Global Market Quick Take: Asia – September 6, 2023 Global Market Quick Take: Asia – September 6, 2023 Global Market Quick Take: Asia – September 6, 2023

Global Market Quick Take: Asia – September 6, 2023

Macro 3 minutes to read
APAC Research

Summary:  The S&P 500 dipped 0.4% due to rising Treasury yields, while the Nasdaq 100 eked out a 0.1% gain, thanks to strong tech company performance. Airbnb surged 7.2% ahead of its S&P 500 inclusion, and Tesla rose 4.7% on robust sales growth in the Chinese market. In China, sentiment dropped as the Caixin Services PMI fell to 51.8, highlighting Chinese economic challenges. The US dollar hit 6-month highs on higher Treasury yield, while WTI crude oil reached a new yearly high, up 1.3%, after Saudi Arabia and Russia extended production cuts. The 10-year Treasury yield hit 4.26%, driven by corporate bond issuances and oil price surges.

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, down 0.4%, was weighed down by an extended surge in Treasury yields, while the Nasdaq 100 managed to conclude the session with a modest 0.1% gain, bolstered by the strong performance of tech companies. Airbnb (ABNB:xnas) surged 7.2% due to its impending inclusion in the S&P500, set to begin on September 18. Tesla (TSLA:xnas) saw a 4.7% increase in its stock price after reporting a 9.4% Y/Y and a 30.9% M/M sales growth in August in the Chinese market. Beyond EV manufacturers, Saxo’s Peter Garnry delves into exciting opportunities within the EV charging and battery recycling sectors in his latest research note.

China/HK Equities: Market sentiment plummeted in reaction to a larger-than-anticipated decline in the Caixin Services PMI, which dropped to 51.8, underscoring the hurdles confronting the Chinese economy. The Hang Seng Index dropped by 2.1% while the Hang Seng Tech Index plunged by 2.6%. Southbound flows exhibited a net buying activity of HKD12 billion. The CSI 300 also dipped by 0.7%.  Northbound flows reverted to a net selling trend, with overseas investors offloading RMB4.6 billion worth of A shares.

Fixed income: Treasury yields saw an 8bps increase across the curve, driven by approximately USD 37 billion in corporate bond issuances and a 1.3% surge in crude oil prices, reaching a new high for the year. The 2-year and 10-year notes closed at 4.96% and 4.26%, respectively.

FX: The dollar pushed to a near 6-month high as higher Treasury yields underpinned. Weak China and European data also brought relative advantage and safety bid to the dollar. USDJPY rose to fresh YTD highs of 147.80 but verbal intervention this morning from Japan’s top currency official Kanda pushed the pair slightly lower to sub-147.50 temporarily. AUDUSD was at 10-month lows of 0.6358 amid broad risk-off, miss in China PMI and RBA standing pat. Next support at 0.63. USDCAD below 1.3650 as oil prices rose but risks for BOC meeting today are tilted dovish.

Commodities: Brent crude rallied to break above the $90 mark amid the surprise on the length of the production cut from Saudi Arabia and Russia. Saudi Arabia extended its 1mb/d through to December, and Russia announced the same for its 300kb/d export reduction. Inventory data remains on watch this week. Meanwhile, gold slid back below $1930 on rising Treasury yields while silver touched $23.50 support.

Macro: China's Caixin Services PMI fell from July’s 54.1 to 51.8 in August. The output sub-index reached its lowest point for the year and the new services export orders sub-index slid into contraction territory for the first time this year. Meanwhile, final print of Eurozone services PMI for August was revised lower to 47.9. Fed’s Waller, typically a hawk, hinted at a pause for the September meeting.

In the news: Chinese developer, Country Garden, paid the coupons of two offshore USD bonds within grace periods while seeking to extend seven domestic bonds by three years – via Bloomberg. Arm targets valuation of up to $52bn in IPO – via FT.

Macro events: BoC Policy Announcement; German Industrial Orders (Jul), US ISM Services PMI (Aug) – read full preview in Saxo Spotlight.

Earnings events: Alimentation Couche (after market, Adj. EPS est. CAD1.06/USD0.78)

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

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

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


Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


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.