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The Peoples Bank of China (PBOC) announced today that it conducted 15 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 15 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.July 8th - Bank of Japan (BOJ) loan growth in June hit its fastest pace since the COVID-19 pandemic, indicating that credit channels remain open and the BOJ still has room to raise interest rates further. According to a report released by the BOJ on Wednesday, seasonally adjusted bank loans excluding trusts rose 6.3% year-on-year in June, the strongest growth since August 2020. The BOJ stated that the growth was mainly driven by loans related to mergers and acquisitions, real estate, and economic recovery. These figures reinforce the BOJs assessment that financial conditions remain accommodative even after Governor Kazuo Ueda raised the benchmark interest rate to its highest level since 1995 last month. While the latest loan data may not yet reflect the impact of the June rate hike, policymakers have repeatedly cited financial conditions as a key indicator for assessing whether further rate hikes are warranted. Strong loan demand suggests that higher borrowing costs have not dampened business investment or household activity, strengthening the argument that the economy can withstand further policy normalization. This is consistent with the BOJs latest Tankan survey, in which the corporate financial conditions index improved for the first time in a year. Large companies reported an improved environment for commercial paper issuance.Reserve Bank of Australia Assistant Governor Hunt: Some economic costs are unavoidable, and all policymakers can do is seek a balance.On July 8, the Institute of Marine Development Strategy of the Ministry of Natural Resources released the Chinese and English versions of "A Historical and Legal Critique of the Philippines Territorial Claims in the South China Sea." The report reviews and analyzes the formation process of the Philippines territorial boundaries, examines its intentions and practices in expanding its territory, and concludes that the Philippines attempt to break through the territorial boundaries defined by a series of treaties with international legal force, and to expand its territory to Scarborough Shoal and parts of the Spratly Islands, lacks basic historical basis, clearly violates the rules of international law concerning territorial acquisition, and has no historical or legal foundation. This is the first time a Chinese think tank has comprehensively assessed and systematically critiqued the Philippines territorial claims.The main contract for the container shipping index (European route) has extended its intraday gains to 3.00%, currently trading at 2532.0 points.

Are Stock Prices Still Forming a Bottom?

Florala Chen

Jan 05, 2023 15:10

微信截图_20230105145620.png


Is this a probable bottoming pattern for the S&P 500 as its consolidation continues to grow?


After starting above its closing price on Friday, the broad stock market index fell by 0.40% on Tuesday.


It prolonged a consolidation near the 3,800 level that had lasted more than two weeks. It dropped to a new mid-term low of 3,764.49 on Thursday of the prior week before rising back over 3,800. Overall, it continued to prolong a consolidation that had started after the drop from 4,100. The December 14 FOMC interest rate rise, among other things, caused the S&P 500 to decline in mid-December.


This morning, the S&P 500 is most likely to start off 0.3% higher. Another effort to break above the current trading range could be made.

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