TradeTheNews.com Staff
TradeTheNews.com
Asia Market Update: Equities rise after the gains on Wall St.; Aussie bond yields drop after softer data [jobs, inflation expectations].
General trend
- AUD rebounded.
- Standard Chartered rose after reporting financial results; Cisco Systems also gained.
- China’s Commerce Ministry (MOFCOM) sometimes holds weekly news conferences on Thurs.
- Indonesia to announce rate decision.
- US PPI data due later today.
- RBA Gov Lowe to again testify on Fri.
Headlines/economic data
Australia/New Zealand
-(AU) ASX 200 opens flat at 7,362.
-(AU) AUSTRALIA JAN EMPLOYMENT CHANGE: -11.5K V +20.0KE; UNEMPLOYMENT RATE: 3.7% V 3.5%E [highest unemployment rate since May].
- (AU) Australia Feb Consumer Inflation Expectation Survey: 5.1% v 5.6% prior.
-Yancoal Australia [YAL.AU]: Comments on New South Wales Coal Reservation Policy; Coal sold under this Policy is subject to a price cap of A$125/tonne delivered for 5,500 kcal/kg products, energy-adjusted.
- (AU) Australian Treasurer Chalmers: expects unemployment to rise [comments after Jan jobs data]; states having full confidence in RBA Governor Lowe.
-(AU) ANZ raises terminal RBA rate forecast to 4.10% (prior 3.85%).
-(AU) Australia Dec Household Spending M/M: -6.9% v +1.9% prior; Y/Y: 5.2% v 3.2% prior.
-(NZ) Kiwibank: RBNZ should pause rate hikes, cites 'emergency' [cyclone]; still expects the RBNZ to raise rates at the Feb meeting [Feb 22nd].
-(NZ) New Zealand PM Hipkins: Infrastructure outages could last for some time [comments on impact of Cyclone Gabrielle].
-(NZ) New Zealand sells total NZ$400M v NZ$400M indicated in 2028, 2033 and 2037 bonds.
China/Hong Kong
-Hang Seng opens 0.7% at 20,947.
-Shanghai Composite flat 3,281.
- (CN) China Jan New Home Prices M/M: 0.0% v -0.3% prior; Y/Y: -1.5% v -1.5% prior.
-(CN) China Fin Min Liu Kun: 2023 fiscal revenue growth rate will not be 'too high' - Chinese press.
-(CN) China Finance Ministry to extend tariff waivers on some US goods until Sept 15th – press.
-(CN) China PBoC: To push for more bank lending to private sector.
-(CN) China NDRC: Will support improvement in spending on various areas [including housing and new energy vehicles].
- (CN) China President Xi: To promote high-quality regional economic development.
-(TW) US State Dept: US hopes that China will not use planned Congressional delegation visit to Taiwan as a pretext for military action.
-(CN) China 2023 Spring Festival period number of trips at 1.6B +50.5% y/y - Chinese tv.
-(CN) China Jan Client FX Net Settlement (CNY): 16.9B v 33.8B prior.
-(CN) China PBOC Open Market Operation (OMO): Sells CNY487B in 7-day reverse repos v CNY203B prior; Net injects CNY34.0B.
-(CN) China PBOC sets Yuan reference rate: 6.8519 v 6.8183 prior.
Japan
-Nikkei 225 opens +0.6% at 27,654.
-(JP) Japan MOF sells ¥2.5T v ¥2.5T indicated in 0.200% 5-Year JGB; Avg Yield: 0.2160% v 0.3930% prior, bid-to-cover: 3.98x v 3.70x prior.
-(JP) Japan Jan Trade Balance: -¥3.5T v -¥3.796Te; Adj Trade Balance: -¥1.82T v -¥2.40Te.
-(JP) Japan Dec Core Machine Orders M/M: 1.6% v 2.8%e; Y/Y: -6.6% v -6.1%e.
-(JP) Japan FSA regulator said to step up monitoring of 'mini' insurers - Nikkei.
Korea
-Kospi opens +0.7% at 2,444.
Other Asia
- (IN) India cuts windfall tax on exports of aviation turbine fuel to INR1.5/liter (prior INR6); effective Feb 16th.
-Waskita Karya [WSKT.ID]: Said to seek to delay paying local bond [relates to $151M bond].
North America
-*(US) JAN ADVANCE RETAIL SALES M/M: 3.0% V 2.0%E; RETAIL SALES (EX-AUTO) M/M: 2.3% V 0.9%E.
-(US) Reportedly White House considers nominating Chicago Fed Pres Austan Goolsbee as new Fed Vice Chair to replace Brainard as she becomes White House economic advisor – press.
-(US) TREASURY $15B 20-YEAR BOND AUCTION DRAWS 3.977% v 3.935% prior, BID-TO-COVER 2.54 v 2.68 PRIOR AND 2.66 OVER LAST 8 REOPENINGS.
-(US) Biden to speak on balloon and unidentified objects; Thursday EST - financial press.
Europe
-(EU) ECB chief Lagarde: High inflation continues to have a large impact, committed to bring inflation back to 2% target.
Levels as of 00:20 ET
- Nikkei 225, +0.8%, ASX 200 +0.8% , Hang Seng +2.1%; Shanghai Composite +0.8% ; Kospi +1.8%.
- Equity S&P500 Futures: +0.1%; Nasdaq100 +0.4%, Dax +0.2%; FTSE100 flat.
- EUR 1.0715-1.0683 ; JPY 134.18-133.63 ; AUD 0.6924-0.6868 ;NZD 0.6310-0.6255.
- Gold +0.1% at $1,847/oz; Crude Oil +0.7% at $79.15/brl; Copper +0.5% at $4.0445/lb.
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.
Recommended Content
Editors’ Picks
AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.