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Real-time News
November 10th - The latest summary of the Bank of Japans policy meeting indicates that the next interest rate hike could be implemented as early as December, consistent with the expectations of many market participants. At its two-day policy meeting, which concluded on October 30th, the Bank of Japans board of directors voted 7-2 to maintain the current interest rate. The minutes released on Monday (November 6th) showed that one member noted that "the conditions for further normalization of the policy rate are likely largely in place," while emphasizing the need to examine potential inflation trends. These minutes suggest that the nine-member board of directors is increasingly inclined to believe that the next interest rate hike is imminent, consistent with Governor Kazuo Uedas recent statements that "action may be taken in the coming months." With almost all market observers expecting the bank to raise borrowing costs no later than January next year, the focus has shifted to whether the rate hike will occur on December 19th or in January of the following year.Japanese Prime Minister Sanae Takaichi: We will review the goal of achieving a primary fiscal surplus and will issue instructions in January next year.Euro Stoxx 50 futures rose 1.3%, and German DAX futures rose 1.3%.On November 10th, it was reported that SanDisk, a leading flash memory manufacturer, significantly raised its NAND flash memory contract prices by as much as 50% in November. This price increase has shaken the entire storage supply chain, leading module manufacturers such as Transcend, Innodisk, and Apacer Technology to suspend shipments and reassess their pricing. Transcend, in particular, suspended its quotations and deliveries starting November 7th, citing "expectations that market conditions will continue to improve," implying that "prices may rise further."The yield on Japans five-year government bonds rose 2 basis points to 1.265%, the highest level since July 2008.

Chinese Stock Market Rises Following A Week-long Holiday

Charlie Brooks

Jan 30, 2023 11:27

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Chinese stock markets climbed strongly on Monday as trading resumed following the Lunar New Year vacation. The government's pledge to increase spending and support economic growth further boosted investor enthusiasm.


The Shanghai Shenzhen CSI 300 index increased 1.3%, while the Shanghai Composite index rose 0.6%, with positive trading in the majority of sectors. In early trading, automobile and industrial companies performed the best, while energy equities declined.


During the holiday season, state media sources indicated that retail travel and spending rebounded substantially to reach pre-pandemic levels, which bodes well for the Chinese economy. The Lunar New Year celebrations of 2023 were the first in three years to occur without any anti-COVID restrictions, following the country's December decision to relax its rigorous zero-COVID policy.


China has reopened its international borders, solidifying a departure from the zero-COVID policy that had shook the economy since 2020.


This week, the focus shifts to important business activity figures, which are anticipated to have improved in January compared to the previous month due to the relaxation of anti-COVID measures.


The world's second-largest economy is still reeling from the repercussions of tough anti-COVID measures, which are slated to continue through 2022. Said limitations had also prompted a severe slowdown in China's economic growth, but the country's fourth-quarter performance was still better than anticipated.


The Chinese government has set out a spate of economic stimulus measures through 2022 in an effort to stimulate GDP. The country's State Council has pledged to promote local economic growth and consumption this year, according to reports from the weekend.


As the country deals with its worst-ever COVID-19 outbreak, it is anticipated that rising COVID-19 illnesses would also postpone a more robust economic recovery.


However, health officials recently reported a dramatic decline in new deaths from the virus, despite the Lunar New Year holiday increasing the likelihood of virus transmission.


Hong Kong stocks lagged behind their Chinese counterparts, with the Hang Seng index falling 0.5% due to weakness in large technology sectors, ahead of a wave of important earnings reports this week. The broad Asian stock market was likewise subdued in advance of this week's Federal Reserve meeting.

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