CN Oct data was generally below ests, AU Q3 wage data is due on Wed

General trend

– China National Bureau of Statistics (NBS): China to actively expand demand.

– Chinese markets extended gains during morning trading.

– Country Garden [Chinese property developer] announced equity raise; Will other developers also tap the market?

– Japanese equities trade slightly higher.

– Japan Banks index rises following earnings from the megabanks.

– Australian stocks lag [commodity-sensitive indices decline].

Headlines/economic data

Australia/New Zealand

– ASX 200 opened flat.

– (AU) Australia PM Albanese: Looking forward to meeting with China President Xi on Nov 15th.

– (NZ) New Zealand sells NZ$3.0B in 4.25% May 2034 Green Bonds via syndication; yield to maturity: 4.3550%.

– (NZ) New Zealand Sept Net Migration: +2.2k v +47 prior.

– (AU) Reserve Bank of Australia (RBA) Nov minutes: Considered both 25 and 50BPS increase, saw merits in both; Have not ruled out 50BPS hikes or pause.

– (NZ) Reserve Bank of New Zealand (RBNZ): Household’s 2-year inflation expectations stable at 5.0%.

Japan

– Nikkei 225 opened -0.1%.

– (JP) JAPAN Q3 PRELIMINARY GDP Q/Q: -0.3% V 0.3%E; GDP ANNUALIZED Q/Q: -1.2% V 1.2%E.

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

– (JP) Japan Industry Ministry Nishimura: Japan is supporting next gen semiconductors, will push forward Abe’s vision of a free economic order.

– (JP) Japan MoF sells ¥2.5T v ¥2.5T indicated in 0.005% 5-year JGBs; Avg Yield: 0.0600% v 0.0810% prior, bid-to-cover: 3.31x v 3.99x prior.

– (JP) Japan Sept Final Industrial Production M/M: 1.7% v -1.6% prelim; Y/Y: 9.6% v 9.8% prelim.

Korea

 Kospi opened -0.3%.

– (KR) South Korea Oct Export Price Index Y/Y: 13.7% v 15.2% prior; Import Price Index Y/Y: 19.8% v 24.1% prior (update).

– (KR) South Korea Sept M2 Money Supply M/M: 0.0% v 0.7% prior.

China/Hong Kong

– Hang Seng opened +0.3%; Shanghai Composite opened -0.1%.

– (CN) China Foreign Min: President Xi talked about anti secession law when speaking with Biden; Would make all efforts for a peaceful reunification with Taiwan.

– (CN) China PBOC Open Market Operation (OMO): Sells CNY172B in 7-day reverse repos v CNY5.0B prior; Net inject CNY170B v net drain CNY3.0B prior.

– (CN) China President Xi comments to France President Macron: China and EU should expand 2 way trade and investment.

– (CN) China National Bureau of Statistics (NBS): Reiterates to balance COVID controls and economic development.

– (CN) China Oct YTD Residential Property Sales Y/Y: -28.2% v -28.6% prior.

– (CN) China Oct Surveyed Jobless Rate: 5.5% v 5.5%e.

– (CN) China Oct YTD property investment Y/Y: -8.8% V -8.3%E.

– (CN) China Oct fixed urban assets YTD Y/Y: 5.8% V 5.9%E.

– (CN) China Oct Retail Sales Y/Y: -0.5% V +0.7%E; YTD Y/Y: 0.6% V 0.8%E.

– (CN) China Oct industrial production Y/Y: 5.0% V 5.3%E; YTD Y/Y: 4.0% V 4.0%E.

– (CN) China President Xi has given a 3 point proposal on global development – Xinhua.

– (HK) 6-month Hong Kong Dollar (HKD) HIBOR rises above 5.26% [highest since Jan 2001].

Other

– (SG) Monetary Authority of Singapore (MAS) Thurman: Do not think that the US is set on a collision course with China.

– (SG) DBS and OCBC increase fixed home loan rates to >4.0% – Singapore press.

– (SL) Sri Lanka Central Bank Gov: Have to address chronic large deficits and current account deficits; Budget has to look at what reforms are needed to ensure stability.

North America

– (US) Six airlines in the US have agreed to $600M in passenger refunds due to cancellations, delays, or changes to flights, will also pay $7.25M in penalties.

– (US) USTR Tai: Biden raised US concern with the non-market policies in China [follows the Biden/Xi meeting].

– (US) Senate Majority Leader Schumer (D-NY): Hopeful on debt ceiling issue; Will focus on govt spending, debt limit and marriage quality.

– (US) Pres Biden and China Pres Xi meeting said to have ended after lasting more than 3 hours – press.

– (CA) Bank of Canada (BOC) Gov Macklem: Inflation is too high around the world and impacts low-income families the most.

– (US) Pres Biden: Do not think there is any imminent threat of China invading Taiwan; ‘One China’ policy has not changed.

– (US) Freeport LNG Development LP may extend LNG plant outage through Dec, which will mean some export cargoes are scrapped – press.

– (US) The International Brotherhood of Boilermakers (IBB) has failed to ratify rail union labor agreement; 3rd union of 12 to reject the deal brokered by the White House – press.

Europe

– (UK) PM Sunak signals he will maintain the ‘triple lock’ on UK state pension – press.

– (DE) Said that Germany is increasing emergency cash plans to help deal with Blackouts.

Levels as of 00:20 ET

– Nikkei 225, +0.2%, ASX 200 -0.1% , Hang Seng +3.9%; Shanghai Composite +1.6% ; Kospi flat.

– Equity S&P500 Futures: +0.5%; Nasdaq100 +0.7%, Dax +0.3%; FTSE100 flat.

– EUR 1.0333-1.0312 ; JPY 140.62-139.68 ; AUD 0.6710-0.6685 ;NZD 0.6120-0.6085.

– Gold flat at $1,776/oz; Crude Oil -0.5% at $85.39/brl; Copper +0.4% at $3.8565/lb.