Key Highlights

• Japan steps up warnings on exchange rates as USDJPY rally continues.
• India will hold off on agreeing to U.S. trade deal for several months.
• U.S. issues 30-day sanction waiver for Russian oil at sea to help stabilize supply.

Chart of the Day

Mixed performance for traditional funding currencies as energy costs bite

^{Source: BNY}

There will be monetary policy decisions in several economies running current account surpluses next week. Generally, no changes are expected, but the current conflict in the Middle East has materially changed considerations in relation to a policy response.

We have identified up to ten economies that enjoy surpluses, driven by exports of manufacturing goods. Traditionally, these are funding currencies with lower rates due to heavy savings, and at the beginning of the year our preference was to see most of them gradually appreciate to reflect the size of their surpluses. APAC FX, the Swiss franc and the Swedish krona were largely in this category. However, all these economies have heavy exposure to energy imports (which contributed to the development of their manufacturing industries). If the experience of 2022-23 is anything to go by, many may see a switch from ample surpluses to deficits in short order if energy prices continue to rise.

Out of the ten currencies we see as being in the funding category, most are underheld because of low yields. Cross-border investors will mostly hedge their exposures to capture yield differentials versus the U.S. There have been exceptions at various points this year, especially in APAC, where the region’s undervaluation was approaching extreme levels. We highlighted last month, for example, that SGD, TWD, JPY and KRW were uniformly overheld for the first time in four years, while investors have also reduced hedging in CNY on account of greater tolerance of appreciation. The past week has seen a shift. At present, only KRW and JPY remain overheld but purchases are light, while many surplus economies are facing FX sales for fear of import stress and short-term fiscal impulse to reduce energy burdens. In particular, we note that European currencies such as EUR, SEK and CHF are now seeing investors adding to underheld position or hedges, underscoring a view that this region will struggle the most with energy costs.

What's Changed?

Risk-off sentiment is persisting amid the ongoing conflict, but orderly equity declines and ongoing commodity price volatility are exerting less of an effect on global rates. The notable resilience of all markets to day 14 of the U.S./Israeli/Iranian war stands out. While oil is holding steady near its recent highs, bonds are mixed, FX sees USD stronger, led by EUR, but KRW and JPY are bid on intervention talk, and equities have edged down 1% with defensive sector rotations. The break between oil volatility and other markets is forcing a rethink of energy intensity on markets, as attention turns to downstream worries from the supply shock.

• ·Measuring the cost: The Kpler commodities analysis puts the cost of the war on Gulf oil producers at $15bn so far, using 2025 energy price averages and the shipping volumes. Investors are watching to see how Gulf states’ budget shortfalls get funded. As for the U.S., the reporting on Operation “Epic Fury” costs has talked of $1bn a day on average – with the first six days costing $11.3bn, that suggests that at day 14 we are near $20bn.
• Economic data still matter: Fears of stagflation are now dominating economic releases. The long list of economic releases from the U.S. today will matter, ranging from PCE to JOLTS. The surprise weakness in U.K. GDP, subdued inflation in France and strong lending in China all had an impact, too. For the U.S. markets, the triple witching option expiries in equities, mid-month rebalancing and the usual Friday 13 superstitions are driving expectations of even greater volatility, despite the relative calm from overnight trading.
• Intervention talk: Headlines that Japanese Finance Minister Satsuki Katayama is prepared to take all necessary steps on FX were sufficient to keep USD gains from breaking through the JPY 160 barrier. However, the painful effect of the weaker JPY on JGBs is notable, with 10y rates up 7.5bp to 2.24%. The BoJ is not expected to hike this month, but JPY weakness and oil shocks will risk more inflation. South Korea’s finance minister is also watching FX volatility, but KRW is weaker. The country’s clear intervention to cap energy price shocks for the public shows up in bonds as well, with 10y KTB yields up 4.5bp to 3.68%. The government has capped refiner supply prices to limit pass-through to domestic prices.

Bottom line: The return to normal pre-war worries seems far away still, and so many expect the Friday trading rules for the U.S. session ahead to lead to further risk reduction regardless of any new geopolitical headlines. There is a notable set of worries about private credit and about weaker U.S. jobs that may still surprise today. The economic data, the ongoing shifting correlations between what is seen as safe and what is needed to sustain even current volatility leaves energy intensity as the key barometer for single-name equity analysis. If there is going to be a bigger shock, it will flow downstream from crude to products to industries to consumers. 

What You Need to Know

Japan’s Finance Minister Satsuki Katayama has said the authorities are prepared to take all necessary measures on FX under all circumstances, citing heightened volatility linked to developments in the Middle East and the impact of rising oil prices on households. She stated that large fluctuations are occurring across financial markets, including currency markets, and emphasized that the government is monitoring conditions closely. Katayama declined to comment on specific exchange rate levels and refrained from addressing whether FX intervention would be difficult given that recent yen weakness has been driven by higher oil prices. She added that Japanese authorities are maintaining even closer than usual close communication with their U.S. counterparts. Nikkei -1.163% to 53819.61, USDJPY -0.477% to 159.48, 10y JGB +7.2bp to 2.26%.

India’s trade negotiations with the U.S. are set to be delayed by several months, according to government sources, as new Section 301 investigations into alleged excess industrial capacity add friction following last month’s interim framework. New Delhi had expected to sign an interim deal in March after President Trump agreed to cut tariffs in exchange for commitments including curbing Russian oil imports, lowering duties on U.S. goods and purchasing $500bn of American products. Momentum slowed after the U.S. Supreme Court struck down Trump’s tariffs and Washington shifted its focus to the Iran conflict. The U.S. is currently imposing a 10% tariff that applies until July 24, while India is seeking clarity on whether the previously discussed 18% rate will apply. SENSEX -1.634% to 74791.66, USDINR +0.228% to 92.4075, 10y INGB +1.5bp to 6.682%.

U.K. Foreign Secretary Yvette Cooper has accused Russia and Iran of attempting to “hijack the global economy” as Iran continued to blockade shipping in the Strait of Hormuz in response to U.S.-Israeli strikes. The disruption has pushed oil prices to around $100 per barrel, raising risks of higher global inflation. Speaking in Saudi Arabia, Cooper linked Tehran’s actions to its ties with Moscow, citing cooperation over technology and tactics. She declined to criticize a temporary U.S. authorization allowing purchases of Russian oil already in transit, describing it as a targeted measure. The U.S. Treasury said the exemption would not significantly benefit Russia. Cooper also visited British troops providing air defense support in Saudi Arabia. Brent +0.508% to 100.97, WTI +0.095% to 95.82, HH Natural Gas +1.671% to 3.287, Dutch TTF Natural Gas +0.512% to 51.13.

China has confirmed that Vice Premier He Lifeng will travel to France from March 14 to 17 for economic and trade consultations with U.S. Treasury Secretary Scott Bessent, with talks scheduled for March 15-16 in Paris. The meeting comes ahead of President Trump’s expected visit to China from March 31 to April 2, although Beijing has not confirmed the dates. The discussions take place amid renewed trade friction, after Washington launched Section 301 investigations into alleged excess industrial capacity and probes into forced labor covering 60 economies, including China. Beijing has criticized the investigations as unilateral actions that undermine the international trade order and rejected allegations of forced labor. CSI 300 -0.393% to 4669.14, USDCNY +0.248% to 6.8978, 10y CGB +0.9bp to 1.829%.

What We're Watching

U.S. January personal income forecast to rise + 0.5% m/m vs. 0.3% in December, while personal spending is seen at 0.3% vs. 0.4% in December 2025.

U.S. January core PCE prices forecast at 0.4% m/m, 3.1% y/y from 0.4% m/m, 3.0% y/y in December 2026.

U.S. January preliminary durable goods orders are expected at 1.1% vs. -1.4% in December, while the durable ex-transportation measure is expected to ease to 0.5% m/m from 1.0% in December.

U.S. second estimate of Q4 GDP forecast to be unchanged from the initial estimate of 1.4% q/q.

U.S. March preliminary University of Michigan Consumer Sentiment is expected to ease to 54.6 from 56.6, while 1y and 5-10y inflation is expected at 3.7% and 3.4%, respectively, vs. 3.4% and 3.3% in February.

U.S. January JOLTS job openings forecast to bounce back to 6.750 million vs. 6.542 million in December 2025.

What iFlow is Showing Us

Mood: Investors are in heightened risk aversion mode, with iFlow Mood accelerating in negative territory at -0.088. Bond buying picked up in pace, while equity demand flattened out.

FX: INR, TRY, EUR and SGD outflows stood out, against strong demand in CNY, ZAR, PLN and COP. Elsewhere, G10 currencies were bid, led by AUD, CHF and USD.

FI: EMEA and EM APAC and LatAm sovereign bonds were broadly sold, led by Chinese, Philippine and Turkish government bonds, while G10 sovereign bonds were bid, especially Eurozone government bonds and U.S. Treasurys.

Equities: Selected demand for equities in Peru, Czechia, Thailand and Malaysia against broad selling in the rest of iFlow universe. Swiss, Colombian, Chinese and Indian equities were significantly sold. Within DM Americas, the energy and utilities sectors posted strong buying, against selling in the consumer discretionary and financial sectors. 

Quotes of the Day

“Happiness is not a matter of intensity but of balance, order, rhythm and harmony.” – Thomas Merton

“It takes as much energy to wish as it does to plan.” – Eleanor Roosevelt

Economic Details

Germany’s wholesale prices increased by 1.2% y/y and 0.6% m/m in February. The y/y rate matched those recorded in January and December. The y/y increase was mainly driven by a 44.9% surge in prices for non-ferrous ores, metals and semi-finished products, which also rose 5.2% m/m. Wholesale prices for food, beverages and tobacco increased by 0.8% y/y, with sugar, confectionery and bakery products up 9.1% and meat and meat products up 3.7%. In contrast, prices for grain, raw tobacco, seeds and animal feed fell 7.4% y/y, while milk, dairy products, eggs, oils and fats declined by 6.6% y/y. Mineral oil products were down 3.9% y/y but rose 2.6% m/m. DAX -0.9% to 23377.31, EURUSD -0.487% to 1.1456, 10y Bund -0.6bp to 2.951%.

France’s February CPI rose by 0.6% m/m and 0.9% y/y. Prices rallied m/m from -0.3% in January, driven by a 1.4% rise in manufactured products from -1.9%, reflecting the end of sales in clothing and footwear, where prices climbed 5.9% from -10.2%. Services prices increased by 0.5% after -0.1%, supported by a 4.1% rebound in transport after -7.9%. Energy prices slowed to 0.3% from 0.8%, tobacco to 0.4% from 2.4%, while food prices were flat after 0.5%. Seasonally adjusted CPI rose 0.2% m/m. The annual increase reflected a smaller fall in energy prices at -2.9% after -7.6%, while manufactured goods fell 0.2%, food rose 2.0%, tobacco was up 3.0% and services slowed to 1.6%. CAC 40 -1.017% to 7903.21, EURUSD -0.487% to 1.1456, 10y OAT +2bp to 3.647%.

Italian industrial production fell by 0.6% m/m and 0.6% y/y in January, while output increased by 0.7% in the three months to January compared with the previous three months. On a m/m basis, only energy rose (+4.5%), whereas consumer goods fell by 0.6%, intermediate goods by 0.8%, and capital goods by 2.2%. On a calendar-adjusted y/y basis, energy increased by 10.4%, while consumer goods dropped by 3.8%, intermediate goods by 1.6% and capital goods by 0.3%. By sector, electricity, gas and steam supply rose by 14.4% y/y and transport equipment by 7.1%, while coke and refined petroleum products declined by 12.9% and chemicals by 7.2%. FTSE MIB -0.807% to 44097.27, EURUSD -0.487% to 1.1456, 10y BTP +2.1bp to 3.768%.

Spain’s February CPI rose by 0.4% m/m and increased by 2.3% y/y, unchanged vs. January, while core inflation accelerated to 2.7% y/y. According to the press release, housing prices eased to 1.9% y/y, reflecting lower electricity prices, while restaurants and hotels rose 4.8% and food and non-alcoholic beverages increased by 3.2%. On a m/m basis, restaurants and accommodation rose 0.9%, transport increased by 0.8% due to higher fuel prices and food gained 0.6%. The harmonized index (HICP) rose by 0.4% m/m and accelerated to 2.5% y/y. By region, annual inflation was highest in Madrid at 2.9%, while several regions recorded 2.0%. IBEX 35 -1.393% to 16913, EURUSD -0.487% to 1.1456, 10y Bono +0.7bp to 3.467%.

U.K. GDP showed no m/m growth in January, while it grew by 0.2% in the three months to January 2026 compared with the three months to October 2025. The three-month increase followed growth of 0.1% in the three months to December and flat growth in the three months to November, revised up from a 0.1% fall. Over the latest three-month period, services output rose by 0.2% after no growth previously, and production increased by 1.3% following 1.2%. Construction declined by 2.0%, after falls of 2.1% and 0.9% in the prior two rolling periods. In January alone, services were flat, production fell by 0.1% and construction rose by 0.2%. FTSE 100 -0.652% to 10237.98, GBPUSD -0.525% to 1.3273, 10y gilt +0.3bp to 4.776%.

U.K. production output fell by 0.1% m/m in January, whereas it increased by 1.3% in the three months to January 2026 vs. the three months to October 2025. The three-month expansion was driven by manufacturing (+1.5%) and electricity and gas (+2.2%), partially offset by declines in water supply and sewerage (-0.5%) and mining and quarrying (-0.1%). Within manufacturing, eight out of 13 subsectors rose, led by transport equipment (+8.1%), with motor vehicles surging 17.5% after recovering from a cyber incident. In January alone, mining and quarrying fell 3.2%, driven by a 4.6% drop in crude petroleum and natural gas extraction, while manufacturing edged up 0.1%.

U.K. services output in January was flat m/m, while output increased by 0.2% in the three months to January 2026 compared with the three months to October 2025. Over the three-month period, seven out of 14 sectors expanded, led by wholesale and retail trade, up 1.0%, and information and communication, up 0.8%. Four sectors declined, with real estate activities (-0.2%) representing the main drag, while three sectors showed no growth. In January alone, seven sectors rose, with wholesale and retail trade increasing by 1.0% and professional, scientific and technical activities up 0.6%. Six sectors fell, with administrative and support activities declining by 2.3% and acting as the largest negative contributor.

U.K. goods imports fell by 0.6% m/m in January, while goods exports rose by 6.7% m/m. Imports were down £0.3bn, reflecting a £0.5bn (2.1%) fall from non-EU countries, partially offset by a £0.2bn (0.8%) rise from the EU. Exports increased by £2.0bn, driven by a £1.1bn (+7.1%) rise to non-EU countries and a £0.9bn (+6.2%) increase to the EU. Exports to the U.S. fell by £0.5bn (-11.3%), while imports rose by £0.6bn (+12.4%). In the three months to January 2026, the total goods and services trade deficit narrowed by £5.1bn to £1.8bn, as the goods deficit shrank to £56.6bn and the services surplus widened to £54.8bn.

The latest Bank of England inflation attitudes survey showed respondents’ median current inflation assessment was 4.6%, down from 4.7% in November 2025. Median one-year-ahead inflation expectations were 3.2%, down from 3.5%, while expectations for the following year were 3.2%, down from 3.3%. Five-year-ahead inflation expectations were 3.7%, unchanged. By 72% to 4%, respondents believed the economy would be weaker if prices rose faster. 39% said the inflation target was about right, 34% too high and 10% too low. 32% said interest rates had risen over the past year, while 35% said they had fallen. Looking ahead, 30% expected rates to rise, 26% to stay the same and 29% to decline. The net satisfaction balance was 2%.

Sweden’s February employment rose by 92,000 y/y to 5,250,000, lifting the employment rate by 1.0 percentage points to 68.7%, while the unemployment rate stood at 8.8%. Youth employment increased by 58,000 to 521,000, with the employment rate for those aged 15-24 rising 4.2 percentage points to 42.4%. Total hours worked averaged 170.6 million per week. The labor force totaled 5,757,000, corresponding to a participation rate of 75.3%. Seasonally adjusted data showed employment at 5,310,000 and the unemployment rate at 8.5%, both improving from recent months. The youth unemployment rate was 24.5% unadjusted, while the long-term unemployment count was 180,000. The number of underemployed people increased by 59,000 to 393,000. OMX -0.831% to 3037.634, EURSEK -0.053% to 10.7663, 10y Swedish GB -0.9bp to 2.816%.

Poland’s February CPI increased by 2.1% y/y and rose by 0.3% m/m. Services prices climbed by 4.8% y/y and goods by 1.0%, while on a m/m basis services rose 0.7% and goods 0.2%. The largest annual upward contributions came from housing, water, electricity and gas (+4.3%), food and non-alcoholic beverages (+2.4%), alcoholic beverages and tobacco (+6.9%) and health (+4.8%). Transport prices fell by 5.7% y/y, while clothing and footwear declined by 3.4%. Compared with January, housing rose by 0.7%, recreation and culture by 1.6% and food by 0.3%, while clothing and footwear fell 2.5%. January CPI was revised to 2.1% y/y after weighting updates. WIG -0.79% to 119979.9, EURPLN -0.152% to 4.2691, 10y PGB +13bp to 5.778%.

Poland’s January exports fell by 5.9% y/y to PLN 120.6bn, while imports dropped by 9.3% y/y to PLN 117.8bn, resulting in a trade surplus of PLN 2.8bn. In EUR terms, exports decreased by 5.1% and imports by 8.6%, with the surplus at €0.7bn. Developed countries accounted for 87.8% of exports and 64.8% of imports, with the EU representing 75.6% and 51.9%, respectively. Trade with developed countries recorded a surplus of PLN 29.6bn, while turnover with developing countries posted a deficit of PLN 30.5bn. Germany remained the country’s largest trading partner, accounting for 26.9% of exports and 19.3% of imports.

Türkiye’s March Market Participants Survey showed year-end inflation expectations rising to 25.38% from 24.11%, while 12-month and 24-month-ahead expectations edged up to 22.17% and 17.30%, respectively. The BIST overnight repo rate expectation increased to 40.00%, and the policy rate expectation for the upcoming meeting stood at 37.00%. Year-end USD/TRY expectations declined to 50.97, while the 12-month-ahead forecast rose to 52.70. GDP growth expectations for 2026 were revised down to 3.8% from 3.9%, while the 2027 projection was unchanged at 4.3%. The current account deficit forecast stood at $31.6bn for this year and $32.3bn for next year. BI 100 -2.274% to 12983.98, USDTRY +0.106% to 44.1903, 10y TGB +41bp to 32.8%.

Türkiye’s January services production index fell by 0.4% y/y and 0.2% m/m. On a y/y basis, transportation and storage services decreased by 4.7%, real estate services by 1.3% and professional, scientific and technical services by 1.8%, while accommodation and food services rose by 5.9%, information and communication services by 7.5% and administrative and support services by 0.1%. On a m/m basis, transportation and storage dropped by 4.3%, whereas accommodation and food services increased by 0.6%, information and communication rose 3.6%, real estate advanced by 4.4%, professional, scientific and technical services climbed by 5.5% and administrative and support services gained 1.7%.

Türkiye’s January paid employees increased by 0.2% y/y to 15,444,683 but the figure was down 0.4% m/m. On a y/y basis, employment fell by 3.5% in industry, rose by 0.3% in construction and increased by 2.3% in trade and services. Within industry, manufacturing contracted by 3.8% y/y, while electricity, gas and steam rose by 2.4%. In trade and services, accommodation and food services increased by 4.9%, transportation and storage by 2.6%, financial and insurance activities by 3.1% and real estate activities by 6.2%. On a m/m basis, industry decreased by 0.5% and construction by 2.1%, whereas trade and services edged up by 0.1%.

New Zealand’s manufacturing sector expanded consistently in February 2026, with the seasonally adjusted Performance of Manufacturing Index (PMI) at 55.0, slightly down from 55.1 in January but above the long-term average of 52.5. This marks the first time since mid-2021 that the PMI has stayed at or above 55.0 for three consecutive months. Key drivers included strong new orders (57.6) and production (56.7), while employment remained in slight expansion at 50.4. Manufacturers reported increased orders, sales and export demand, alongside improving business confidence, despite global uncertainties such as the Middle East conflict. NZX 50 -0.091% to 13187.34, NZDUSD -1.694% to 0.5805, 10y NZGB -0.5bp to 4.662%.

New Zealand’s international migration data for January 2026 show annual migrant arrivals at 137,500, down 1% from January 2025, and departures at 114,200, down 5%. Annual net migration was 23,200, up from 19,700 last year. Non-New Zealand citizens contributed a net gain of 60,200, while New Zealand citizens had a net loss of 37,000. Key arrival groups included citizens from New Zealand (26,600), China (17,500), India (17,300) and the Philippines (10,500). Monthly migration in January 2026 saw arrivals rise 25% to 14,300 and departures fall 17% to 9,500, resulting in a net gain of 4,800.

China’s February total social financing stock increased by 8.2% y/y to ¥451.4tn. RMB loans to the real economy rose by 6.1% y/y to ¥274.15tn, while foreign currency loans fell by 11% y/y to ¥1.08tn. Government bonds outstanding grew by 16.6% y/y to ¥97.3tn, and corporate bonds rose by 6.2% y/y to ¥34.84tn. In the first two months of 2026, aggregate social financing increased by ¥9.6tn, up ¥316.2bn from a year earlier. RMB loans added ¥5.75tn, government bonds recorded net financing of ¥2.38tn and corporate bonds posted ¥655.4bn in net financing. CSI 300 -0.393% to 4669.14, USDCNY +0.248% to 6.8978, 10y CGB +0.9bp to 1.829%.

South Korea’s January M1 increased by 1.3% m/m and rose by 5.8% y/y, while M2 expanded by 0.7% m/m and 4.6% y/y. Narrow money (seasonally adjusted, period-average) rose to ₩1.356qn from ₩1.339qn in December, while broad money increased to ₩4.109qn from ₩4.081qn. Liquidity of financial institutions (Lf) grew by 0.8% m/m and 6.6% y/y to ₩6.098qn. Overall liquidity (L, period-end) registered growth of 0.3% m/m and 7.1% y/y, reaching ₩7.759qn. The annual growth rates in M1, M2, Lf and L softened slightly compared with December readings. KOSPI -1.72% to 5487.24, USDKRW +0.404% to 1494.25, 10y KTB +3.7bp to 3.649%.

In January 2026, the Philippines saw an increase in unemployment to 2.96 million people aged 15-plus, with the unemployment rate rising to 5.8% from 4.4% in December 2025. The labor force participation rate declined to 62.3% from 63.9% a year earlier. Employment dropped to 47.94 million, with the services sector leading at a 63.6% share. Notable employment gains occurred in administrative support, public administration (403k) and manufacturing (326k), while agriculture (-1.42 million) and wholesale trade (-729k) experienced significant declines. Average weekly hours worked increased to 42.0 hours from 40.4 hours last year. PSEi -0.894% to 6058.94, USDPHP -0.57% to 59.74, 10y PHGB -7.5bp to 6.475%.

Thailand’s consumer confidence index rose to 53.7 in February 2026 from 52.8 in January. The Thai Chamber of Commerce’s present situation index climbed to 37.4 (36.3 previously), while future expectations rose to 61.7 (60.9 previously). Economic conditions, employment, and future income indices also showed m/m improvements. All sub-indices remain below the neutral 100 mark, indicating a cautious mood among consumers. SET -1.332% to 1410.76, USDTHB -1.604% to 32.357, 10y TGN +0.4bp to 1.92%.

The Central Reserve Bank of Peru (BCRP) kept its reference interest rate at 4.25% at its March 2026 meeting. February inflation rose 0.69% m/m, with core inflation (excluding food and energy) up 0.36% m/m. Y/y headline inflation increased from 1.7% in January to 2.2% in February, while core inflation rose from 2.0% to 2.2%. Inflation expectations for the next 12 months edged up to 2.1%, near the target midpoint. Temporary inflation pressures stem from climate events, higher global energy prices and gas supply disruptions. Economic activity remains near potential despite some weakening in indicators. The BCRP remains vigilant to inflation trends and is ready to adjust policy if needed. MSCI NUAM Peru General -2.155% to 52761.13, USDPEN -0.769% to 3.4485, 10y PGB +5bp to 6.63%.

Hong Kong’s fourth quarter industrial production increased by 5.7% y/y, while the producer price index for manufacturing rose by 9.5% y/y. The manufacturing output gain followed a 5.3% rise in the third quarter, with seasonally adjusted production up 1.3% q/q. Output growth was driven by metal, computer, electronic and optical products, machinery and equipment (+6.9%) and food, beverages and tobacco (+3.2%), while textiles fell 4.7%. Producer prices rose across all major industries, led by an 18.2% increase in metal and electronics. Sewerage and waste management output declined by 1.9% y/y, while its producer prices rose 0.2%. Across full-year 2025, manufacturing output increased by 3.2% and producer prices rose 6.5%. Hang Seng -0.977% to 25465.6, USDHKD +0.013% to 7.8277, 10y HKGB -1.2bp to 1.417%.