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On April 4th, it was reported that on April 2nd, Xiaomi Group (01810.HK) shares hit a new low since 2025, closing below HK$31 per share, a 50% drop from its mid-year high last year. Wang Wen (Weibo name: Gu Dao Re Chang Ye), founder and chairman of the billion-dollar private equity firm Ridou Investment, publicly expressed his doubts about Xiaomi on Weibo on April 1st and 2nd. He pointed out that Xiaomi has ventured into multiple industries, but rarely ranks among the top three in any of them; before refining and strengthening its existing businesses, it has turned to popular sectors such as AI and robotics, raising suspicions that Xiaomi lacks a clear long-term plan and has a tendency to chase trends. He emphasized that companies need to build core competitiveness, otherwise long-term development will lack support. In the early hours of April 4th, Wang Wen responded urgently via his personal Weibo account, providing supplementary explanations to his views: "I often talk nonsense, dont take it seriously. Xiaomi is an excellent company! However, focusing on one area and one profit, not concentrating on the main business, is not my cup of tea!"April 4th - April 4th marked the first day of the Qingming Festival holiday, with peak periods for mass tomb-sweeping activities across the country. According to statistics from the Ministry of Civil Affairs, on April 4th, a total of 66,300 funeral service institutions nationwide provided on-site tomb-sweeping services, with 377,600 staff members participating in service support. Throughout the day, they received 19,289,300 visitors and 4,572,200 vehicles. Among them, 12,099,600 people chose green and low-carbon tomb-sweeping methods, accounting for 62.73% of the total on-site visitors. 857 online tomb-sweeping platforms served 266,200 online visitors.Authorities say Russia attacked a market in Nikopol, a frontline city in Ukraine, killing five people and injuring 19.Israel Defense Forces: A missile launched from Iran has been detected heading towards Israeli territory. Defense systems are operational to intercept the threat.On April 4, local time, the Ukrainian Presidential Press Office announced that President Zelenskyy had signed a presidential decree to implement the decision of the National Security and Defense Council regarding sanctions against relevant Russian entities and individuals. The sanctions targeting the Russian military-industrial complex include 26 individuals and 31 legal entities. The sanctions list also covers core enterprises involved in the production and maintenance of various weapons and equipment. Furthermore, the sanctions specifically target the aviation manufacturing sector.

USD/JPY continues Powell-led declines to fresh 14-week low, BOJ's Kuroda, and US PCE Inflation in the horizon

Daniel Rogers

Dec 01, 2022 15:22

截屏2022-12-01 上午10.12.17.png 

 

As Tokyo opens on Thursday, USD/JPY bears take advantage of the weakening US Dollar to mark the lowest level in more than three months near 137.30. In addition to falling US Treasury bond yields and a risk-on market mentality, the recent depreciation of the Yen could be attributed to a weaker yen.

 

Fed Chair Jerome Powell made his first public appearance since the November Federal Open Market Committee (FOMC) meeting by speaking at the Brookings Institution about the economic outlook, inflation, and employment. The official noted that it makes sense to reduce the rate of interest rate increases and speculated that this might occur as soon as the December meeting. Lisa D. Cook, a member of the Federal Reserve Board of Governors, praised the inflation figures as evidence that the Fed will likely take fewer steps in the future.

 

Following Powell's speech, market bets supporting a 50 basis point (bps) rate hike by the Federal Reserve in December increased from 69.9% prior to the speech to over 75%, resulting in a depreciation of the US Dollar and a rise in Treasury yields, while equities appreciated.

 

As a result, the US Dollar Index (DXY) shattered a three-day uptrend on Wednesday, exhibiting the steepest daily fall in a week and the largest monthly decline in 12 years. Notable is the fact that Wall Street benchmarks responded favourably to Fed Chair Yellen's dovish remarks, while 10-year Treasury bond yields reversed early gains to end November on a negative note near 3.61 percent.

 

In addition to Fedspeak, the poor US statistics and optimism on China's Covid situation also weighed on USD/JPY prices. Among these, the US ADP Employment Change received the most attention, as its November result of 127K constituted the lowest readings since January 2021, compared to the 200K expected and 239K previous results. In addition, China reported just over 38,000 daily cases of Coronavirus on Tuesday, which was reported on Wednesday, indicating the second consecutive day of declining virus levels after the record high was updated. The gradual easing of virus-driven activity restrictions in major cities such as Zhengzhou, Guangzhou, and Chongqing looked to have favored Yen pair sellers.

 

Moving forward, the Fed's favored inflation measure, namely the US Core Personal Consumption Expenditure (PCE) Price Index for October, which is forecasted to increase to 5.0% YoY in October from 5.1% in September, will be key for near-term USD/JPY fluctuations. The US ISM Manufacturing PMI for November will also be significant, with a predicted reading of 49.8 compared to 50.2 earlier. Recent rumors regarding the possible tightening of monetary policy by the Bank of Japan (BOJ) in 2023 are the focal point of Governor Haruhiko Kuroda's address today.


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