Daily Market Briefing, Asia Pacific

• Market wobbles. US shutdown ends. Market jitters return. US equities fall while yields rise. USD softer versus majors like EUR & JPY. AUD slips back.• AU jobs. Employment conditions rebound with unemployment declining. Odds RBA doesn’t cut rates again have risen. China data batch due today. Global Trends There were a few renewed wobbles in risk sentiment overnight with US assets at the forefront of the moves. There was a small sense of the ‘sell America’ theme, which dominated market action a few months ago, returning. US equities lost ground with the tech-sector leading the way (NASDAQ -2.3%, S&P500...

• Upbeat mood. Sentiment improved overnight. US equities & bond yields ticked up on the back of some positive data. AUD & NZD also rose.• US tariffs. Legality of President Trump’s tariffs is before the US Supreme Court. Market odds of a decision in Pres. Trump’s favour fell overnight.• Data flow. US Government Shutdown still in place. Official stats on hold. Bank of England could cut rates again tonight. US Fed members also speaking. Global Trends Sentiment rebounded overnight with the bout of risk aversion stemming from equity market valuation concerns across the tech/AI sectors fading. These issues remain in...

• Market swings. A bout of risk aversion overnight. Valuation concerns weighed on equities. Bond yields dipped. USD firmer. AUD & NZD lose ground.• RBA hold. No change in rates by RBA yesterday. Updated forecasts & guidance suggest there is a chance no more cuts are delivered, in our view.• US data. US Government Shutdown still in place. Private sector stats in focus. ADP employment & services ISM due tonight. This may generate more vol. Global Trends A burst of “risk off” negative market sentiment has washed through global markets over the past 24hrs. A modestly weak day yesterday in...