Morning wrap (11.07.2023)

• Indices from Asia-Pacific traded mostly higher today - only Japanese Nikkei dropped 1.2%, S&P/ASX 200 moved 0.5% higher, Kospi is up 1.60%, indices from China traded 1.3% higher.

• Asian equities rose on the back of Wall Street gains and China's increased support for its property market.

• Hong Kong and mainland China welcomed news of Chinese regulators pressuring financial institutions to ease terms for property companies.

• Japan, South Korea, and Australia saw gains in their benchmark indexes, with semiconductor stocks rising.

• US stock futures were relatively unchanged after the S&P 500 and Nasdaq 100 made slight gains on Monday.

• The dollar weakened against most G10 currencies, while Australian and New Zealand government bond yields fell.

• Dutch CPI YoY was 5.7%, lower than the previous reading of 6.1%.

• The Bank of Korea expects the base rate to remain at 3.50% through 2023 and drop to 3.25% in Q1 2024.

• Australian consumer sentiment increased by 2.7%.

• Some Fed officials expressed the need for further interest rate hikes to address inflation, while others emphasized patience amid signs of an economic slowdown.

• Energy commodities: oil gains 0.4% while US natural gas prices drops 0.2%

• Cryptocurrencies are consolidating after solid gains in the previous session. BTC is currently trading at 30,500, while ETH is at 1,877.

The Japanese Nikkei (JAP225) formed a double top pattern at 33,600 points, lost upward momentum, and returned to the support level at 32,200 points., D1 interval, source xStatin 5.