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April 4th - The first meeting of the China-Canada Financial Working Group was held in Beijing on April 3rd. The meeting was co-chaired by Pan Gongsheng, Governor of the Peoples Bank of China, and François-Philippe Champagne, Minister of Finance of Canada. High-level representatives from the Peoples Bank of China, the State Financial Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and financial regulatory authorities from Canada, including the Ministry of Finance, the Bank of Canada, and the Financial Institutions Authority of Canada, attended the meeting. During the meeting, the financial regulatory authorities from both sides exchanged views on global macroeconomic conditions, monetary policy, financial regulation, financial market development, global financial governance, and addressing increasing uncertainty. Both sides agreed that strengthening communication between regulatory agencies and financial institutions would help create a stable and predictable business environment and promote bilateral trade and economic exchanges. Both sides recognized the important role of the financial sector in promoting economic growth and driving bilateral trade and investment, and believed that strengthening communication between their respective financial regulatory authorities was of positive significance.April 4th - According to a letter to the European Commission seen by Reuters on Saturday, finance ministers from five EU member states have called for taxes to be levied on the "excessive profits" energy companies have made due to rising fuel prices caused by the war with Iran. The finance ministers of Germany, Italy, Spain, Portugal, and Austria made this appeal in a joint letter, stating that this move would send a signal that "we are united and capable of taking action." It would also send a clear message that those who profit from the war must bear their due responsibility for alleviating the burden on ordinary people.According to Reuters, the finance ministers of Germany, Italy, Portugal, Austria, and Spain have called for a windfall profits tax on energy companies.April 4th - According to CNN, as the Middle East conflict enters its second month, the oil shortage crisis risks escalating into a worse situation – shortages of almost everything. The conflict has severely restricted oil and gas transport through the Strait of Hormuz, reducing global supply by about one-fifth. This disruption has not only driven up fuel prices but also squeezed the supply of petrochemical products needed to manufacture everyday items such as shoes, clothing, and plastic bags. As prices for materials like plastics, rubber, and polyester rise, this pressure is spreading to every corner of the consumer market. Asia is currently the most affected, home to more than half of the worlds manufacturing and heavily reliant on imported oil and other commodities. Dan Martin, co-head of business intelligence at Deloitte Touche Tohmatsu, stated that this will very, very quickly impact all goods, such as beer, noodles, potato chips, toys, and cosmetics, because plastic bottle caps, shipping pallets, snack bags, and containers are becoming increasingly difficult to procure. Martin added that adhesives used in footwear and furniture, industrial lubricants for machinery, and solvents used in paints and cleaning processes also rely heavily on petroleum-derived products.On April 4th, the Israel Defense Forces (IDF) issued a statement saying that on April 3rd, the IDF conducted airstrikes on multiple targets in Tehran, the Iranian capital. The statement said the strikes targeted several key Iranian infrastructure sites, including an Iranian Islamic Revolutionary Guard Corps (IRGC) air defense facility storing missiles used to engage aerial targets. The statement also said the IDF attacked a military base responsible for protecting Iranian weapons research and development facilities. Additionally, it struck a ballistic missile storage site and several weapons production and research facilities. Iran has not yet responded to the attacks.

AUD/NZD moves within a 23-pip band due to Australian inflation that is lower than predicted

Alina Haynes

Nov 30, 2022 15:27

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The AUD/NZD pair swung wildly between 1.0764 and 1.0787 throughout the Asian session after the Australian Bureau of Statistics reported lower-than-anticipated Australian inflation data. The Consumer Price Index (CPI) for October reported a decrease in inflation to 6.9%, when market participants had predicted an increase to 7.4%.

 

If inflation declines, policymakers at the Reserve Bank of Australia (RBA) would likely heave a sigh of relief. Since inflationary pressures had previously shown little indication of abating, the Australian central bank was particularly concerned. In order to combat inflation, the market predicted that RBA Governor Philip Lowe will be forced to return to a rate hike structure of 50 basis points (bps).

 

As the inflation rate has fallen below 7.0%, the RBA may retain its present timetable of 25 basis point rate hikes to sustain economic prospects and satisfy its duty to seek price stability.

 

Investors are currently monitoring the development of the Chinese demonstrations. As a result of the public's enraged and exasperated lockdown protest against Covid, economic projections have become more bleak. This has held the antipodeans captive to bears for the past week.

 

Other than that, Thursday's Caixin Manufacturing PMI data will continue to be crucial. It is projected that the economic data would be lower at 48.9 than the prior reading of 49.2.

 

In New Zealand, the number of Building Permits has decreased by 10.7%, compared to the expected 2.4% increase and the previous release of 3.6%. The Reserve Bank of New Zealand's (RBNZ) increase in interest rates may be responsible for a decrease in the economic catalyst.

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