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February 7th - U.S. Ambassador to the United Nations Mike Walz stated that the United States will pay part of the billions of dollars in arrears owed to the UN within weeks, while emphasizing the need for continued UN reform. This comes after UN Secretary-General António Guterres warned of the UNs financial situation, stating that the UN faces the risk of "imminent financial collapse" due to member states unpaid dues. In a telephone interview, Walz said the first payment would be seen soon, and while the final amount has not yet been determined, he believes it will be finalized within weeks.The China Earthquake Networks Center officially determined that a 3.2-magnitude earthquake occurred in Tengchong City, Baoshan City, Yunnan Province at 12:00 on February 7, with a focal depth of 10 kilometers.On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."February 7 – The World Health Organization (WHO) reported on February 6 that Bangladesh had one case of Nipah virus infection, with no other related cases identified. According to a WHO press release that day, the infected person is a woman aged 40 to 50 living in the Rajshahi district of Bangladesh. She developed fever and neurological symptoms on January 21 and was diagnosed with Nipah virus on January 29. Bangladeshi authorities notified the WHO on February 3. The woman had no recent travel history but had consumed raw date juice. Her 35 close contacts tested negative for Nipah virus.February 7th - US President Trump stated on the 6th that the US, Russia, and Ukraine held "very good" talks that day regarding resolving the Russia-Ukraine conflict. Answering reporters questions aboard Air Force One, Trump said, "We had very, very good talks with Russia and Ukraine today. Something might happen." However, he did not elaborate further. It is understood that the issue of Ukrainian territory and security guarantees remains the sticking point in the negotiations. The US and Ukraine recently discussed the possibility of reaching a Russia-Ukraine peace agreement in March, but this is proving very difficult, and the timetable may be delayed.

Hang Seng Index, ASX200, Nikkei 225: Bulls Deliver Friday Support

Jimmy Khan

Mar 03, 2023 14:49


Industry Snapshot

Asian stock markets had a positive start, with the Hang Seng Index, ASX 200, and Nikkei 225 all rising.

Despite a tightening labor market and a sharp rise in labor costs, US economic data failed to push risky assets into the red. Initial applications for unemployment decreased from 192k to 190k, and unit labor expenses increased by 3.2% in Q4 compared to Q3's 2.0%. The more aggressive Fed interest rate track to achieve goal inflation was backed by the most recent labor market data.


Bostic, a member of the FOMC, softened the impact by emphasizing the need for gradual increases in interest rates. Bostic wants to raise rates by 25 basis points later this month, allaying concerns about a 50-basis point increase.


The Dow Jones and S&P 500 both saw increases of 1.05% and 0.76% on Thursday, while the NASDAQ Composite Index increased by 0.73%. The US Futures, however, predicted a more tense Friday session. This morning, the NASDAQ mini fell by 34 points while the Dow mini lost 36 points.


Later today, the US ISM Non-Manufacturing PMI data and several FOMC members' remarks may revive Fed Fear. Support for risky assets would be put to the test by a further uptick in service sector activity and a steep rise in the ISM Non-Manufacturing Prices Index combined with aggressive Fed comments. Logan, Bowman, and Bostic, members of the FOMC, will speak today.

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