 0.35% at press time. That being said, Chinese equities are slightly bid on while those of Indonesia, India and South Korea are following suit. It should be noted that the Turkish lira refreshed its all-time high earlier in the week, following the weekend’s headlines, before slashing gains to 1.35% one day at the latest.

On a broader front, the S&P 500 Futures reversed early Asian losses to hit a record high set on Friday, as 10-year US Treasury yields fell 1.3 basis points (bps) to 1.642% as of later. It should be noted that Wall Street closed more firmly the day before even as Fed Chairman Jerome Powell backed the cut and refrained from calling inflation “transient.”

Read: S&P 500 Futures, US Treasury yields falter in calm markets




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