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Chinese equities higher led by Real Estate, quiet session overall

Asia Market Update: Chinese stocks higher led by Real Estate, Quiet session overall; Potential US railroad strike in focus.

General trend

– China PBOC continued with increased injections after a RRR cut over the weekend.

– Japanese data comes in worse than expected.

– Currencies continue to push higher against USD.

– Hang Seng Properties index continues to rise, lifting the Hang Seng.

– US President Biden is asking Congress to draft an agreement between rail operators and employees before the strike deadline on December 9.

– Adobe sees US consumer purchases up 3.7% year-over-year during Cyber ​​Week (week after Thanksgiving Holiday).

– More dove comments from Fed’s Barkin.

Headlines/economic data

Australia/New Zealand

ASX 200 opened flat.

– (NZ) NZIER RBNZ Shadow Board: Expect OCR to peak at 5.0% during 2023; See risk of overcorrection with Monetary Policy.

Japan

Nikkei 225 opened -0.6%.

– (JP) Japan Oct Retail Sales M/M: 0.2% Q 1.0%E; Y/Y: 4.3% F 4.5%E.

– (JP) Japan Oct unemployment rate: 2.6% V 2.5%E.

– (JP) Japan Fin Min Suzuki: Preparation of defense budget with 2% of GDP after PM Kishida instruction.

– (JP) Bank of Japan (BOJ) offers to buy 5-10 year JGBs at fixed rate of 25bps; Open window to buy unlimited amount of 10-year JGBs at 0.25% [as expected].

Toyota 7203.JP Adjusts some China operations due to restrictions.

Korea

Kospi opened -0.1%.

– (KR) South Korea Oct Department store sales Y/Y: 8.0% v 24.8% before; Discount Store Sales Y/Y: -0.5% v 9.9% previous.

– (KR) President Yoon of South Korea: To offer incentives to bring Tesla Giga factory to the country.

– (KR) South Korea has ordered cement truck drivers on strike to return to work.

China/Hong Kong

Hang Seng opened +1.5%; Shanghai Composite opened +0.6%.

– Kweichow Moutai announced > CNY3.0B investments in expansion and a special dividend of CNY21.91.

– (CN) China PBOC sets Yuan reference rate: 7.1989 v 7.1617 previous.

– (CN) China PBOC Open Market Operation (OMO): Sell CNY80B in 7-day reverse repo v CNY55B upfront; Net injection CNY78B v net injection CNY52B front.

Other

– (TW) Taiwan Central Bank Gov Yang: Measures have effectively curbed inflation; Still need to adopt tighter monetary policy to curb inflation expectations to maintain price stability.

North America

– (US) President Biden: A rail shutdown will destroy the US economy; Ask Congress to draft an agreement between operators and employees before the December 9 strike deadline (as expected).

– (US) Adobe sees Cyber ​​​​​​Monday Total Sales $11.2-11.6B; Cyber ​​Week Sales $35.2B, +3.7% y/y.

– (US) Fed’s Barkin (non-voter): Our foot is on the brake, not the gas; Supports slower but potentially higher rate path; If CPI stays elevated, Fed needs to do more.

Europe

– (UK) Said that the UK is looking to deport certain asylum seekers – Press.

Levels as of 12:20 AM ET

– Nikkei 225, +0.5%, ASX 200 +0.3%, Hang Seng +4.3%; Shanghai Composite +2.1%; Kospi +1.0%.

– Shares S&P500 Futures: +0.3%; Nasdaq100 +0.5%, Dax flat; FTSE100 +0.2%.

– EUR 1.0335-1.0394; JPY 139.42-138.33 ; AUD 0.66405-0.67095; NZD 0.6160-0.6220.

– Gold +0.7% at $1,753/oz; Crude oil +2.7% at $86.18/brl; Copper +2.1% at $3.6765/lb.

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