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The Hang Seng Index closed up 13.13 points, or 0.05%, at 26,406.84 on Monday, May 11; the Hang Seng Tech Index closed up 3.61 points, or 0.07%, at 5,106.4; the H-share Index closed down 4.87 points, or 0.05%, at 8,884.2; and the Red Chip Index closed up 80.66 points, or 1.78%, at 4,623.83.On May 11, Indonesias Minister of Mining stated that Indonesia has postponed plans to further increase revenue from the mining sector, as authorities wish to delay implementation until an "ideal solution" that benefits both the government and mining companies is found. The Indonesian government had originally planned to increase royalties for some mining companies and impose export taxes on certain mineral products, including coal. Minister of Energy and Mineral Resources, Rahadalia, stated that the government is currently gathering feedback from mining companies to ensure that the final policies do not place an undue burden on the industry.On May 11th, the Guangzhou Municipal Artificial Intelligence Industry Development Office issued the "Key Points of Guangzhous Artificial Intelligence Industry Work in 2026." The document states that by the first half of 2026, an artificial intelligence industry investment fund will be established, targeted investment attraction along the industry chain will be implemented, and a dynamic management mechanism of "weak link list + targeted investment attraction plan" will be established. Policies and measures to support the development of artificial intelligence OPCs (one-person companies) will be formulated and implemented to stimulate the innovative potential of "super individuals" and strengthen new drivers for the citys future industrial development.On May 11, EU Enlargement Commissioner Marta Kos said on Monday that the EU may release the first tranche of its recently agreed €90 billion (approximately $105.8 billion) loan to Ukraine next week. Last month, the EU formally approved the €90 billion loan, which is expected to meet about two-thirds of Ukraines funding needs over the next two years. Kos told reporters in Brussels, "I hope that next week we can release the first tranche."On May 11th, the Guangzhou Municipal Artificial Intelligence Industry Development Office issued the "Key Points of Guangzhous Artificial Intelligence Industry Work in 2026." The document emphasizes accelerating the strengthening of industrial elements, particularly in intelligent computing power. It calls for standardizing the tiered development plan of "city data centers + park computing centers" in accordance with national and provincial policies, and optimizing construction standards for computing power projects. The document also stresses strengthening data supply by improving data circulation and trading mechanisms, deepening the authorized operation of public data resources, accelerating the creation of trustworthy data spaces for cities, industries, and enterprises, promoting the open sharing of data resources, driving the integration and application of multi-party data, and developing a number of high-quality multimodal datasets including text, images, audio, and video in key areas.

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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