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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

Hang Seng Index, ASX200, Nikkei 225: RBA Sends the ASX Down

Alice Wang

Feb 07, 2023 15:32

Market Overview

It was a mixed morning session. There were no US economic indicators from Monday to influence market sentiment. The Hang Seng and the Nikkei found support despite the renewed threat of US interest rates peaking above 5%.

However, with Fed Chair Powell speaking overnight, we could see caution resurface. The last Fed press conference preceded the jobs report, with softer inflation supporting a less hawkish policy outlook. Powell could shift gears today as the markets await the US CPI Report for January.

This morning, economic indicators from Asia delivered mixed results, while the RBA raised interest rates by 25 basis points.


ASX 200

The ASX 200 was down 0.50% this morning. Australian economic indicators had a muted impact on the ASX200 ahead of the RBA monetary policy decision.


In December, the Australian trade surplus narrowed from A$13.20 billion to A$12.237 billion. Exports fell by 1.0%, while imports increased by 1.0%. While the numbers were bearish, hopes of resuming trade ties with China following talks on Monday muted the impact.


However, the RBA sent the ASX200 into the red later in the morning. While lifting rates by 25 basis points to 3.35%, which was in line with expectations, the RBA warned of more rate hikes. The hawkish outlook was bearish for the ASX200.


This morning, bank stocks had a mixed morning. ANZ Group (ANZ) was up 0.22%, while Commonwealth Bank of Australia (CBA) was down 0.59%. National Australia Bank (NAB) and Westpac Banking Corp (WBC) saw losses of 0.35% and 0.46%, respectively.


Mining stocks also had a mixed session. BHP Group Ltd (BHP) and Rio Tinto (RIO) were down 0.33% and 0.83%, respectively, while Fortescue Metals Group (FMG) rose by 0.64%. Newcrest Mining (NCM) continued to find support on the news of US mining company Newmont Corp’s $17 billion bid, rising by 1.67%

Hang Seng Index

The Hang Seng found much-needed support this morning, rising by 0.90%.


Tencent Holdings Ltd (HK:0700) was up 1.75%, with Alibaba Group Holding Ltd (HK:9988) rising by 1.65% through the morning.


Bank stocks joined the broader market in the green, with Industrial and Commercial Bank of China (HK:9988) and China Construction Bank (HK: 0939) seeing gains of 1.25% and 0.60%, respectively.


However, CNOOC (HK: 0883) and ENN Energy holdings had a mixed morning. CNOOC rallied by 2.69% through the morning, while ENN Energy Holdings (2688) slipped by 0.17%.


Risk aversion could hit in the afternoon session, however. The investor focus will turn to Fed Chair Powell, who delivers a speech overnight.

Nikkei 225

The Nikkei 225 was up 0.22% this morning. While joining the broader market in positive territory, the gains were modest. The USD/JPY weakened this morning, falling 0.28% to 132.25, with economic data from Japan also weighing.


In December, household spending unexpectedly fell by 2.1%, following a 0.9% decline in November. The fall in spending came despite a marked pickup in wage growth. Average cash earnings were up 4.8% year-over-year versus 1.9% in November.


Fast Retailing Co (9984), Softbank Group Corp (9434), and KDDI Corp (9433) struggled this morning. Softbank Group Corp was down 0.82%, with Fast Retailing Co and KDDI Corp down 0.17% and 0.18%, respectively.


However, Tokyo Electron Ltd (8035) found much-needed support, rising by 0.67%, with Sony Corp (6758) up 0.21%. Advantest Corp (6857) was a front-runner among the most weighted stocks, rallying by 1.85%.

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