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On November 20th, a CLSA research report indicated that Kingsoft Corporation (03888.HK) reported lower-than-expected revenue in the third quarter, dragged down by its gaming business. Gaming revenue declined by 47% year-on-year, 8% lower than the reports forecast, due to pressure from the exceptionally high base of major titles last year. Office software revenue growth accelerated, rising 26% year-on-year, driven by progress in government IT application innovation and WPS 365. Individual paying user growth remained solid, and average revenue per user stabilized. The report believes the gaming business will continue to face pressure in the coming quarters, but the office software business may maintain strong momentum. The report lowered its 2025 and 2026 revenue forecasts by 3% and 4% respectively, and its net profit forecasts by 15% and 18% respectively. The target price was lowered from HK$37.8 to HK$35.5, while maintaining an "Outperform" rating.On November 20th, Nomura reported that Pinduoduos (PDD.O) overseas business may have recovered. Following the US governments termination of small-amount exemptions in May, Pinduoduos Temu platform changed its strategy and increased its recruitment efforts for US sellers. Temu is also rapidly expanding in markets outside the US. These moves have helped Temus business recover. Nomura maintains a neutral rating on Pinduoduo ADR with a target price of $136.On November 20th, Bernstein analysts stated in a report that the current upward cycle in memory chips is expected to squeeze camera budgets for low-end Android smartphones next year, but will have minimal impact on flagship Android models and Apples supply chain. After two consecutive years of growth, the Android phone market may level off next year. Smartphone manufacturers need to find a balance between product specifications, sales volume, and their own and their suppliers profitability. For low-end models, manufacturers are renegotiating prices, and camera specification upgrades may be delayed. However, a trend of industry-wide configuration reductions similar to that of 2022 is not expected.November 20th, Futures.com analysts latest view: Spot gold prices rose during the session, benefiting from the continuation of the main bullish trend, and its movement is along the short-term support secondary trendline, indicating that spot gold is attempting to break through the negative pressure from the EMA50 again. Previously, the EMA50 had hindered the price recovery.November 20th, Futures.com analysts latest view: WTI crude oil futures prices rose slightly, attempting to recover some of the previous losses, mainly benefiting from its attempt to correct the clearly oversold state on the Relative Strength Index (RSI). In particular, positive overlapping signals supporting price movements appeared in the short term, providing support for prices. This intraday rebound indicates that prices are in a brief respite after the previous wave of declines.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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