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On January 26th, Moodys Analytics stated in a report that Australian consumer price data to be released on Wednesday is expected to show that the year-on-year overall inflation rate in December may have slowed to around 3% from 3.4% in November. The report stated that this was mainly driven by a favorable base effect in electricity prices and the normalization of holiday travel prices. However, the report added that food inflation and sticky price pressures generally present in the services sector are likely to keep core inflation around 3% to 3.2%, thus preventing a more significant decline.Nomura Securities raised its target price for Alibaba (BABA.N) from $193.00 to $237.00.January 26th – The Fifth Session of the 14th Guangdong Provincial Peoples Congress opened in Guangzhou this morning, with Guangdong Governor Meng Fanli delivering the government work report. The report stated that in 2026, Guangdong will resolutely deepen reforms and fully unleash the innovation and creativity of the whole society and the surging momentum for high-quality development. It will continue to deepen reforms in key areas, improve the whole-process, efficient, and verifiable reform promotion and implementation mechanism, and ensure the effective implementation of various reform tasks deployed by the state and province. It will accelerate the implementation of the second batch of authorized items in the Shenzhen comprehensive reform pilot program, proactively study and address new issues arising in economic and social development, and deepen fiscal reform. It will focus on the "five major aspects" of finance, cultivate and introduce more financial market entities, support the Shenzhen Stock Exchange in deepening the reform of the ChiNext board, and accelerate the expansion and quality improvement of the regional equity trading market.January 26 - Faraday Future reports that it has completed regulatory certification for its first EAI robot and released partial design drawings of the robot. Regulatory certification for other products in the first batch is also progressing rapidly, with the goal of starting deliveries in the same month of release.January 26th - The Fourth Session of the 14th Henan Provincial Peoples Congress opened this morning, with Governor Wang Kai delivering the government work report. The report mentioned strengthening the modern service industry system. It outlined actions to expand and improve the service industry, promoting the specialization and high-value-chain extension of producer services and facilitating the high-quality, diversified, and convenient development of consumer services. It also emphasized the integrated development of high-level industrial design centers, metrology and testing centers, certification centers, pilot-scale testing bases, and common technology platforms to continuously enhance scientific and technological service capabilities. Furthermore, it called for increased investment in insurance and funds in Henan, strengthening venture capital funds, implementing a special action to improve the quality and efficiency of science and technology finance, supporting the listing of high-quality enterprises and mergers and acquisitions of listed companies, increasing the proportion of direct financing and equity financing, and adding 1 trillion yuan in social financing. Finally, it supported Zhengzhou in creating a national pilot city for the integration of industry and finance, and cultivated 20 new provincial-level benchmark enterprises for the integration of industry and finance.

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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