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On September 10, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended and addressed the opening ceremony of the Ministerial Forum on International Cooperation in Mining and the 2026 China International Mining Conference in Tianjin. He Lifeng pointed out that international cooperation in mining is an important vehicle for achieving complementary advantages among countries and promoting economic and social development, and it is also a practical need for maintaining the security and stability of the global supply chain. China has always fully respected the mineral resource sovereignty of all countries, supported each country in independently choosing resource development and industrial development paths suited to its national conditions, and is willing to deepen all-round pragmatic cooperation with all countries, share opportunities for mining development, and jointly create a bright future for a mutually beneficial, win-win, green, and prosperous global mining industry. During his stay in Tianjin, He Lifeng also inspected the construction and operation of the Sino-Singapore Tianjin Eco-City, the Tianjin Binhai-Zhongguancun Science and Technology Park, the national-level economic and technological development zone, and the comprehensive bonded zone.European Central Bank President Christine Lagarde: It is impossible to predict what the next step will be.European Central Bank President Christine Lagarde: There is nothing to announce regarding my future work arrangements.On September 10th, Deutsche Banks chief European economist, Mark Wahl, stated that despite rising inflation risks, the European Central Bank (ECB) should proceed with caution if it intends to raise interest rates again before the end of the year. The ECB raised its key interest rate by 25 basis points to 2.5% on Thursday. Wahl noted that a rate hike in December now seems highly likely. However, despite the economys resilience over the past six months, the sharp rise in natural gas prices indicates a negative supply shock is building. He said, "This will eventually hurt economic growth. The question is how much damage it will cause and when it will manifest."ECB President Christine Lagarde: The ECB will fulfill its responsibilities.

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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