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S&P Global Ratings: Asian energy importers with lower credit ratings have fewer options.On March 24th, according to the Korea Economic Daily, as AI companies are ramping up production capacity to meet the demand for AI memory chips, SK Hynix is planning to raise 10 trillion to 15 trillion won (approximately US$10 billion) through a US listing. SK Hynix plans to issue new shares for trading in American Depositary Receipts (ADRs). The potential proceeds will be used to build AI infrastructure, such as a semiconductor cluster in Yongin, South Korea, and to expand memory product production capacity. An SK Hynix spokesperson responded to the report, stating, "Various measures aimed at enhancing shareholder value, including American Depositary Receipts (ADRs), are currently under review. However, no final decision has been made yet."The Hang Seng Tech Index rose more than 2% in the afternoon, while the Hang Seng Index rose 2.4%, with stocks in sectors such as optical communication, precious metals, new consumption concepts, and biopharmaceuticals leading the gains.On March 24th, according to Qichacha APP, Beijing Zitiao Network Technology Co., Ltd. recently applied to register multiple "SEEDANCE" trademarks, covering international classifications such as convenience foods, medical horticulture, and chemical raw materials. All trademarks are currently in the registration application process. Public information shows that Seedance 2.0 is an AI video generation model launched by ByteDance, capable of creating cinematic-quality videos based on text or images. In February of this year, it began small-scale testing and was launched on the Jimeng platform.On March 24th, asset management firm Neuberger Berman stated that European interest rates present two-way risks, and this asymmetry should be reflected in prices. The rise in global government bond yields, while influenced by central bank expected repricing, is also likely due to the need for central banks and financial institutions to raise funds due to rising oil prices. Even without traditional safe-haven demand, US Treasuries reflect a clearer easing path from the Federal Reserve than the European Central Bank.

USD/JPY is trading near 141.00, which would signal a return to levels not seen in 24 years

Daniel Rogers

Sep 05, 2022 16:30

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The US dollar/Japanese yen exchange rate is getting closer to last week's 24-year high of 140.80. In the wake of the US dollar index (DXY) hitting a fresh 20-year high of 110.03, the asset is gaining a great deal of momentum. The DXY has been trading at high levels and is expected to continue its upward trend.

 

The DXY has risen to prominence on currency markets as optimism about US employment data (as measured by Nonfarm Payrolls or NFP) has persisted over the previous week. The Fed's satisfaction with the US economy's August job gains is boosting the asset's value (Fed). Even though pricing pressures are having a significant influence on household income, recent depletion signals are not sufficient to persuade consumers to raise their spending habit (quantity-wise). Therefore, higher employment creation will encourage Fed policymakers to sound hawkish without hesitation.

 

Future attention will center on the release of the US ISM Services PMI. As the US economy is recognized for its IT giants and its offering of IT services to emerging nations, the value of the US Services PMI is unusually high. From 56.7, economists expect the economy to slow to 54.9. This may put an end to the DXY's dream rally, and the asset may encounter considerable challenges.

 

Due to the holiday on Monday, the US markets won't be trading, thus the asset's movement will be determined largely by market sentiment.

 

Investors are waiting for Tokyo to release secondary economic statistics on Monday. There is consensus that the Jibun Bank Services PMI will hold steady at 49.2. Although the release of Japan's GDP figures will continue to be a major forthcoming event. The GDP is forecast to increase to 0.7% from 0.5% in the third quarter. The annualized figure, at 2.9%, is much higher than the 2.2% that was previously reported.


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