Asian Equities Higher After Most European Banks Pass Stress Tests

Markets in Asia were mostly up and European exchanges were expected to open higher on Monday, as investors appeared to shrug off news that most European banks received a clean bill of health from the European Central Bank.

The E.C.B. said on Sunday that 25 European banks had failed crucial stress tests to determine whether they could withstand a financial crisis, leaving a shortfall of 25 billion euros, or about $ 31 billion, in cash. The tests were widely watched as a measure of whether European banks, ravaged by the financial crisis, were finally turning the corner.

But no major European bank failed the yearlong audit, which was based on bank figures from the end of 2013. Since the start of the year, some of banks have raised fresh money to fill existing holes, but 13 of the 25 banks that failed have not yet raised enough money. These are mainly Italian and Greek banks.

NY Times

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China Launches Gold Exchange to Capture Asian Market

China launched a gold exchange open to foreign players for the first time on Thursday, putting the world’s top bullion buyer on track to win a race to set the benchmark price in Asia.

The launch of the Shanghai Gold Exchange’s international bourse with yuan-denominated contracts is the first in a slew of bullion contracts expected in Asia, including Singapore and Hong Kong, before the end of the year as the region aims to have pricing power as the top consumer of the metal.

China’s efforts have the best chance of success, say market players, as it has a huge home market. With imports of over 1,000 tonnes of gold last year and local production of about 400 tonnes, China consumes over a third of global supply.

A successful take-up of the exchange could see gold priced and paid for in yuan rather than the U.S. dollar, challenging the traditional dominance of London and New York in trading.

The exchange’s launch is also a big boost for the free trade zone, where the bourse is located. Despite being touted as a test bed for financial reforms, the zone has struggled to show significant progress in its first year.

“The launch of the gold contracts will increase China’s influence and improve price discovery,” China central bank governor Zhou Xiaochuan said at a launch event in Shanghai.

via Reuters

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Asian Currencies Lower Again This Week on Fed

Asian currencies are set to drop for a third week, the longest run of losses since January, as the prospect of higher U.S. interest rates dims the appeal of emerging-market assets.

Indonesia’s rupiah and Malaysia’s ringgit led the declines after the Federal Reserve on Sept. 17 raised by 25 basis points its median estimate for where the federal funds rate will be by the end of 2015, while pledging to keep it near zero for a “considerable time.” Global funds pulled a combined $ 906.1 million this week from stocks in Indonesia, South Korea, Taiwan, India and the Philippines. Counting began across Scotland following a referendum on its independence from the U.K.

“The key concern is capital outflows from Asia to the U.S.,” said Ho Woei Chen, an economist at United Overseas Bank Ltd. in Singapore. “The U.S. could raise interest rates at a faster pace than expected.”

Bloomberg

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Trader Chat January 30 – Business Insider

Margin Call Dave Lutz of Stifel, Nicolaus passes along the top topics about which clients are talking about today. Good Morning! US Futures are meandering along what many hope is the “Floor”, the 100dma in the E-minis, as they gain 30bp. Nasdaq Futures fare better on the back of Earnings – adding 40bp, and remain almost 3% above their 100dma. Bear markets close higher than where they opened. Thus far in 2014, the SPX has closed below our opening 12 times, and above 7. Euro markets are slightly red, with the DAX off 30bp (had been off 1%), and some periphery countries nearing unchanged. Over in Asia, The Nikkei was hit for 2.5% on a surging Yen and their Retail Sales print light ahead of heavy data tonight, while …

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Trader Chatter, Jan. 20, 2014 – Business Insider

Wikimedia Commons The U.S. markets are closed. But the rest of the world goes on. Dave Lutz of Stifel Nicolaus has a roundup of what traders are reading and chatting about as they wait for markets to come back online:Good Morning! Following is a roundup of overnight Market Action – Key headlines (With Story Links), and this week’s calendar.Euro Markets are under pressure – weighed down by Banks after DB released early. DAX off 40bp in average trading, but most EU markets trading 30% light to average volumes. EU Fins are retreating, losing 1% on the back of DB’s 6% drop overnight. Asian Markets were under pressure on Weak China data – Nikkei lost 60bp, Shanghai lowest in 6 months, and most EM Asia weaker. …

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Dave Lutz of Stifel Nicolaus has a roundup of what traders are reading and chatting about as they wait for markets to come back online: Good Morning! Following is a roundup of overnight Market Action � Key headlines (With …

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