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Hong Kong-listed AI application stocks rallied, with WeRide-W (00800.HK) surging over 90%, Zhipu (02513.HK) and MINIMAX-W (00100.HK) rising over 4%, while China Literature (00772.HK) and Pony.ai-W (02026.HK) followed suit.On Monday, August 10, the Hang Seng Index opened 137.15 points higher, or 0.53%, at 25,805.18; the Hang Seng Tech Index opened 41.22 points higher, or 0.85%, at 4,899.51; the H-share Index opened 52.24 points higher, or 0.61%, at 8,583.82; and the Red Chip Index opened 4.13 points higher, or 0.1%, at 4,125.14.The Peoples Bank of China (PBOC) announced today that it conducted 18 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 18 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Hang Seng Index futures opened 0.59% higher at 25,811 points, a premium of 143 points.According to JLC Network Technologys calculations, as of the sixth working day on August 10th, the average price of benchmark crude oil was $80.59 per barrel, with a change rate of -9.32%. Domestic gasoline and diesel retail prices should be reduced by 380 yuan per ton. The adjustments are based on: 1. the domestic crude oil import structure and settlement benchmark varieties; 2. the possibility of slight adjustments based on import structure and other factors during the pricing mechanisms operation, which JLC Network Technology will revise accordingly; 3. at 24:00 on July 31st, domestic gasoline and diesel retail prices were increased by 685 and 655 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round is 24:00 on August 14th.

AUD/JPY Exceeds 90.30 As RBA Considers Option To Raise Rates Prior To Pause

Daniel Rogers

Apr 18, 2023 14:02

AUD:JPY.png 

 

Following the release of the minutes from the Reserve Bank of Australia (RBA), the AUD/JPY pair surged above the 90.30-point critical resistance level. According to the RBA minutes, policymakers actively considered the decision to raise rates further. However, the decision to maintain the status quo was made after the collection of additional data.

 

Citing the resilience of Australia's financial system, RBA policymakers believed that the Board's future cash rate decisions would depend on the global economy, household spending trends, inflation projections, and employment forecasts.

 

Continue to monitor China's Gross Domestic Product (GDP) statistics. Compared to its stagnant performance in the final quarter of CY2022, the Chinese economy is estimated to have grown by 2.2%. Compared to the previous annual growth rate of 2.9%, the current annual growth rate for the economy is 4.0%. Australia is China's greatest trading partner, and stronger Chinese GDP data would strengthen the Australian Dollar.

 

The announcement of the People's Bank of China (PBOC) interest rate decision later this week will be crucial. Last week, the People's Bank of China pledged to provide additional monetary support to spur retail demand. Despite the reopening of China's economy following a period of economic restraint, the country's inflation rate has been consistently declining over the past few months.

 

According to Jiji news and Reuters, the Bank of Japan is reportedly considering a projection for consumer price growth between 1.6% and 1.9% for the 2025 fiscal year, a move seen as preventing market participants from betting on the central bank's departure from stimulus. This has also delayed the possibility of a shift away from an expansionary monetary policy, which cannot be considered until the Japanese inflation rate persists above 2%.


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