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July 5th - OPEC+, comprised of OPEC and other oil-producing nations, will hold its monthly meeting later today. An informed source indicated that OPEC+ has agreed in principle to increase crude oil production quotas by 188,000 barrels per day in August. Two other sources stated that this increase is the most likely decision.July 5th - The Malian military reported on the 4th that military positions in multiple locations across Mali were subjected to a new round of coordinated attacks by armed groups. The military successfully repelled all attacks, and the attacked positions remain under its "complete control." The report stated that these attacks occurred in Agailok, Anefisse, Gao in northern Mali, and Sevare in central Mali. A local official in Gao said that before dawn on the 4th, militants launched a fierce attack on military camps with guns and rockets. A local resident said, "This morning, no one can leave their homes... The Malian armed forces have blocked all the streets. The gunfire was so intense, it felt like the roofs were about to collapse."July 5th - According to Israeli sources on the 5th local time, Israeli Transportation Minister Miri Regev confirmed that Israel deployed an Iron Dome air defense system to the United Arab Emirates in the early stages of the US-Israel-Iran conflict. This marks the first time the Iron Dome has been deployed to a country outside of Israel and the United States. Reportedly, this is the first time an Israeli government official has publicly acknowledged deploying the Iron Dome system to the UAE. Previously, related reports had been confirmed by US officials.OPEC+ sources: OPEC+ has agreed in principle to increase its oil production target by 188,000 barrels per day starting in August.On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Index Rises

Skylar Shaw

Feb 23, 2023 16:19



It was a mixed Asian session as investors responded to the FOMC meeting minutes,, with the Hang Seng Index bucking the trend.

Market Overview

It was a mixed morning session, with the Hang Seng Index finding support.


While the FOMC meeting minutes were less hawkish than expected, the minutes highlighted the key themes that included well-above-target inflation and a very tight labor market. Since the FOMC meeting minutes, the US Jobs Report impressed, with service sector activity surging, according to the ISM survey, and retail sales rebounding.


Significantly, inflation remained sticky, raising bets of a more hawkish Fed policy outlook. With the US unemployment rate at 3.4%, an upward trend in wage growth will likely continue to push prices higher, another reason for the Fed to take a more aggressive interest rate trajectory.


There were no economic indicators from the region to distract investors this morning. Later today, US jobless claims and Q4 GDP numbers could fuel bets of a more hawkish Fed. An unexpected fall in jobless claims and upward GDP revisions would likely test buyer appetite. FOMC member chatter will also draw interest, with FOMC member Bostic speaking.


Today’s US stats precede tomorrow’s spending, personal income, and core PCE price index numbers that will also influence market sentiment toward the Fed.


Oil futures responded to the FOMC minutes, with WTI crude sliding to sub-$75 a barrel.


This morning, the Dow mini was up 87 points, with the NASDAQ mini gaining 103.50 points to deliver market support.

ASX 200

The ASX 200 was down 0.40%. Market sentiment toward Fed monetary policy left the ASX 200 in the red, with a hawkish RBA adding to the bearish mood.


Mining stocks took a hit this morning. Rio Tinto (RIO) and BHP Group Ltd (BHP) were down by 1.71% and 3.16%, respectively, with Fortescue Metals Group (FMG) fell by 0.48%. Newcrest Mining (NCM) was down by 0.49%.


The overnight slide in crude oil prices weighed on oil stocks. Woodside Energy Group (WDS) and Santos Ltd (STO) saw losses of 0.75% and 1.43%, respectively.


Bank stocks had a mixed morning. Commonwealth Bank of Australia (CBA) bucked the bearish trend rising by 0.66%. However, it was bearish for the rest of the big 4, with National Australia Bank (NAB) and Westpac Banking Corp (WBC) falling by 0.97% and 0.83%, respectively. ANZ Group (ANZ) was down by 0.88%.


On the earnings front, Rio Tinto released its full-year earnings results for 2022. Following the broader trend, Rio Tinto slashed its 2022 dividend to $4.92 per share versus $10.40 in 2021. However, Qantas Airways Ltd (QAN) tumbled by 6.65% despite impressive earnings. Qantas reported a record H12023 net profit of $1.428 million.

Hang Seng Index


The Hang Seng was up 0.54% this morning. The US Futures delivered morning support as investors look ahead to a busy US economic calendar.


Tencent Holdings Ltd (HK:0700) was up 0.96%, with Alibaba Group Holding Ltd (HK:9988) gaining 2.74%


It was a mixed morning for banking stocks. HSBC Holdings PLC fell by 1,24%, while China Construction Bank (HK: 0939) and Industrial and Commercial Bank of China (HK:1398) saw gains of 0.20% and 0.75%, respectively.


CNOOC (HK: 0883) struggled following the Wednesday pullback in crude oil prices, falling by 0.17%.

Nikkei 225

The Nikkei 225 was down 1.34% this morning, despite a weaker USD/JPY that hovered below the 135 handle.


SoftBank Group Corp. (9984) slid by 2.18%, with Tokyo Electron Ltd (8035) and Fast Retailing Co (9983) seeing losses of 1.70% and 1.83%, respectively. Sony Corp (6758) also struggled, falling by 2.03%, with KDDI Corp (9433) declining by 0.47%.