Global Market Quick Take: Asia – November 7, 2023 Global Market Quick Take: Asia – November 7, 2023 Global Market Quick Take: Asia – November 7, 2023

Global Market Quick Take: Asia – November 7, 2023

Macro 5 minutes to read
APAC Research

Summary:  Treasuries unwound the post-NFP gains, helping the dollar to rise back modestly. Equities were mixed with Russell 2000 sinking 1.3% but broader indices closing higher. China sentiment remained upbeat and trade data today will be a key test. AUD also remains vulnerable to RBA decision, while earnings focus shifts to Uber.

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

US Equities: A rally in Treasury yields weighed on US stocks, especially smaller caps, with the Russell 2000 reversing and sinking 1.3%. The strength in mega-cap technology and pharmaceutical stocks helped the S&P500 and Nasdaq 100 to continue to extend gains, rising 0.2% to 4,366 and 0.4% to 15,155 respectively. Eli Lilly surged 4.8% as the drug maker’s chief scientific officer said he was ‘extremely optimistic’ about breakthroughs in its pipelines. On Tuesday, investors’ focus is likely to turn to Uber’s earnings announcement.

Fixed income: Treasuries sold off and unwound most of the post-nonfarm-payrolls gains last Friday, with the 10-year yield surging 7bps to 4.64%. The 2-year yield climbed 10bps, reaching 4.93%, bear-flattening the curve. The issuance of around $25 billion in corporate bonds on Monday, coupled with the upcoming $48 billion 3-year Treasury notes on Tuesday followed the 10-year and 30-year auctions on Wednesday and Thursday had investors cautious about taking up additional duration.

China/HK Equities: Hong Kong and China markets rallied for the third day in a row following the improvement of sentiment towards risk assets globally on the prospect of the Fed is done for hiking rates. Additionally, the Central Financial Work Conference held early last week refrained from mentioning “deleveraging” which had been the driving theme since 2017. On Monday, the Shenzhen State-owned Assets Supervision and Administration Commission of the State Council (Shenzhen SASAC) said that it had the resources to provide support to Vanke, a leading Chinese developer. Chinese brokerage stocks rose sharply after the CSRC planned to ease capital requirements for some assets of brokerage firms. EV, technology hardware, and internet names also outperformed. The Hang Seng Index gained 1.7% and the Hang Seng Tech Index surged 4.1%. The market sentiment has improved amid above-average turnover. The CSI300 added 1.4%.

FX: Choppy trading session but the dollar managed to move higher slightly, erasing some of the losses from Friday. Kiwi was the weakest currency, after it failed to pierce through the 0.60 handle and reversed lower to 0.5960. USDJPY moved back to 150 from lows of 149.21 seen on Friday as BOJ Governor Ueda reaffirmed dovish policy. AUDUSD back below 0.65 with stakes high for today’s RBA meeting. EURUSD still holding above 1.07 with services PMI unrevised. Chinese yuan stayed below 7.30 with PBOC’s strong fixings continuing to underpin.

Commodities: Supply concerns were back on the forefront as Saudi Arabia and Russia reaffirmed cuts until year-end. That helped crude oil prices start the week with some gains despite fading geopolitical risks. Meanwhile, the surge higher in Treasury yields again brought Gold lower, while Copper continued to rally further amid optimism on demand and more stimulus measures in China and the end of the Fed rate hike cycle.


  • Fed’s Senior Loan Officer Opinion Survey (SLOOS) remained short of showing any immediate escalation in concerns on tightening of bank lending standards. Overall, the survey showed the expected tightening in lending conditions or weakening in demand for all loan types in Q3.
  • Fed’s Cook (voter) said expectations of near-term policy rates do not appear to be driving the climb in long-term rates, while ahead of the SLOOS the Governor said banking sectors remain "sound and resilient overall" and acute stresses have abated.

Macro events: RBA Policy Announcement exp 4.35% vs. 4.10% prior – read more in yesterday’s FX note, EIA STEO; China Trade Balance (Oct) exp $82bn vs. $77.83bn prior, US International Trade (Sep) exp -$59.8bn vs. -$58.3bn

Earnings: Uber, Gilead, UBS, Occidental

In the news:

  • Gaza Death Toll Reported Above 10,000 as Conflict Escalates (Bloomberg)
  • Biden presses Netanyahu for ‘tactical pause’ in Israel-Hamas war (FT)
  • OpenAI set to launch store as ChatGPT reaches 100mn users (FT)
  • Chipmaker NXP forecasts profit above estimates on resilient auto, industrial (Reuters)
  • China, Australia embark on right path of improving ties: Xi (Xinhua)
  • BOJ chief sees increasing chance of achieving 2% inflation goal (Nikkei)


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 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.