EUR/USD 1.14420
0.010%
Gold 4141.44
-0.563%
Oil 69.201
0.916%
USD/JPY 161.877
-0.125%
GBP/USD 1.33951
0.041%
GBP/JPY 216.841
-0.082%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 7 – The World Bank released its latest China Economic Brief in Beijing on July 7. The report states that despite facing strong supply and weak demand, as well as global energy supply shocks, Chinas economic growth has remained generally resilient. The report projects Chinas economy to grow by 4.4% in 2026, unchanged from the previous brief released in December last year.July 7 – Japanese Economy, Trade and Industry Minister Minoru Jonouchi stated that media reports claiming the government of Prime Minister Sanae Takaichi was attempting to lower interest rates were completely inaccurate. At a regular press conference in Tokyo on Tuesday, Jonouchi said, “Reports that the government is encouraging low interest rates as part of its fiscal expansion policy are baseless. If our intentions have not been accurately conveyed, we will work harder to improve understanding.” Jonouchi’s remarks come as financial markets closely watch how Takaichi will implement her economic strategy through large-scale investment without exacerbating the already heavy debt burden. Last month, Jonouchi represented the Japanese government at a Bank of Japan board meeting, where policymakers raised the benchmark interest rate to 1%, the highest level in 31 years.July 7th - It was learned today that the State Administration for Market Regulation has decided to conduct a centralized review of national metrological technical specifications from July to September. Through periodic reviews and dynamic monitoring, the review aims to promote the upgrading and optimization of metrological technical specifications. The centralized review covers currently effective national metrological technical specifications, focusing on issues such as outdated specifications, lagging content, and insufficient adaptability. It will conduct a thorough review from four dimensions: legality and compliance, scientific validity, applicability, and coordination. The review will benchmark against domestic regulations and standards and advanced international metrological technologies to comprehensively identify shortcomings and weaknesses in the system. Participating units are encouraged to submit optimization suggestions, and exemplary national metrological technical specifications will be selected to guide improvements in the quality and supply capacity of metrological technical specifications.Sources indicate that USD/KRW foreign exchange trading related to the SK Hynix ADR listing is expected to take place around July 15.July 7th - Abhijit Suria, senior Asia-Pacific economist at Capital Economics, stated that the slowdown in Japanese wage growth in May is unlikely to prevent the Bank of Japan from further interest rate hikes. He pointed out that preliminary data released earlier showed that the growth rate of Japanese labor cash income slowed to 3.2% in May from 3.6% in April. Suria said, "Despite the recent slowdown, various indicators of basic wage growth remain well above the 2025 average and are still high relative to historical levels." He added, "We believe that todays data is unlikely to change the Bank of Japans fundamental assessment that the labor market remains tight." Capital Economics maintains its view that the Bank of Japan will raise interest rates to 2% by the end of 2027.

S&P 500, Dow Pressured by Weak Economic Data, Hawkish Fed Remarks

Cory Russell

Jan 19, 2023 17:29

微信截图_20230119171842.png


The S&P 500 and the Dow both fell by about 2% on Wednesday, sending the main U.S. stock index futures down. Wall Street suffered its largest daily loss in more than a month as hawkish remarks from two Fed members and dismal economic data contributed to investor desire for lower-risk assets.


The benchmark S&P 500 Index finished the day on Wednesday at 3928.86, down 62.11 or -1.56%. The blue chip Dow Jones Industrial Average ended the day at 33296.96, down 613.89 or -1.81%, while the tech-heavy NASDAQ Composite dropped 138.10, or 1.24%, to close at 10957.01.


Wednesday's Recap Following the release of data revealing a decline in industrial production last month and the largest drop in retail sales in a year, U.S. equities dipped just before the cash market opened on Wednesday.


The theme of a weakening economy and an impending recession in 2023 was furthered by the drop in both industrial output and retail expenditure. Additionally, it could have dispelled last week's market craze about a "soft-landing" recession.


Investors also had to cope with Microsoft's announcement of 10,000 layoffs and hawkish remarks from Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard, and Philadelphia Fed President Patrick Harker in addition to the bad economic news.

Suggestion