Platform GL Asia 1406x160 v2 Platform GL Asia 1406x160 v2 Platform GL Asia 1406x160 v2

Global Market Quick Take: Asia – April 9, 2024

Macro 6 minutes to read
Saxo Be Invested
APAC Research

Summary:  The NY Fed's 1-year inflation expectations remained at 3.0%, but 3-year expectations increased to 2.7% from 2.9%. The US 10-year yield rose to 4.42%. S&P 500 closed stable at 5,202, while Nasdaq 100 slipped 0.1%. Tesla rebounded 4.9%. Japan’s Nikkei 225 surged 0.9%. The dollar stagnated despite high yields. AUDUSD climbed above 0.66 due to a 6% surge in iron ore prices.

Saxo’s Q2 2024 Outlook titled “The wasted year” is now out. You can read it here.

The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events. 


Equities: The S&P 500 finished the session nearly unchanged at 5,202, while the Nasdaq 100 shed 0.1% to 18,100 in a muted session. Tesla rebounded 4.9% as investors reacted to Elon Musk’s announcement last Friday of an August unveiling of the long-awaited self-driving Robotaxi. Coinbase Global surged 6.7%. In Asia, Japan’s Nikkei 225 rallied by 0.9% to 38,893, while China’s CSI300 slid 0.9%. The Hang Seng Index climbed modestly by 0.1% to 16,733. Treasury Secretary Yellen said in Beijing that the U.S. is not seeking to decouple with China, but she reiterated her criticism of China exporting its overcapacity in green energy products to the U.S.

FX: The dollar was unable to go higher again despite yields being sticky on the 3-year inflation expectations surging higher. The weaker dollar pushed activity currencies higher, and NOK and AUD gained despite oil prices inching slightly lower on hopes of a ceasefire in the Middle East. EURNOK drifted lower to 11.60 from highs of 11.66 yesterday. AUDUSD rose back above 0.66 with 6% gain in iron ore prices and broader commodities. EURUSD surged back above 1.0850 and 100DMA test comes in at 1.0874, while USDCAD was back below 1.36 and both ECB and Bank of Canada could show a dovish tilt at their meetings this week. USDJPY remains pinned below 152 and eyes will be on the US inflation release on Wednesday. Bitcoin was flying again, up over 3% to inch above $72k again but reversed lower in Asia, while Ethereum was up about 9% as Bitcoin halving draws closer.

Commodities: Crude oil prices reverted back to gains after a drop to sub-$90/barrel level on hopes of a ceasefire in the Middleeast conflict, as reports suggested that Hamas rejected the Israel ceasefire offer. EIA’s monthly oil report will be in focus today. Gold and copper were also at fresh highs. Gold demand remained underpinned by central bank demand from China and India, as well as retail demand from China. US CPI will be the next big focus.

Fixed income: The 10-year yield climbed another 2bps to 4.42% on Monday after the post-employment report spike last week.  At one point, the 10-year yield advanced to 4.46% in European hours but pulled back in the New York trading hours. The 2-year yield rose 4bps to 4.79%.


  • Fed’s Kashkari was on the wires again, after his comment last week that no rate cuts may be needed this year. The Fed Minneapolis President the inflation rate is running around 3% and the Fed has to get back down to 2% suggesting that the inflation fight is not over. On labor market, he said that it is not red hot like last year, but still tight.
  • The NY Fed inflation expectations saw the 1-year measure unchanged at 3.0%, but the 3 year expectations rose to 2.9% to 2.7%.

    Macro events: EIA STEO

    Earnings: Bank of Ningbo, Hengli Petrochemical

    In the news:

  • Jamie Dimon Warns U.S. Might Face Interest-Rate Spike (WSJ)
  • US Treasury's Adeyemo warns 'malign' actors are using virtual assets (Reuters)
  • Biden’s Student-Loan Plan Seeks to Slash Debt for 30 Million Americans (WSJ)
  • China Has Too Much at Stake in Industry Push to Listen to Yellen (Bloomberg)
  • US to award Samsung up to $6.6 billion chip subsidy for Texas expansion, sources say (Reuters)
  • Shin-Etsu to bolster chip supply chain with first Japan plant in 56 years (Nikkei Asia)
  • TSMC expands U.S. investment to $65bn after securing $6.6bn grant (Nikkei Asia)



For all macro, earnings, and dividend events check Saxo’s calendar.

For a global look at markets – go to Inspiration



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.