Hong Kong listed Chinese property developer shares rose strongly during the session with news over the weekend that deeply indebted Country Garden Holdings had been given approval to extend payments for an onshore private bond. The fate of an offshore bond due later this week remains unknown.

The jump for property stocks dragged wider indexes higher also. As I update Hong Kong’s Hang Seng is more than 2.5% higher for the session while the Shanghai Composite has risen more than 1%.

Major forex rates have traded in mainly small ranges. The Australian dollar has risen. We had monthly inflation readings from Australia today (see bullets above) that were subdued m/m. Quarterly business inventory data were released and will detract from Q2 GDP.

As a reminder, if you need one, US and Canadian markets are closed today. Globex hours as follows:

cme globex trading hours for the US Labor Day holiday 2023

(source of this is here)