Global Market Quick Take: Asia – September 26, 2023 Global Market Quick Take: Asia – September 26, 2023 Global Market Quick Take: Asia – September 26, 2023

Global Market Quick Take: Asia – September 26, 2023

Macro 4 minutes to read
APAC Strategy Team

Summary:  The 10-year US Treasury yield hit a 15-year high at 4.53% as traders anticipated a robust economy and the Fed's "higher for longer" policy. Rising Treasury yields strengthened the dollar. EURUSD fell below 1.06 despite strong German Ifo data, while USDJPY approached 149, possibly prompting verbal intervention. The S&P 500 ended a 4-day losing streak with a 0.4% gain, driven by Amazon's 1.6% rise following its investment in AI startup Anthropic. The Hang Seng Index and CSI300 retreated due to China Evergrande's troubled restructuring efforts and a PBoC advisor's caution on limited monetary easing room in China.

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

US Equities: The S&P 500 ended a 4-day losing streak, rising 0.4% on Monday, while the Nasdaq added 0.5%. Among the mega-cap tech companies, Amazon led the way with a 1.6% gain after announcing plans to invest in Anthropic and collaborate on generative AI, an AI safety and research startup. Nvidia advanced 1.5%.

Fixed income: The 10-year yield surged by 10bps to 4.53%, reaching a new 15-year high. No major headlines triggered this movement. The selling concentrated on the long end, which bear-steepened the yield curve as traders continued to adjust positions in anticipation of a resilient economy and the “higher for longer” stance of the Fed.

China/HK Equities: The Hang Seng Index and CSI300 pulled back from the rally last Friday. The news over the weekend, stating that China Evergrande was unable to meet the regulatory qualifications for the issuance of new notes to replace old debts under the proposed restructuring of offshore debts, dragged down China property stocks. Comments from Liu Shijin, a member of the PBoC’s monetary policy committee that China should seek reform instead of depending on monetary easing or other macroeconomic measures also weighed on market sentiment. The Hang Seng Index plunged 1.8%, while the CSI300 shed 0.7%, closing near the day's lows.

FX: Higher Treasury yields, particularly at the long end, pushed the dollar higher to extend its gains. USDCHF rose to near 4-month highs of 0.9136 with immediate target at 0.9162 which is 0.382 retracement level. EURUSD broke below 1.06 support despite better-than-expected German Ifo. USDJPY attempted a move towards 149 but verbal intervention could get louder again. AUD slipped on China woes while NZD and CAD gained, and the outperformer was SEK with the Riksbank starting their FX hedging.

Commodities: Crude oil hovered near recent highs despite China woes clouding demand outlook but being offset by signs of improvement in the German economy and sustained resilience in the US, as well as the expectation of a Golden Week travel demand bump in China. There was also some relief in the supply situation with Russia making some changes in the fuel-export ban by excluding bunker fuel, gas oils, and some middle distillates from the list. Metals were hurt by China, higher yields, and the dollar, with iron ore down over 4% and Gold slipping below $1920.


  • Fed’s Goolsbee (voter) tried to keep the door open for more rate hikes but also emphasized higher-for-longer. He said the Fed will play it by ear whether rates need to move higher, and it feels like rates will have to stay higher for longer than markets had expected.
  • Moody’s warned of a protracted government shutdown saying that it could weigh on consumer confidence and markets.
  • Meanwhile, after PMIs, Germany’s Ifo also showed a slight improvement in business outlook to 85.7 vs. 85.2 expected, while the previous was revised higher to 85.8.
  • There were several ECB speakers once again. Lagarde largely repeated what was said at the ECB Press Conference, noting policy rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to target. Schnabel said there is not yet an all-clear for the inflation problem.

Macro events: US Consumer Confidence (Sep) exp 105.5 vs. prev 106.1 (due 2200 SGT), New Home Sales (Aug) exp 698k vs. prev 714k (due 2200 SGT) and Richmond Fed Manufacturing index (Sep) exp -7 vs. prev -7 (due 2200 SGT).

In the news:

  • PBoC advisor sees limited room for further monetary easing (Reuters)
  • Wall Street Reacts to the Writers Guild’s Tentative Deal (Hollywood Reporter)

Key company events:

  • Amazon to Invest Up to $4 Billion in AI Startup Anthropic (Bloomberg)


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

For a global look at markets – go to Inspiration.



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.