Global Market Quick Take: Asia – September 1, 2023 Global Market Quick Take: Asia – September 1, 2023 Global Market Quick Take: Asia – September 1, 2023

Global Market Quick Take: Asia – September 1, 2023

Macro 6 minutes to read
APAC Strategy Team

Summary:  US equities closed mixed after PCE data, with attention on US employment figures. Tech stocks outperformed. Hong Kong and China saw moderate losses post mixed NBS PMI data. Dollar strengthened due to EUR weakness from ECB comments. Crude oil surged 2% due to Russian export cuts. Yields dipped 1-3 basis points in quiet trade, awaiting employment report. US claims and PCE data showed a cooling economy. EZ inflation persisted, but ECB rate hike odds lowered. China adjusted mortgage rates and down payment ratios to spur housing demand. Upcoming: China Caixin Manufacturing PMI, US NFP, US ISM Manufacturing.

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

US Equities: Key indices ended Thursday mixed in a choppy session after inline PCE prints as the focus has shifted to today’s US employment data. Technology stocks outperformed seeing Seagate, Broadcom, Salesforce, Juniper, and Micron gain around 3%. For a discussion on Nvidia’s share buybacks, read on here.

China/HK Equities: The Hong Kong market is closed for a typhoon while mainland bourses are open today. Markets finished moderately lower on Thursday after a mixed set of China NBS PMI data that generated no fanfare.

FX: Month-end flows and EUR weakness driven by dovish ECB comments drove the dollar higher in the US session. EURUSD hit a low of 1.0835 from 1.0940 with September rate hike bets being pared. GBPUSD also sold-off but found support at 1.2650 with BOE chief economist Pill saying further hikes might not be necessary. PBoC’s announcement to cut forex deposit reserve ratio from 6% to 4% brought gains in CNH in the Asian morning. USDCNH slid below 7.25 from 7.2750, while NZD and AUD rallied. Focus turns to NFP jobs data in the day ahead, USDJPY remains below 146 and could see gains if data is strong.

Commodities: Crude oil extended gains as Russia agreed to further OPEC+ oil export curbs and more steps will be announced next week. Russia had cut crude exports by 500k barrels a day in August, reduced that to 300k in for September and October decision will be on watch next week. Saudi Arabia is also expected to extend its 1mn barrels a day cut to October. Gold on watch as well as it retreated to $1940 but a softer jobs data can bring a fresh push higher.

Fixed income: Yields slid 1 to 3 basis points across the curve on quite trading, with all eyes on the employment report today.

Macro: China’s PBoC announced a cut to FX RRR from 6% to 4% from September 15. Little new information in US claims and July PCE data. Jobless claims 228k (exp 235k, prev 232k) and core PCE +0.2% MoM, 4.2% YoY as expected. Both reaffirmed economy is cooling but not fast enough. Core services ex-housing rose 0.46% MoM (prev 0.3%), which could concern some Fed officials. EZ inflation remained stubborn with both headline and core up 5.3% YoY, vs. previous 5.3% and 5.5% respectively. However, comments from ECB's Schnabel on the slowing economy were later echoed by DeGuindos, leading to a repricing lower in the odds of an ECB rate hike in September.

In the news: China announced to lower interest rates charged on outstanding mortgages in a move to slow the wave of prepayment and boost consumption. Simultaneously, China standardizes the down payment requirements for home purchases across the country aiming at boosting housing demand. For more details, read on to our article here. Cybersecurity firms CrowdStrike, Okta shares jump after better-than-expected earnings – Full article in CNA.

Macro events: China Caixin Manufacturing PMI (Aug) exp 49.0 vs 49.2 prior (0945 SGT), US NFP (Aug) est 170k vs 187k prior (2030 SGT) – preview included in FX Watch. US ISM Manufacturing (Aug) est 47 vs 46.4 prior (2200 SGT)

Earnings events: Broadcom dropped by nearly 5% in the extended trading hours after giving a downbeat revenue guidance for Q4.

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

For a detailed look at what to watch in markets this week – read our Saxo Spotlight.

For a global look at markets – tune into our Podcast.

For thematic discussions on developments affecting your portfolio – watch our The Curious Investor videos.


Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, 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. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such 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.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

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

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.