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Singtel will have priority access to some of Nvidias next-generation chips.Japanese heavy machinery and defense stocks fell, with Mitsubishi Heavy Industries down 2.6% and Kawasaki Heavy Industries down 4.3%.The Federation of Automobile Manufacturers of Thailand: Thailands automobile production increased by 10.53% year-on-year in January, compared with 8.56% year-on-year growth in December.February 24th, Futures News: Loan Prime Rates (LPRs) were released as scheduled today, with all maturities remaining unchanged. 1. Latest Quotes: On February 24th, the 1-year and 5-year LPRs were 3.0% and 3.5% respectively, remaining unchanged for the ninth consecutive month. The spreads added to the 7-day reverse repo rate remained at 160 and 210 basis points respectively. 2. Reasons for Stability: The 7-day reverse repo rate remained stable in February, and the LPR pricing basis remained unchanged. Wang Qing, Chief Macro Analyst at Orient Securities, explained that at the end of the fourth quarter of last year, commercial banks net interest margin remained at a historical low of 1.42%, and quoting banks lacked the incentive to actively lower the LPR quote spread. 3. Urgency of Interest Rate Cuts: Ming Ming, Chief Economist at CITIC Securities, stated that as of December last year, the weighted average interest rate for general loans in my country had fallen to a historical low of 3.55%. Given the relatively low financing costs for the real economy and the need to repair bank interest margins, the urgency for domestic interest rate cuts is not high. 4. Market Outlook: Wang Qing predicts that monetary policy will be in an observation period in the short term. A comprehensive policy-driven interest rate cut is likely to be implemented in the second quarter, leading to a decline in the LPR (Loan Prime Rate), which in turn will guide corporate and household loan interest rates downward. Interviewees expect that there will be ample room for monetary policy to remain moderately loose throughout the year.On February 24th, according to futures market news, during the new round of refined oil price adjustment window, international crude oil prices rose. Geopolitical tensions led to risk premiums dominating international crude oil price trends, with fundamentals having a limited impact on crude oil prices. International crude oil prices reached a near six-month high. The crude oil change rate has remained within the positive range this round, and the current retail price adjustment window for refined oil is expected to see an upward adjustment. Monitoring models show that as of the close of trading on February 23rd, the change rate of the reference crude oil on the 10th working day was 3.98%. It is expected that the retail price limits for gasoline and diesel will increase by 175 and 170 yuan per ton, respectively, which translates to an increase of 0.14, 0.15, and 0.14 yuan per liter for 92# gasoline, 95# gasoline, and 0# diesel, respectively. The price adjustment window is at 24:00 on February 24th, 2026. If the increase in the retail price limits for refined oil is confirmed in this round, it will cost private cars an extra 7 yuan to fill up a 50L tank.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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