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On March 16th, the Ministry of Natural Resources and the National Forestry and Grassland Administration jointly issued a notice proposing to further improve the guarantee of natural resource elements. Among them, the new logic for land supply set by the Ministry of Natural Resources has been misinterpreted by many as "no more land will be approved for real estate projects." Firstly, this misunderstanding stems from a lack of understanding of the technical term "newly added construction land." It specifically refers to land converted from agricultural land and unused land into construction land, a strictly controlled and scarce indicator. Given its limited availability, prioritizing it for livelihood projects and major industrial projects is reasonable. The land for real estate development that we usually talk about mostly comes from existing construction land, such as urban renewal, redevelopment of inefficient land, urban village renovation, and state-owned construction land already reserved by the government. Secondly, there is no need to worry about a land supply shortage. After previous preparations, local governments have sufficient reserves of state-owned construction land to fully meet normal development needs. The pace of land supply through bidding and auction will not change and is not directly related to the trends in the new and second-hand housing markets.Royal Bank of Canada raised its price target for Micron Technology (MU.O) from $425 to $525.March 16 - The US dollar broke through the key psychological level of 60 against the Philippine peso on Monday, hitting a new intraday record high. A report from a FX strategist at OCBC Global Research stated that Asian currencies are typically sensitive to factors such as oil price fluctuations, global risk sentiment, and a weaker US dollar. Rising oil prices are creating trade headwinds for several regional economies, further increasing pressure on Asian currencies, including the Philippine peso.Samsung Electronics shares rose 2.7%.SK Hynix led the gains among South Korean chip stocks, rising 6.5% in late trading.

AUD/JPY declines below $90.00 as market focus shifts to China's official PMI data

Daniel Rogers

Dec 30, 2022 11:32

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The AUD/JPY pair has abandoned the psychological support at 90.00 during the Asian session. As a spike of Covid-19 instances in China drives other countries to implement severe safety procedures for Chinese immigrants, the risk barometer has detected a sell-off. An increase in the number of Covid cases in China has a negative impact on the Australian currency, since more supply chain disruptions may limit trade activity.

 

In an effort to alleviate supply chain constraints, the declaration that China will reopen in January 2023 has generated new difficulties. Major nations are requiring negative Covid reports on Chinese immigration in order to safeguard themselves from the outbreak. During a briefing on Thursday, the head epidemiologist at China's Center for Disease Control and Prevention (CDC) warned that Covid is expected to spread over the holiday season.

 

In addition to the Covid scenario, investors are concerned about China's official PMI data, which will be revealed next weekend. The consensus forecast for the Manufacturing PMI from the National Bureau of Statistics (NBS) is 49.2, up from the previous reading of 48. Non-Manufacturing PMI is forecast to outperform the previous report by a wide margin, as the current economic data is anticipated to be 51,4 versus 46,7.

 

Australia is China's most important trading partner, and economic uncertainty in China leads the Australian Dollar to fluctuate.

 

The Japanese Yen is gaining ground in Tokyo despite the beginning of funds-supplying operations against pooled collateral by the Bank of Japan (BoJ) on Thursday. On January 4, the Bank of Japan will provide around one trillion yen at zero percent interest.

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