Global Market Quick Take: Asia – November 21, 2023 Global Market Quick Take: Asia – November 21, 2023 Global Market Quick Take: Asia – November 21, 2023

Global Market Quick Take: Asia – November 21, 2023

Macro 5 minutes to read
APAC Research

Summary:  Tech-driven equity rally ensued at the start of the week with Microsoft emerging as the winner from the OpenAI debacle, and Nvidia earnings on watch in the day ahead. Treasuries saw bull-flattening amid a well-received 20yr auction. Dollar slumped further, breaking below its 200DMA, leading to show of strength for JPY, AUD, EUR and other G10 currencies expect CAD. Oil prices jumped further on hopes of additional OPEC+ cuts, while copper and iron ore rose amid supply concerns.

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

US Equities: The Nasdaq 100 surged by 1.2% to reach 16,027, achieving a 22-month high. Microsoft contributed to this rise, climbing by 2.1% to reach a record high following the announcement of OpenAI's Sam Altman joining the company. Additionally, Nvidia saw a 2.3% increase in anticipation of its earnings announcement scheduled for Tuesday. The S&P500 gained 0.7%. All eyes are on Nvidia's results today, with the Bloomberg survey forecasting a 480% year-over-year surge in Nvidia's adjusted EPS to $3.365 and a 171% increase in revenue.

Fixed income: A strong 20-year auction saw the 10-year and 30-year yields 2bps lower to 4.42% and 4.56%. The 2-year yield rose 3bps to 4.91. Richmond Fed Barkin (non-voter) said the Fed’s job was not done. The Treasury is scheduled to auction $15 billion 10-year TIPS on Tuesday.

China/HK Equities: China Internet stocks and consumer staples names rebounded, driving the Hang Seng Index 1.9% higher. The Hang Seng Tech Index gained 2.4%, with Tencent rising 3.6%. XPeng surged 5.1% after unveiling a 7-seater MPV model X9. After the market close, Xiaomi reported in-line revenue growth of 1% Y/Y to RMB70.9 billion while adjusted net income increased by 183 % Y/Y to RMB6 billion, surpassing the estimate of RMB4.7 billion, due to record-high gross margins.

FX: The dollar extended its slide at the start of the new week, with DXY index breaking and closing below its 200DMA at 103.62. Bears seem to stay in control, but RSI is reaching oversold conditions and next key support is at 103 or the 61.8% retracement levels at 102.55. FOMC minutes due today will be skimmed for any further dovish hints. NOK was the outperformer in G10 again with oil prices extending gains, and USDJPY also extended its slide to sub-148.50. AUDUSD moved higher to 0.6560 ahead of RBA minutes due later and 200DMA at 0.6590 may be coming in focus. AUDNZD also finding support at 1.0850. EURUSD testing 61.8% retracement level at 1.0960 and break above could open doors to 1.10 but the move has been fast and remains prone to a correction first. GBPUSD finding it hard to move above 1.25 while USDCAD unable to break below 1.37 despite oil price gains. EURCAD above 1.50 and could target 2023 highs at 1.5113.

Commodities: Crude oil prices extended gains further on Monday, with Brent reaching $82/barrel, on hopes of additional OPEC+ production cuts along with an extension of Saudi Arabia’s voluntary cuts being extended to 2024. Copper and iron ore prices rose further amid USD weakness and hopes of China stimulus, while supply issues also underpinned with shutdown warnings at First Quantum’s Panama copper mine and strikes in Peru. Gold however remains depressed.


  • The US leading index for October fell 0.8%, slightly more than the prior and expected -0.7%. Fed's Barkin (2024 voter) said it is not a big time for offering forward guidance, saying the Fed will be data dependent; said core inflation numbers are "coming down nicely", but a lot of that is for goods. FOMC minutes due in the day ahead will be dig for any further dovish hints by Fed members.
  • BoE Governor Bailey was on the wires after the London close and said it is far too early to be thinking about rate cuts, saying returning inflation to target is "absolute priority" and will take no chances when inflation is high. The Governor further added that interest rates will have to stay high enough for long enough to make sure the bank gets all the way back to the 2% target, and the BoE must watch for further signs of inflation persistence that may require interest rates to climb again.

Macro events: FOMC Minutes (Nov), RBA Minutes (Nov), UK PSNB (Oct), Canada CPI (Oct)

Earnings: Nvidia (preview here), Lowe’s, Baidu, Medtronic, Analog Devices, Dell, Autodesk, Kingsoft, Kuaishou, iQIYI

In the news:

  • Nearly All of OpenAI Staff Threaten to Follow Altman to Microsoft If Board Doesn't Quit (Bloomberg)
  • China Drafts List of 50 Property Firms Eligible for Funding (Bloomberg)
  • Biden approval rating ticks up as voters rank stronger economy: Poll (The Hill)
  • Chinese financial watchdog warns of risks as Premier Li takes helm (Reuters)

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

For a global look at markets – go to Inspiration.

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 (

40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo is a registered Trading Name of Saxo Capital Markets UK Ltd (‘Saxo’). Saxo is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo assumes no liability for any loss sustained from trading in accordance with a recommendation.

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. Android is a trademark of Google Inc.

©   since 1992