EUR/USD 1.17094
0.193%
Gold 4337.15
0.259%
Oil 56.716
-0.346%
USD/JPY 150.069
-0.239%
GBP/USD 1.34462
0.086%
GBP/JPY 201.789
-0.147%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 17th, UBS released a report stating that Pop Mart (09992.HK)s stock price has fallen approximately 15% from its August high. However, the bank remains optimistic about the companys prospects, citing the continued popularity of the "Starman" series and the stabilization of secondary market prices for the "Labubu" series after an initial supply-driven decline. The bank anticipates catalysts such as updated third-quarter sales data, Christmas-themed product releases, and the release of a new animated series. The increasing accuracy of high-frequency data, such as credit card spending tracking, is expected to drive a rebound in stock price momentum. The bank maintains its "Buy" rating on Pop Mart with a target price of HK$432.On October 17, Macquarie issued a report stating that it raised the target price of JD Health (06618.HK) by 20%, from HK$62.14 to HK$74.57, and maintained its "outperform" investment rating. Macquaries earnings forecast for the company remains unchanged. Macquarie expects JD Health to have a good trend in the third quarter of 2025 and to record a 22% year-on-year revenue growth in the second half of the year. It is expected that amid the weakness of offline pharmacies, the company will continue to consolidate its position in major healthcare product distribution channels, further increase its market share and consolidate the market. Macquarie expects the companys strong growth momentum to continue in the second half of the year, benefiting from the direct launch of more new drugs and stronger advertising spending from merchants.According to Kyodo News: Japans Liberal Democratic Party and the opposition Constitutional Democratic Party agreed to hold an election to nominate the prime minister on October 21.On October 17th, the Hong Kong SAR Government presented its latest update to the Legislative Council Panel on Transport, outlining the latest arrangements for the "Guangdong Cars Going South" program. Secretary for Transport and Logistics, Chan Mei-po, explained that the Guangdong and Hong Kong governments will implement total vehicle volume control based on the border crossing capacity and the carrying capacity of nearby roads. A "transit parking lot" will initially be used at the border crossing, offering approximately 1,800 parking spaces and 24-hour automated parking and airport drop-off/pick-up services. For inbound travel to the city, a small-scale quota of 100 reservations per day will be issued, with each Guangdong car allowed to remain in Hong Kong for a maximum of three days. Chan Mei-po stated that the program will be reviewed and discussed with Guangdong authorities over an orderly increase in quotas, depending on the actual implementation, user and public adaptation, and the utilization of supporting facilities.On the morning of October 17th, Cao Li, Senior Vice President of Leapmotor, stated at a media conference that when a traffic accident occurs, regardless of who is at fault, the first priority is to ensure the safety of the driver. First, when a driver is involved in an accident due to road conditions, drunk driving, speeding, or other factors, a collision signal will be transmitted to the backend, and Leapmotor will promptly contact the driver and provide rescue services. Second, the companys quality department will analyze whether the vehicle poses a safety hazard and work with the owner, traffic police, and others to investigate. Personal safety always comes first.

USDJPY rises 1.0% to offset US inflation-driven fall above 142.00; US Michigan CSI expected

Alina Haynes

Nov 11, 2022 17:57

截屏2022-11-11 下午1.36.22.png

 

During the Asian session on Friday, USDJPY bounces at the intraday high near 142.50 as it consolidates the worst daily decline since October 1998. In doing so, the yen pair takes signals from the market's slightly bearish sentiment and the lack of movement in US Treasury yields during the day.

 

Nonetheless, fears of coronavirus return as Beijing, China reports the highest daily spike in covid infections in over a year. For the first time in seven months, the number of daily coronavirus cases exceeded 10,000 at the national level. Aside from this, 10-year US Treasury rates remain quiet near the monthly low near 3.81%, which was flashed on Thursday after the sharpest decrease since the start of December 2021.

 

Bond market inaction may be related to U.S. and Canadian bank holidays, as well as the market's demand for greater confirmation of the Federal Reserve's decision to suspend rate hikes (Fed).

 

It should be highlighted that increased fears of Japan's involvement in the currency market to defend the yen, the Bank of Japan's (BOJ) defense of the cheap money policy, and optimism for an economic recovery in the next years all contribute to the USDJPY resurgence.

 

Thursday, the US Consumer Price Index (CPI) for October surprised markets by slipping to 7.7% YoY, the lowest level since March of last year, compared to forecasts of 8.0% and a previous reading of 8.2%. Importantly, the Core CPI fell to 6.3% from 6.5% and earlier readings of 6.6%.

 

The president of the Dallas Federal Reserve, Lorie Logan, indicated that the October CPI inflation report is a welcome respite and that it may soon be time to slow the rate of rate hikes. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, told Reuters on Thursday that the US Federal Reserve may slow its rate hikes in the coming months. Esther George, president of the Federal Reserve Bank of Kansas City, Loretta Mester, president of the Federal Reserve Bank of Cleveland, and Mary Daly, president of the Federal Reserve Bank of San Francisco, have all recently advocated for moderate rate hikes at upcoming meetings.

 

As a result, the CME's FedWatch Tool shows an 80% chance of a 50 basis point (bps) rate hike in December, up from about 55% shortly after the Fed's meeting last week.

 

Given recent forecasts for an easy Fed rate hike in December and the BOJ's preference for dovish monetary policies, the USDJPY pair is likely to continue falling. The initial readings of the US Michigan Consumer Sentiment Index (CSI) for November, which is expected to be 59.5 compared to 59.9 in October, will precede the meeting between US President Joe Biden and Japan's Prime Minister (PM) Fumio Kishida on Sunday in order to provide clear direction.

 

Due to the oversold RSI conditions, USDJPY bears are challenged by an ascending support line from early March and the 100-day moving average (DMA) in the vicinity of 141.00-140.85. The comeback must surpass the late-October swing low of 145.10 to impress buyers.

Suggestion