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On December 30th, the National Bureau of Statistics released the 2024 figures for the added value of the national cultural and related industries, tourism and related industries, and agriculture and related industries as a percentage of GDP. Specifically, the added value of the national cultural and related industries in 2024 was 6,209.4 billion yuan, accounting for 4.61% of GDP, an increase of 0.02 percentage points from the previous year. By sector, in 2024, the added value of cultural services was 4,325.6 billion yuan, accounting for 69.7% of the added value of the cultural and related industries, an increase of 0.5 percentage points from the previous year; the added value of cultural manufacturing was 1,260.7 billion yuan, accounting for 20.3%, a decrease of 0.2 percentage points from the previous year; and the added value of cultural wholesale and retail trade was 623.1 billion yuan, accounting for 10.0%, a decrease of 0.3 percentage points from the previous year.New York silver futures touched $73 per ounce, up 3.60% on the day.On December 30th, the General Office of the Ministry of Industry and Information Technology issued guiding opinions on accelerating the innovative development of national new-type internet exchange centers. The opinions state that, in accordance with regional coordinated development strategies and major regional strategies, support should be given to establishing exchange centers in regions with strong demand, concentrated business, sound infrastructure, and significant regional advantages, achieving a balanced and focused regional layout. Addressing the high-quality requirements of computing infrastructure, the opinions emphasize strengthening the collaborative construction of exchange centers with national hub nodes of the national integrated computing power network, promoting efficient cross-regional, cross-network, and cross-industry computing power flow. Support should be given to exchange centers to extend to other cities within provincial-level administrative regions, while meeting local traffic diversion needs, and the establishment of nodes in neighboring provinces should be encouraged to create regional traffic exchange hubs. The opinions also explore cross-provincial long-distance interconnection of exchange centers, establishing a collaborative scheduling mechanism and settlement system among exchange centers to form a national integrated exchange capability. Finally, the opinions call for coordinated planning between exchange centers and national-level internet backbone direct connection points and other network facilities to promote complementary advantages, achieve local interconnection of various networks, and form a comprehensive, three-dimensional, and high-level inter-network architecture pattern with mutually supportive interconnection entities and coordinated traffic diversion.As of 09:30 Beijing time, WTI crude oil futures fell 0.34%, and US natural gas futures fell 0.98%.On their first day of trading, Hong Kong-listed IPOs saw Insil Intelligent (03696.HK) surge 45.5%, Lin Qingxuan (02657.HK) rose 9.3%, and Mei Lian Shares (02671.HK) jumped 15.6%.

USD/JPY Bulls compete for easy pickings while bears lurk nearby

Daniel Rogers

Sep 29, 2022 14:27

截屏2022-09-29 上午10.25.29.png 

 

Because US yields fell overnight in response to the Bank of England's unexpected move to purchase bonds, the USD/JPY fell to 143.90 in late New York trading. As a result, bulls gave up in the last trading days of the month, sending global bond yields lower, stock prices higher, and the US currency plunging. Following a rise from the 144.04 level, the USD/JPY is currently targeting that level again.

 

In its first daily decline since September 19th, the US dollar index (DXY) is up 0.36 percent on the day but has reversed from a 20-year high. The yield on the 10-year gilt dropped over 50 basis points to 4.00% while the yield on the 10-year treasury plummeted 21.4 basis points to 3.733% overnight after the BoE's announcements. In reaction, European stocks increased in value, pushing the S&P 500 up by 2.0%.

 

Beginning September 28th, the central bank has announced that it will initiate short-term purchases of long-term UK government bonds in an effort to restore market equilibrium. BoE said in a statement, "The purchases will be made in whatever quantity is necessary to achieve this aim." After the Old Lady got involved, the yield on the 30-year benchmark gilt dropped by more than 50 basis points, and this was despite the BoE putting most of its attention on the July 2051 bond and buying only GBP1 billion.

 

In the wake of a severe drop, the USD/JPY exchange rate could be heading for a further correction of the rapid increase from 140.35 a week ago. However, USD/JPY has upward potential so long as the policy gap between the Federal Reserve and the Bank of Japan exists.

 

"The Japanese Ministry of Finance, however, will be aware of the currency's current vulnerability and will likely aim to generate sufficient fear of further intervention to discourage speculators. On the other hand, our goal for the next three months remains USD/JPY147.00 "According to Rabobank research.


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