Global Market Quick Take: Asia – September 5, 2023 Global Market Quick Take: Asia – September 5, 2023 Global Market Quick Take: Asia – September 5, 2023

Global Market Quick Take: Asia – September 5, 2023

Macro 3 minutes to read
APAC Research

Summary:  Quiet overnight markets with US and Canada closed for Labor Day holiday. Asia’s positive momentum on the back of China’s broadening stimulus announcement also faltered and European indices closed in minor red. China’s Caixin services PMI and Reserve Bank of Australia meeting eyed in Asia today and whether more AUD gains are likely. Crude oil remains a huge focus with Brent breaking out.

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

US Equities: The cash equity market was closed in observance of the Labor Day holiday. Index futures were unable to hold gains driven by Asian market rally and ended the shortened session (closed at 1pm New York time) mixed.

China/HK Equities: Following a typhoon-interrupted week, Hong Kong's equity market responded to mainland China's recent property market regulatory changes. This spurred a long-awaited surge in sentiment, propelling both the Hong Kong and mainland Chinese equity markets forward. The Hang Seng Index surged by 2.5%, driven by gains in China's property and materials sectors, while the CSI300 advanced by 1.5%. Notably, overseas investors shifted from a week-long net selling trend to a net purchase of RMB6.9 billion in Northbound flows. Although individual regulatory changes may not cause significant market shifts, the combined impact of several rapid adjustments sends strong signals. This suggests the potential for a sustained rally in both Hong Kong and mainland Chinese equity markets in the near term.

FX: Quiet markets with Labor Day holiday in US and Canada on Monday. USDJPY breaking back above 146.50 in early Asian hours this morning from lows of 144.45 on Friday post-NFP but intervention threat looms. GBPUSD made its way above 1.26 as BOE rate hike remains priced in, with EURUSD still struggling at 1.087 as Lagarde didn’t give any clear signals on the next ECB meeting. AUDUSD stays close to 0.6460 with RBA meeting and China measures in focus – read our FX Watch for more.

Commodities: Brent oil breaking out of recent range as it closes in on $90/barrel amid supply concerns with traders awaiting announcement from Russia and Saudi Arabia, with oil inventories also in focus again this week after last week’s drawdowns. Meanwhile, Chevron launched mediation talks with Australian LNG facilities workers but strike threats continued if a pay deal isn't reached.

Fixed income: The cash Treasury market was shut due to a public holiday. Futures extended last Friday’s selloff in thin trading as the USD45 billion plus heavy corporate issuance calendar looms this week.

Macro: ECB President Lagarde was on the wires yesterday and said that critical for central banks to keep inflation expectations firmly anchored while these relative price changes play out. She stayed away from giving any signals on policy action at the Sept ECB meeting. Current market pricing is for a one in four chance of a rate hike.

In the news: Chinese electric carmakers ramp up push overseas, setting up clash with U.S., European auto giants – via CNBC.

Macro events: Reserve Bank of Australia (12:30pm SGT) could keep rates unchanged, but will it keep the door open for more rate hikes ahead – read full preview in Saxo Spotlight.

Earnings events: Zscaler (after market, Adj EPS est. USD 0.493); Ashtead (before market, Adj EPS est. GBP 0.826/USD 1.051)

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.