Real-time News

On Tuesday, May 12, the Hang Seng Index closed down 58.93 points, or 0.22%, at 26,347.91; the Hang Seng Tech Index closed down 35.79 points, or 0.7%, at 5,070.61; the H-share Index closed down 1.83 points, or 0.02%, at 8,882.37; and the Red Chip Index closed up 5.32 points, or 0.12%, at 4,629.15.

Bank for International Settlements: Reserve Bank of Australia Governor Bullock has been appointed Chairman of the Asia Advisory Committee.

Bank for International Settlements: Bank of Japan Governor Kazuo Ueda has been appointed Chairman of the Committee on the Global Financial System for a two-year term.

On May 12th, it was reported that on May 11th, the Ministry of Public Security announced that China and the United States had jointly handled a transnational drug trafficking case. Yu Yuan Tan Tian wrote that during this window of opportunity, the release of the results of anti-drug cooperation between China and the United States sends a signal to the outside world: even though competition, differences, and even friction exist between China and the United States, the two countries still have a real need for cooperation on certain specific issues, and still possess the ability to cooperate.

Thailand's Ministry of Finance: The loan law will help prevent stagflation.

Bank for International Settlements: The Board of Directors elected Panetta, Governor of the Bank of Italy and Executive Board Member of the European Central Bank, as the new Chairman.

Indonesian car sales rose 55% year-on-year in April.

On May 12th, European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that the ECB would have to raise interest rates if the oil shock triggered by the Iran war threatens the anchor of inflation expectations in the Eurozone; he reiterated that the ECB might raise rates in June. Nagel said, "If the impact of such a shock proves to be significant or persistent—especially if it threatens the anchor of long-term inflation expectations—then, in accordance with our mandate, we must act." He added, "We also discussed the possibility of a rate hike (last month). Therefore, we will observe developments over the next few weeks. We will hold a meeting in June, at which time we will make a decision based on the latest data."

May 12 - Energy Intelligence Group reporter Amena Bakr: The Qatar Energy-operated liquefied natural gas (LNG) carrier "Al Sahla" has docked at the Al-Zour terminal in Kuwait, becoming the fourth (and newest) Qatar Energy-operated LNG carrier to unload in Kuwait since the Middle East conflict disrupted LNG transport in the Strait of Hormuz.

May 12th - The US April CPI is expected to rise 3.7% year-on-year, marking the largest increase since September 2023; the March increase was 3.3%. The core CPI, excluding food and energy prices, is projected to rise 0.3% last month, and is likely to be rounded to 0.4%. March saw a 0.2% increase. The US Bureau of Labor Statistics, which compiles the CPI report, is expected to make a one-time adjustment to rents and landlord-equivalent rents. Lou Crandall, chief economist at Wrightson ICAP, stated, "The April report will include actual data for this portion of the rent sample, which should have a significant catch-up effect. We expect this particular factor to increase the core CPI increase by about 0.1 percentage points for the month."

ECB Governing Council member Nagel: Our mission requires us to act when inflation expectations become unanchored, and we will see the results in June.

May 12 - A shortage of ink caused by the Middle East conflict has forced Japan's largest potato chip manufacturer to downgrade its packaging, the latest sign that the raw material shortage is worsening and impacting global markets. Tokyo-based snack company Calbee said on Tuesday it will temporarily adjust the packaging design of some of its most popular products, using only two ink colors. These products include potato chips, shrimp crackers, and fruit cereals.

The Indonesian rupiah is under pressure due to escalating conflicts in the Middle East and seasonal domestic demand for US dollars for debt repayment and dividend repatriation.

Gold prices fell on May 12th, weighed down by the fragile ceasefire between the US and Iran, casting a shadow over the future. In early European trading, New York gold futures fell 0.7% to $4,697.70 per ounce. Analysts at ANZ Bank noted, "The market currently seems caught in a dilemma, facing geopolitical anxieties on one hand and concerns about rising inflation on the other." Meanwhile, physical gold demand may also face risks, as the Indian Prime Minister has urged citizens to refrain from buying gold for the next year to help maintain the country's foreign exchange reserves. Traders are currently awaiting the release of key US inflation data, with the Consumer Price Index (CPI) scheduled for release later on Tuesday, and the Producer Price Index (PPI) data due on Wednesday.

On May 12, local time, Israeli sources reported that Israel Defense Forces (IDF) special forces secretly crossed the Litani River over the past week and advanced deep into southern Lebanon. The reports stated that the IDF's Eqzi special forces and a reconnaissance company from the Golani Brigade crossed the Litani River and advanced northward, operating outside a village approximately 10 kilometers from the Israeli border. Israel claims that this area was previously used by Hezbollah to launch rockets and mortars at IDF positions.