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On May 6, IG market strategist Yeap Jun Rong said: "Gold prices started the week with a strong rise as investors returned to safe-haven assets to hedge portfolio volatility caused by tariff concerns reignited by US President Donald Trump. Any dovish signal from the Federal Reserve is likely to provide further support for gold and strengthen its overall upward momentum."On May 6, Goldman Sachs published a research report stating that Standard Chartered Group (02888.HK)s first quarter profit exceeded expectations by 17%; net interest income (NII) was in line with expectations; pre-tax profit was 5% higher than market expectations; credit impairment was 7% lower than market forecasts; pre-tax profit (PBT) was 10% higher than market forecasts; basic return rate (ROTE) reached 16.4%, 300 basis points higher than market forecasts; core tier 1 capital ratio (CET1%) was in line with expectations. Goldman Sachs raised Standard Chartereds earnings per share forecast for fiscal year 2025 by 6%; the forecasts for fiscal years 2026 to 2028 were raised by 2%, 2% and 1% respectively, and the target price for H shares was set at HK$111, with a neutral rating.Market news: The United States seeks to force the sale of Googles advertising technology products.On May 6, Hong Kong Chief Executive John Lee met with reporters before attending the Executive Council today (6th), and said that he will visit two Middle Eastern countries, Qatar and Kuwait, on May 10. John Lee said that this is his second visit to Middle Eastern countries since he took office. During this visit, he will meet with government representatives from Qatar and Kuwait to strengthen the cooperation model between the two sides and bring more people-to-people exchanges and contacts. For the first time, he will lead more than 50 business people to participate, including more than 30 Hong Kong business people and more than 20 mainland entrepreneurs.On May 6, Anders Persson, chief investment officer and global fixed income director at Nuveen in North Carolina, said, "We are currently neutral on U.S. Treasuries and prefer the front end of the yield curve because I expect this part to be relatively stable for future interest rate cuts by the Federal Reserve. In the face of policy uncertainty and unclear prospects, we are not willing to make large bets."

GBP/JPY declines from 167.00 as UK inflation soars and risk aversion wanes

Alina Haynes

Oct 17, 2022 14:51

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The GBP/JPY pair encountered resistance near 167.00 during the Tokyo session and has since dropped slightly to roughly 166.70. The S&P500 has retraced some of its gains after a stronger rally, which has weighed on the pound bulls due to a decline in the risk-taking urge.

 

In spite of rumors that the Bank of Japan (BOJ) will intervene in the currency markets to shield the yen from volatility during the past week, the cross has stayed in the hands of bulls. According to Reuters, Japan's authorities have started looking for Haruhiko Kuroda's replacement for the upcoming year. In regards to the principles governing monetary policy, BOJ Kuroda stated, "Continued monetary easing is appropriate." The yen bulls have been further weakened by this.

 

The pound bulls may experience extremely high volatility due to a political drama in the United Kingdom. Political unrest has resulted from Chancellor Kwasi Kwarteng's unexpected resignation after he pledged to drop the proposal to raise company taxes to 25%. The decision made by Kwarteng, the UK's former finance minister, accelerated the collapse of the equity market and returns on government bonds.

 

In the meantime, the probability of further BOE-BOJ policy divergence expansion has grown as a result of remarks on monetary policy made by Bank of England (BOE) Governor Andrew Bailey. "We will not hesitate to boost interest rates to satisfy our inflation target," BOE Bailey continued, according to Reuters. Price pressures, according to the central bank, call for stricter policy tightening measures than were suggested in August.

 

This week, the UK Consumer Price Index (CPI) data will be of utmost significance. Each of the inflation rates—headline and core—could rise by 10 basis points, to 10% and 6.4%, respectively. An increase in inflation reaching double digits could pose new challenges for the British economy.


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