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The yield on Japans 30-year government bonds rose 2.0 basis points to 4.020%.As of 8:30 AM Beijing time, spot platinum rose 0.57% and spot palladium rose 0.54%.Spot gold and silver prices continued to decline; a chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.The China Earthquake Networks Center officially reported that a 4.8-magnitude earthquake occurred at 7:44 a.m. on July 9 in Gao County, Yibin City, Sichuan Province (28.51 degrees north latitude, 104.68 degrees east longitude), with a focal depth of 6 kilometers.Artificial Intelligence: 1. OpenAI releases GPT-Live speech model. 2. OpenAI releases national security principles document. 3. Zhipu: Plans to raise over HK$31.4 billion through a share placement at a discount of approximately 13%. 4. Ministry of Industry and Information Technology issues risk warning: Claude Code contains a security backdoor that may leak sensitive user information. 5. US government approves OpenAIs public release of its GPT-5.6 Sol, Terra, and Luna models on Thursday. 6. SpaceX AI and Cursor release Grok AI model, named Grok 4.5, for legal and financial scenarios. 7. Meta announces plans to build a C$13 billion data center in Alberta, Canada. 8. AI chip startup Positron is in talks for approximately $750 million in funding, with a potential valuation of up to $5 billion. Integrated Circuits (Chips): 1. US media: Zhipu is evaluating the possibility of developing its own custom chips amid surging demand for its GLM series AI models. 2. Reports indicate that TSMC is significantly expanding its PIC production capacity, expected to reach 25,000 wafers per month by 2028. 3. Apple and Broadcom have reached a multi-year cooperation agreement worth over $30 billion. 4. SK Hynixs US IPO was reportedly oversubscribed by more than seven times. Other: 1. China Passenger Car Association: June retail sales of passenger cars reached 1.602 million units, a year-on-year decrease of 23.2%. 2. Teslas robotaxi plan is attempting a new rapid expansion strategy. 3. Blue Origin raised $10 billion at a valuation of $130 billion.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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