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May 26 - A 6.9-magnitude earthquake struck the Antofagasta Region in northern Chile on May 25, according to the National Seismological Center of the University of Chile. No casualties or damage have been reported so far. The earthquake occurred at 5:52 p.m. local time on May 25 (5:52 a.m. Beijing time on May 26), with its epicenter located 20 kilometers northeast of Calama, Antofagasta Region, at a depth of 114 kilometers. The Chilean Navys Hydrographic and Oceanographic Service tsunami warning department stated that the earthquake would not trigger a tsunami. Chile is located in the Pacific Ring of Fire, a region prone to earthquakes.On May 26th, it was reported that Meituan and SF Express have opened over 1,400 low-altitude air routes, achieving routine operation of drone logistics and gradually becoming profitable. Meanwhile, large-payload, long-range cargo drones independently developed by central state-owned enterprises, such as the Changying-8 and HH-200, have completed their maiden flights, and a preliminary "trunk-branch-terminal" low-altitude logistics network led by drones is emerging. When will large-scale commercialization of low-altitude logistics be realized? At the recent 2026 World Drone Conference, attendees believed that as the fastest-developing scenario in the low-altitude economy, low-altitude logistics is transitioning from routine operation to commercial profitability, and is expected to experience explosive growth in the next two to three years.U.S. stock index futures rose, with Nasdaq futures up 1.3%, S&P 500 futures up 0.9%, and Dow Jones futures up 0.87%.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 6.5 occurred near northern Chile (23.13 degrees south latitude, 69.52 degrees west longitude) at 05:52 on May 26. The final result is subject to the official rapid report.The European-Mediterranean Seismological Centre reports that a 6.1-magnitude earthquake struck Antofagasta, Chile, at a depth of 111 kilometers.

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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