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On July 30th, Eckhard Schulte, Chairman of the Board of MainSky Asset Management, stated in a report that Federal Reserve Chairman Warshs avoidance of providing any form of forward guidance makes it extremely difficult for the market to form a coherent analysis of Fed policy. The market will have to adapt to this communication style; the resulting high level of uncertainty will drag down stocks, long-term bonds, and the dollar. Warsh clearly stated that the Fed is serious about its 2% inflation target and intends to achieve it. However, he did not provide a coherent explanation for why the Fed did not heed the opinions of three dissenting members who advocated for interest rate hikes.Royal Bank of Canada: Lowered its price target for Boston Scientific (BSX.N) from $85 to $70.According to monitoring of 500 county-level markets and collection points nationwide, in the fourth week of July (collection date July 23), prices of piglets, pork, eggs, chicken, commercial broiler chicks, mutton sheep, raw milk, and soybean meal increased week-on-week. Prices of live pigs, commercial layer chicks, live cattle, and broiler feed decreased week-on-week. Prices of beef, corn, fattening pig feed, and layer hen feed remained unchanged week-on-week. The national average price of piglets was 23.20 yuan/kg, up 1.3% from the previous week and down 34.9% year-on-year. The national average price of live pigs was 11.45 yuan/kg, down 0.4% from the previous week and down 22.9% year-on-year. The national average price of pork was 20.96 yuan/kg, up 0.1% from the previous week and down 17.4% year-on-year. The national average price of eggs was 10.96 yuan/kg, up 1.3% from the previous week and up 27.0% year-on-year. The national average price of corn was 2.48 yuan/kg, unchanged from the previous week and down 0.8% year-on-year.Meta Platforms shares fell 7.4% on the Tradegate trading platform after it reported a 91% drop in free cash flow.BP (BP.N): Commenced the Atlantis expansion project, a major facility in the U.S. Gulf Coast. The expansion will add two subsea injection wells. Completed ahead of schedule and below budget, the project is expected to increase average annual peak production by approximately 10,000 barrels of oil equivalent per day.

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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