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On December 29, the Eastern Theater Command of the Chinese Peoples Liberation Army organized destroyers, frigates, fighter-bombers, and other forces to conduct exercises in the sea and airspace east of Taiwan Island, including maritime strike, regional air superiority, and anti-submarine warfare, testing the sea-air coordination and precision targeting capabilities.December 29th - According to Kyodo News, the proportion of foreign residents in Japan is approaching the 10% threshold at a rate far exceeding official forecasts, with dozens of municipalities already surpassing this figure. One village reported that more than one-third of its residents are foreign nationals. In July of this year, then-Justice Minister Keisuke Suzuki stated that by around 2040, the foreign population in Japan is expected to exceed 10% of the total population. Japans labor shortage problem is projected to worsen.Sources say India is suing Reliance Industries and BP for $30 billion over insufficient production from its gas fields.On December 29, the Eastern Theater Command of the Chinese Peoples Liberation Army organized destroyers, fighter-bombers, drones, and other forces in the northern and southwestern sea and airspace of Taiwan Island, along with long-range firepower, to conduct training exercises including sea-air search and destruction, simulated land attack, and live-fire exercises against sea targets. The exercises tested the PLAs integrated coordination and capability to seize control.On December 29th, the fourth meeting of the Standing Committee of the First Non-Motor Property Insurance Professional Committee of the Insurance Association of China was held in Beijing. Representatives from 24 standing committee member units, including the committees chairman, PICC Property & Casualty Insurance, attended the meeting, which was chaired by Zhang Liang, member of the Party Committee and Vice President of the Insurance Association of China. The meeting reviewed and approved a proposal to promote research on model clauses and rates for corporate property insurance and employers liability insurance. The meeting believed that the committee should focus on key and difficult issues in the comprehensive governance and development of non-motor insurance, and take proactive measures through establishing working groups to strengthen industry self-regulation, formulate model clauses, deepen industry research, promote information sharing, and conduct publicity and exchange, thereby reshaping industry rules and image and serving the healthy and sustainable development of the non-motor insurance market. The meeting pointed out that the committee should strengthen its own construction, focusing on the associations overall goal of "serving the industry well, assisting in supervision well, and contributing well to society," anchoring its responsibilities, strengthening self-discipline and collaboration, improving the evaluation and supervision mechanism, and effectively playing the functional role of the committee.

AUD/USD struggles to surpass 0.6350; Australian Inflation/US GDP under the microscope

Alina Haynes

Oct 25, 2022 15:37

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During the Tokyo trading session, the AUD/USD pair reversed its decline to trade near 0.6350. The Australian dollar is under pressure as a result of Jinping's pessimism in China. Despite a small decline in S&P500 futures following three straight bullish settlements, the risk-on inclination remains firm. Following a poor beginning in Tokyo, the US dollar index (DXY) is attempting to retake the critical 112.00 mark.

 

The yield on 10-year US Treasury notes has reduced to 4.21 percent as a result of a positive market sentiment. According to the CME FedWatch tool, the probability of a fourth consecutive rate hike by the Federal Reserve (Fed) of 75 basis points (bps) stands at 95%.

 

According to a Reuters survey regarding the Fed's interest rate forecasts, the central bank will announce its fourth consecutive 75 basis point rate increase. According to additional results of the Reuters poll, the central bank should not terminate monetary policy until the inflation rate falls to around half of its current level. Without a question, the Fed's aggressive rate-hiking cycle increases the probability of a future recession.

 

MSNBC reported that US Treasury Secretary Janet Yellen remarked, "Cannot rule out risk" of a recession, creating a huge surge in recession worries.

 

Thursday's Gross Domestic Product (GDP) numbers will dominate the news in the future. The annualized GDP is projected to climb significantly to 2.4%, compared to the earlier forecast of a 0.6% decline.

 

The Australian bulls have been shaken by the extraordinary third term of Chinese leader XI Jinping. China's economic prospects are in jeopardy, which has an effect on Australia's trade projections. Moreover, Australian Consumer Price Index (CPI) data is increasing popularity. According to projections, the annual rate of headline inflation will rise to 7.0% from 6.1% in the previous report.


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