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A survey of 52 Bank of Japan (BOJ) watchers on September 11th showed that the BOJ will raise interest rates next week (100%), and expects another rate hike by January next year (approximately 93%, with about one-third predicting December and the remainder choosing January), indicating a significant acceleration in the policy normalization process. The survey results reflect a dramatic shift in economists views: in the previous survey in July, no one predicted a policy change in September. The BOJ faces upside risks to inflation, and repeated calls for action from US Treasury Secretary Bessenter have fueled expectations of a rate hike this month. Kato, chief economist at Totan Research Institute, wrote in a survey response: "The BOJ may be sending a signal to the market that rate hikes will be spaced roughly every three months. The focus is on how strongly it will imply that it may act more frequently if conditions allow." About 46% of respondents believe the BOJs rate hike pace will accelerate to about once per quarter, while the prevailing view a few months ago was once every six months. About 36% believe the pace will be once every four to five months, while the proportion believing in once every six months has plummeted from 82% in July to 6%.Micron Technology (MU.O): The total bonus for direct employees in Taiwan in fiscal year 2026 is equivalent to 35 to 68 months salary, with a minimum cash reward of NT$1.7 million.Micron Technology (MU.O): Annual performance bonuses in Taiwan for fiscal year 2026 can reach up to 500% of the benchmark target, plus stock awards.Micron Technology (MU.O): Employees in Taiwan who joined the company before August 29, 2025 will receive a cash bonus of NT$1 million (approximately RMB212,000) for fiscal year 2026.On September 11th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4910%, and the lowest was 0.7060%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 0.9870%, and the lowest was 0.8640%. The highest 7-day annualized yield of Alipays "Yuebao" was 0.9000%, and the lowest was 0.8590%.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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