What moved overnight, in five minutes — from the Hong Kong desk.

Overnight

Two central banks moved inside three days. The Federal Reserve raised its target range a quarter point to 3.75–4.00% on Wednesday 16 September, on a 12–0 vote in its own statement; the Bank of Japan followed on Friday 18 September, lifting its policy rate to around 1.25% on a 7–2 vote. New York closed Friday with the S&P 500 at 7,650.50 (+0.17%), the Nasdaq at 26,522.55 (+0.39%) and the ten-year Treasury at 5.00%. The equity tape barely registered either decision.

Asia and Europe

Neither region has printed a price since Friday. Tokyo's mattered most: the Nikkei 225 closed at 65,018.73 (+1.38%), the only cash session Japan held after the decision and the last for several days. Europe finished weaker, by more than Asia gained — the DAX at 25,304.06 (−1.60%), the FTSE 100 at 10,659.13 (−1.45%). Hong Kong closed Friday at 24,750.79 (+0.60%) and reopens this morning.

FX, rates and commodities

The yen is 157.89, the euro 1.1460, sterling 1.3344, the Hong Kong dollar 7.8449. The ticker reports no change on all four, which is what a screen looks like before a Monday has traded — not a flat close, and this column will not call it one. West Texas Intermediate is US$95.96 and gold US$4,374.30; the change column is blank for both, so they are levels and nothing more.

The day ahead

Hong Kong, Europe and New York all trade today. Tokyo does not: the JPX calendar lists Respect for the Aged Day on Monday, a holiday under Rule 3, Paragraph 3 of the Act on National Holidays on Tuesday, and the Autumnal Equinox on Wednesday — three consecutive market holidays, next cash session Thursday 24 September. Osaka's derivatives holiday trading runs all three days, index futures included, so Japan is not entirely without a price; its cash market is. Thursday is also the day the Bank of Japan's new guideline takes effect. The market the decision was aimed at opens the same morning the rate arrives.

One number

3.75–4.00% — the federal funds target range after the 16 September increase, carried on a 12–0 vote in the FOMC's own statement. It is the higher of the two rates set this week, and the one the ten-year still answers to.

One read

The ten-year's week is worth five minutes. Our markets desk walked the round trip on 19 September: The 10-year Treasury's round trip through 5%, and the auctions behind it. Its argument: the push through the round number came from the front end of the curve, not from a repricing of long-term risk, and the auctions, not the meeting calendar, are where the long end states its price.