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On December 9th, Jinhui Group (00137.HK) announced on the Hong Kong Stock Exchange that a buyer, in which the company holds approximately 55.69% equity, entered into a shipbuilding contract with the seller on December 9th, 2025. According to the terms of the contract, the seller agreed to build and sell the vessel at a contract price of US$33.45 million (approximately HK$261 million). The vessel will be delivered to the buyer on or before October 31st, 2028. The seller is Jiangmen Nanyang Shipbuilding Engineering Co., Ltd.On December 9th, Geely Automobile (00175.HK) announced on the Hong Kong Stock Exchange the latest progress regarding the selection of eligible Krypton holders. The selection process has been completed, and the results are as follows: a total of 777,228,611 consideration shares will be allotted and issued to eligible Krypton holders who have made a valid selection to receive the consideration shares. The number of consideration shares to be issued represents approximately 7.7% of the Companys total issued share capital as of the selection deadline (i.e., 5:00 p.m. (Eastern Time) on December 5, 2025); the Group will pay a total of approximately US$701 million in cash consideration to the remaining eligible Krypton holders who have selected or are deemed to have selected to receive the cash consideration. The Company will apply to the Listing Committee for approval for the listing and trading of the 777,228,611 consideration shares.Oil prices fell on December 9th, continuing the previous days decline, as traders focused on negotiations to end the Russia-Ukraine conflict, the looming global supply glut, and the direction of US interest rates. Soojin Kim of Mitsubishi UFJ Financial Group stated, "Traders remain cautious given the International Energy Agencys (IEA) forecast of a record oil glut next year, coupled with prices being confined to a narrow range of $4 since early November." Investors are currently awaiting the upcoming monthly reports from OPEC and the IEA for further clues on supply and demand trends.On December 9th, UK-based biotechnology company Relation Therapeutics announced a collaboration with Novartis to discover and advance novel targets for atopic diseases. Under the agreement, Relation will receive an initial grant of $55 million, including upfront payments, equity investment, and additional R&D funding. Furthermore, Relation is eligible to receive up to $1.7 billion in preclinical, development, regulatory, and commercial sales milestone payments, as well as tiered royalties based on net product sales.The onshore yuan closed at 7.0693 against the US dollar at 16:30 on December 9, up 20 points from the previous trading day.

Even as the BoJ vs. Fed Difference Remains in the Spotlight, USD/JPY Tracks Below 134.00 on Lackluster Yields

Alina Haynes

Apr 17, 2023 14:02

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As Monday begins in Tokyo, USD/JPY falls from its intraday high and stabilizes around 133.80. As a consequence, the Yen pair is unable to extend its previous day's gains due to lax market conditions preceding this week's key data/events. In addition to a paucity of significant data or events, USD/JPY traders have recently struggled with inconsistent triggers and sluggish returns.

 

The previous day, USD/JPY reached its highest level in a week as primarily positive US data dampened expectations for a policy shift and rate cut by the Federal Reserve (Fed) in 2023. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Previously, the USD/JPY pair increased due to hawkish Fed discussions. In an interview with Reuters on Friday, Raphael Bostic, president of the Atlanta Federal Reserve (Fed), stated that "recent developments are consistent with one more rate hike." According to Reuters, Fed Governor Christopher Waller discussed this topic and stated that additional rate hikes are necessary because the Fed has not made significant progress toward its inflation objective. In an interview with CNBC on Friday, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, stated that he still needs to examine the statistics. The lawmaker said, "However, let's keep in mind that we've raised a lot of money; some of the delay may be reflected in today's retail sales number."

 

In contrast, the USD/JPY pair was able to maintain its strength due to the new Governor of the Bank of Japan (BoJ), Kazuo Ueda, who supports the Japanese central bank's easy-money policy.

 

Recent geopolitical tensions between China and the United States over Taiwan, as well as China's desire to collaborate with Russia to enhance regional and global security, have weighed on the USD/JPY pair and agitated the market.

 

S&P 500 Futures struggle to find a clear direction amidst these wagers following Wall Street's pessimistic close, as bond yields remain neutral despite weekly gains.

 

The preliminary readings of the US PMIs for April and the Japanese National Consumer Price Index (CPI) for March will be crucial to monitor going forward. The previously mentioned risk factors and central banker comments are also significant.


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