Market Comment | Quiet session ahead of trade developments

Summary

Financial markets were broadly steady, although some caution lingers as investors wait for U.S.-China trade agreement progress. Concerning the macroeconomic data, U.S. inflation increased less than expected, whereas China’s trade balance rose in December.

Key points

• Key points:
• US CPI increased less than expected to 2.3% YoY, while core inflation remained steady at 2.3%.
• Sovereign yields inched down across the board boosted by lower-than-expected growth of U.S. inflation.
• China’s trade balance surplus unexpectedly rose but largely reflecting base and price effects .
• The CNY extended its appreciation below the CNYUSD 7 threshold.
• Equity markets remained broadly unchanged.

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