Global Market Quick Take: Asia – December 27, 2023 Global Market Quick Take: Asia – December 27, 2023 Global Market Quick Take: Asia – December 27, 2023

Global Market Quick Take: Asia – December 27, 2023

Macro 5 minutes to read
Redmond Wong

Chief China Strategist

Summary:  Overnight, the S&P500 rose 0.4% to 4,775, nearing its January 2022 record. The Nasdaq 100 also increased to 16,878. The summary of opinion of BoJ’s December meeting, released this morning, was somewhat dovish, showing no sense of urgency to end the ultra-loose policies. USDJPY rebounded moderately to 142.60. Crude oil rallied, WTI reaching $75.6 (+2.7%) and Brent at $81.1 (+2.5%). Last Friday, Hang Seng and Hang Seng Tech Index suffered declines due to tightened regulations on online gaming in China.

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

US Equities: On Tuesday, the S&P500 gained 0.4% to 4,775, just a touch below its record high in January 2022. The Nasdaq 100 rose 0.6% to 16,878. Intel gained 5.2% after the chip maker confirmed that it had obtained $3.2 billion incentives from the Israeli Government to invest a total of $25 billion in the country. Manchester United rose 3.4% as Jim Ratcliffe agreed to pay $33 a share for a 25% stake in the British football club.

Fixed income: Treasury yields were little changed on Tuesday. The 2-year yield rose 3bps to 4.35% while the 10-year yield was flat, settling at 3.9%.

China/HK Equities: Last Friday, before the long holiday weekend, the Hang Seng Index plunged 1.7%, and the Hang Seng Tech Index slumped 4.4%, dragged down by online gaming stocks, including NetEase, which was down 24.6%, Tencent, down 12.4%, Bilibili, down 9.7%, and Kuaishou, down 7.2%. China’s National Press and Publication Administration published a draft bill that tightens regulations over online gaming, including limiting in-game spending and rewards to gamers' engagement. In light of the dramatic response, the regulator said on Saturday, Dec 23, that it had noticed the concerns and would revise the draft bill after listening to feedback. On Dec 25, the regulators approved 105 new domestic games. Tencent ADR rebounded more than 7% from Friday’s Hong Kong closing level. Over the first two days of the week following Hong Kong's closure, the mainland’s CSI300 edged down 0.4%. The Hong Kong equity market resumes trading today. The unexpected tightening over gaming reminds the market that there are other policy priorities in addition to boosting economic growth and investor confidence.

FX: In thin trading during a holiday season, the currency market was quiet. BoJ Governor Ueda did not offer anything new in his speech on Dec 25. The summary of opinion of BoJ’s December meeting, released this morning, was somewhat dovish, showing no sense of urgency to end the ultra-loose policies. USDJPY rebounded moderately on the summary of opinion to 142.60. For the remainder of the year, USDJPY is likely to hover within the 142-145 range.

Commodities: Crude oil rallied, with WTI crude gaining 2.7%, reaching $75.6, and Brent crude adding 2.5% to $81.1. The disruption to tankers transiting through the Red Sea continued to cause traders' concerns.


  • US Chicago Fed National Activity Index improved to 0.03 in November from -0.49 in October.
  • In its summary of opinion released this morning, a member of the Bank of Japan said that “given the wage growth rate has not caught up with inflation rate to date, even if next spring’s wage hikes are considerably higher than expected, the risk that this will cause underlying inflation to significantly exceed 2 percent is small”.  The member went on to say that “ the Bank is currently not in a situation where it would fall behind the curve if it did not rush to raise policy interest rates. It would not be too late even if the Bank makes a decision after it sees developments in labor-management wage negotiations next spring.” The opinion highlights that the likely timing of the end of ultra-loose monetary policy will be later than what the market is anticipating. 

Macro events:  Japan Housing Starts (Nov), China Industrial Profits (Nov)

In the news:

  • Apple files appeal after Biden administration allows US ban on watch imports (Reuters)
  • Japan to crack down on Apple and Google app store monopolies (Nikkei)


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

For a global look at markets – go to Inspiration.


The Saxo 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 is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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 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 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 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 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 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.

Trading in financial instruments carries risk, and may not be suitable for you. Past performance is not indicative of future performance. Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo 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 Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning 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. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

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 are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.