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US semiconductor stocks continued to rise in pre-market trading, with TSMC (TSM.N) up more than 4%, ASML (ASML.O) up 3.2%, Arm (ARM.O) up 4.8%, and Broadcom (AVGO.O) up more than 1.3%.On July 31st, Hong Kong stocks opened slightly lower this morning after four consecutive days of gains. The Hang Seng Index opened 21 points lower at 25837, and the market briefly dipped below the 250-day moving average, falling as much as 235 points to a low of 25622. It then gradually stabilized and rebounded, even turning positive at one point during the session. In the afternoon, the market continued to fluctuate around 25800. At the close, the Hang Seng Index rose 0.1%, with a gain of over 13% in July; the Hang Seng Tech Index rose 0.53%, with a gain of nearly 8% in July. The total turnover of the Hang Seng Index was HK$328.17 billion. On the sector front, storage concept stocks, AI newly listed stocks, and PCB concept stocks rebounded sharply, while brain-computer interface, electronic components, and commercial aerospace sectors also saw significant rebounds. Alcoholic beverages, consumer electronics, and mainland-traded stocks fluctuated and retreated, while automobile, paper, and dairy stocks weakened during the session. In terms of individual stocks, CSOPs double-leveraged long position in Hynix (07709.HK) surged over 67.5%, CSOPs double-leveraged long position in Samsung Electronics (07747.HK) surged over 48%, Zhipu (02513.HK) surged over 14.5%, MiniMax (00100.HK) surged over 13%, and Laopu Gold (06181.HK) surged over 10%; Xiaomi Group (01810.HK) fell over 7%, and Budweiser APAC (01876.HK) fell over 6.5%.The European Central Bank (ECB) reported that in June, the composite borrowing cost index for new corporate loans rose 15 basis points to 3.79%; the composite interest rate index for new household home loans remained largely unchanged at 3.51%. The composite interest rate for new corporate time deposits rose 17 basis points to 2.21%; the overnight corporate deposit rate rose 6 basis points to 0.59%. The composite interest rate for new household time deposits rose 13 basis points to 2.09%; the overnight household deposit rate remained largely unchanged at 0.28%.The Bank of Japans bond-buying program remained unchanged in August from that in July.Rivian (RIVN.O), the U.S. electric vehicle company, rose 4% in pre-market trading after the companys quarterly revenue exceeded expectations.

Before BoJ Ueda's Speech, GBP / JPY Struggles To Extend Above 163.00

Alina Haynes

Feb 27, 2023 14:30

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It is difficult for the GBP / JPY pair to prolong its gains above 163.00 during the Asian session. Given that Bank of Japan (BoJ) Governor Nominee Kazuo Ueda is following in the footsteps of former BoJ Governor Haruhiko Kuroda, it is expected that the cross will resume its upward trend as investors cease supporting the Japanese Yen.

 

In his speech on Friday, BoJ Ueda stated that the current monetary policy is appropriate to maintain inflationary pressures. Despite reaching a multi-decade high, Japan's Consumer Price Index (CPI) is non-sticky due to the international forces propelling inflation. The accelerating price index in Japan is due to higher petroleum and food import prices, not domestic demand and wages, which should be the primary generators of inflation. The objective of the Japanese government was to develop a strategy for exiting the decade-long monetary policy with a new BoJ chairman. BoJ Ueda's dovish remarks, however, reduced long-term yen support wagers.

 

The term "ecosystem" refers to a group of people who work in the construction industry.

 

In the meantime, the British pound has moved sideways ahead of the anticipated announcement of a Brexit agreement by Prime Minister Rishi Sunak and President Ursula von der Leyen of the European Commission. "The Prime Minister wants to ensure that any deal fixes the practical problems on the ground, ensures trade flows freely throughout the entire UK, protects Northern Ireland's place in our Union, and returns sovereignty to the people of Northern Ireland," Sunak's office said in a statement cited by Reuters.