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Market news: The UK Parliaments Standard Inquiry into Reform Party leader Nigel Farage is now listed as "active" on the Parliament website, previously showing as "suspended".The UKs Office for Maritime Trade Operations reported that an oil tanker was attacked by a drone while transiting the Strait of Hormuz on Thursday. The ship sustained minor damage, the crew is safe and all have been confirmed, and no environmental impact has been reported.The chart shows that at 22:00 Beijing time on August 14, there will be large foreign exchange options contracts for currencies such as Euro and Japanese Yen expiring, including 9 contracts with strike prices exceeding 1 billion. Please manage your risks.On August 14th, Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, recently visited Qinghai, Gansu, and Ningxia to investigate the development of the salt lake industry and the green and low-carbon development of industry. In Golmud City, Qinghai Province, Li Lecheng visited Qinghai Salt Lake Magnesium Industry, Potash Fertilizer, and Lithium Battery Company to investigate the production of integrated salt lake magnesium, potash fertilizer, and lithium salt projects. He emphasized the need for a scientifically planned development strategy for the salt lake industry, strengthened policy support and resource guarantees, optimization and strengthening of enterprises, promotion of resource integration and industrial synergy, tackling key core technologies in salt lake resource development, improving the efficiency of potassium, lithium, and magnesium resource development and utilization, and the level of deep processing, and creating a distinctive and advantageous industrial chain.On August 14th, Oxford Economics stated that Japans plan to cut the food consumption tax will widen the fiscal deficit and push up Japanese government bond yields. Economist Norihiro Yamaguchi wrote in a report that model calculations show the tax cuts will reduce Japans annual tax revenue by approximately 5 trillion yen, a loss that will be difficult to offset through other means. The institution expects some of the tax revenue loss to be offset by non-tax revenue and spending cuts, but assumes half of that will be financed through debt. The institution predicts Japans primary fiscal deficit will worsen to 3% of GDP, subsequently improving gradually from 2029 onwards as the debt-to-GDP ratio rises and fiscal consolidation intensifies. Oxford Economics projects that by the end of 2026, the yield on long-term Japanese government bonds will rise to approximately 3%, rather than remaining around 2.8%. Although the current reaction in the bond market is relatively limited, Oxford Economics believes that as more policy details emerge, the market will begin to gradually factor in the impact of the tax cuts on the fiscal situation.

Asian Stocks Rise; China Plans to Relax COVID Measures; However, Concerns Remain

Aria Thomas

May 30, 2022 11:21

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China's relaxing of several COVID-19 restrictive measures and U.S. markets' greatest week since November 2020 before Monday's Memorial Day weekend sent Asia Pacific stocks higher on Monday morning.


The Nikkei 225 gained 2% by 10:24 p.m. ET (2:24 a.m. GMT), while the KOSPI gained 1.27 percent.


The S&P/ASX 200 increased 0.91 percent in Australia.


Hong Kong's Hang Seng Index rose 2.19 percent .


The Shanghai Composite rose 0.55 percent, while the Shenzhen Component rose 0.04 percent.


Both the S&P 500 and Nasdaq 100 contracts were higher, a possible indication that the rebound could continue. As institutional investors rebalance their portfolios in anticipation for the end of the month, the S&P 500 erased its May losses and ended a streak of seven straight weekly losses.


As the European Union (EU) failed to agree on a revised package of Russian sanctions in response to Russia's invasion of Ukraine on February 24, the dollar remained stable while the euro fluctuate. The U.S. holiday prevents the trading of cash Treasuries in Asia.


China recorded fewer cases of COVID-19 in both Beijing and Shanghai, encouraging the government to relax some restrictions in an effort to stimulate the economy.


After one of the worst starts to the year for global markets, the key question for investors is whether the bottom of the recent selloff is near. Investors have been buying the dip. Concerns continue, however, regarding stricter monetary policies from central banks, growing food inflation resulting from the conflict in Ukraine, and China's COVID-19 measures.


Bloomberg quoted Citigroup (NYSE:C) Australia head of investment experts Maheebeen Zaman as saying, "We are in the midst of a bear market rally."


Treasury yields are expected to peak in 2022, according to Zaman. "I believe the market will trade in a narrow range as investors try to determine how soon the next recession will arrive and how rapidly inflation will decline," he added.


As of Wednesday, the Fed will also begin reducing its $8.9 trillion balance sheet and will also print its Beige Book assessment on regional economic conditions. Presidents John Williams of the New York Fed and James Bullard of the St. Louis Fed will both speak at separate events on Wednesday, with President Loretta Mester of the Cleveland Fed discussing the economic outlook the next day.


Friday, the United States will release its May employment report, including non-farm payrolls. Tuesday will see the release of the Eurozone consumer price index, as well as China's manufacturing and non-manufacturing purchasing managers indexes.


Later in the day, EU leaders will convene in Brussels for a two-day extraordinary conference to discuss the war in Ukraine, defense, inflation, energy, and food security. The Food and Agriculture Organization of the United Nations will also release its monthly food price index on Friday, just as global supply concerns reach their peak.

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