Global Market Quick Take: Asia – March 28, 2024 Global Market Quick Take: Asia – March 28, 2024 Global Market Quick Take: Asia – March 28, 2024

Global Market Quick Take: Asia – March 28, 2024

Macro 6 minutes to read
Redmond Wong

Chief China Strategist

Summary:  USDJPY surged to 151.97, its highest in 34 years, then retreated slightly to around 151.30. Japan's Finance Minister issued a cautionary statement, signalling readiness for "decisive steps" against currency fluctuations. A joint emergency meeting of Japan's Ministry of Finance, Bank of Japan, and Financial Services Agency discussed yen weakening. Vice Finance Minister hinted at potential foreign exchange intervention. In the US, Trump Media & Technology soared 14.2%, while the S&P 500 rose 0.9% to 5,248 and Nasdaq 100 climbed 0.4% to 18,281. Core PCE data is due Friday, coinciding with the Good Friday market closure.

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

Equities: Risk sentiments abounded in the US equities market. Trump Media & Technology added 14.2% after surging 16% the day before. The S&P 500 gained 0.9% to 5,248 while the Nasdaq 100 climbed 0.4% to 18,281. Merck surged 5% following the approval of a potential blockbuster drug. Nvidia dropped by 2.5%, pulling back for the second day in a row. The US equity market will be closed for the Good Friday holiday on March 29. For long-term investors, read this Saxo article highlighting some attractive sectors for the longer term.

In Japan, the Nikkei 225 rallied amid a weaker Yen, rising 0.9% to 40,763, having its record highs in sight.

In Hong Kong, market sentiment soured as Alibaba's share price dropped 2.1% following the cancellation of its logistics subsidiary, Cainiao, coupled with persistent anxiety about a weaker renminbi dragged down by the Japanese Yen which hit a 34-year low on Wednesday. Also weighing on the market, EV stocks plunged 3%-6%, driven by a downbeat 3.6 million volume guidance from BYD, falling short of the 3.7 million expected by analysts. Factoring in the fast growth in exports, the growth in the domestic EV market looks decelerating and dampens the share prices of other EV stocks. The Hang Seng Index dropped by 1.4% and the mainland’s CSI300 finished 1.2% lower. The Hong Kong market has a busy earnings calendar today ahead of the long weekend starting on Friday.

FX:  On Wednesday, USDJPY surged to 151.97, reaching its highest level in 34 years, before slightly pulling back to around 151.30. Japan's Finance Minister, Shunichi Suzuki, issued a cautionary statement, indicating the Ministry of Finance's readiness to take "decisive steps" in reaction to currency fluctuations. Later in the day, the Ministry of Finance, the Bank of Japan, and the Financial Services Agency held an emergency meeting to discuss about the weakening of the yen. In the briefing from the meeting, Vice Finance Minister Masato Kanda said he “won’t rule out any steps to respond to disorderly FX moves”, hinting at the potential for foreign exchange intervention. He went on to say that the BOJ could respond with monetary policies as well if the yen’s fluctuations affect the economy and inflation.

Commodities: Oil pulled back slightly as prices bounced from intraday lows after a smaller-than-expected weekly increase in commercial crude inventory according to data released by the Energy Information Administration. Precious metals rallied modestly with gold and silver trading at around 2190 and silver to 24.60 in Asian morning on Thursday.

Fixed income: In the absence of economic data and ahead of the PCE data scheduled to be released on Friday when the market is closed to observe the Good Friday holiday, Treasuries rebounded moderately, with yields falling 2bps to 5bps across the yield curve. Investor demand was strong for the $43 billion 7-year notes auction. At the close, the 10-year yield was 4bps lower at 4.19%. Today the Treasury market will close early.


  • The S&P affirmed the long-term and short-term sovereign credit ratings of the United States at AA+ and A1+ respectively and maintains its assessment of the credit rating outlook of the US as ‘stable’.
  • In the first two months of the year, China's industrial profits amounted to 9140.6 billion yuan, marking a turnaround from a 2.3% decline the previous year to a positive growth of 10.2%. Looking at sectoral performance, profits in mining declined by 21.1% year-on-year, while those in manufacturing grew by 17.4% and utilities increased by 63.1%. Among the 41 major industries, 29 experienced year-on-year profit growth. Notably, computer, communication, and other electronic equipment manufacturing saw profits double.


    Macro events: On Thursday: US Initial & Continuous Jobless Claims (weekly), US Chicago PMI (Mar), US Pending Home Sales U of Michigan Consumer Survey (March, Final), US GDP (Q4 3rd revision); On Friday: US PCE and core PCE inflation (Feb), US Persona Income and Consumption (Feb )

    Earnings: Bank of China , China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China, China International Capital Corporation, China Galaxy Securities, Haitong Securities, China Pacific Insurance, China Overseas Land & Investment, China Vanke, Chinasoft, Great Wall Motor, Dongfeng Motor, Guangzhou Auto, Brilliance China, Changjiang Electric, Jiangxi Ganfeng Lithium.

    In the news:

  • Fed's Waller still sees 'no rush' to cut rates amid sticky inflation data (Reuters)
  • BOJ board divided over economic strength upon negative rate exit (Nikkei Asia)
  • US Is Asking Allies to Tighten Servicing of Chip Gear in China (Bloomberg)
  • Xi Jinping to China’s central bank: restart treasury-bond trade, after 2-decade hiatus (SCMP)
  • Oil Heads for Quarterly Advance as OPEC+ Holds the Line on Cuts (Bloomberg)


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 (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.