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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: Hang Seng Trails on Growth Targets

Alice Wang

Mar 06, 2023 17:13

Market Overview

It was a bullish start to the week for the Asian markets, with the ASX 200 and Nikkei 225 on the move. However, the Hang Seng Index trailed the front runners, with revised growth targets from Beijing testing buyer appetite.

Economic indicators from the US and a shift in sentiment toward Fed monetary policy supported a bullish end to the week for the US markets. The ISM Non-Manufacturing PMI slipped from 55.2 to 55.1, indicating solid service sector activity and a sharp rise in hiring. In February, the ISM Non-Manufacturing Employment Index jumped from 50.0 to 54.0.


However, the numbers failed to fuel more aggressive Fed policy bets, with the talk of slow and steady rate hikes resonating.

Hawkish chatter from the weekend failed to weigh in risk sentiment this morning. On Saturday, FOMC Member Mary Daly spoke of lifting interest rates in 50-basis point increments to tackle inflation.

However, growth targets from Beijing pegged back the Hang Seng Index. China delivered a 5% growth target, below market expectations of 5.5%. The disappointing growth target weighed on the CSI 300, which fell by 0.56% this morning, bucking a bullish market trend.

There were no economic indicators from Asia to distract investors this morning. With US factory orders out later today, the focus will shift to the Fed and Fed Chair Powell’s testimony on Tuesday. A move to a more hawkish posture would catch the markets by surprise.

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