General trend
- Nikkei 225 declines amid earnings [SoftBank, Nintendo, Sharp].
- Japanese companies due to report earnings include Fujifilm, AGC, McDonald’s Japan.
- Taiwan Semi might issue monthly sales this week.
- China might also release monthly lending data.
Headlines/economic data
Australia/New Zealand
- ASX 200 opens +0.3%.
-BHP [BHP.AU]: Notes fatal incident at Port Hedland; operations at Western Australia Iron Ore (WAIO) suspended for 24 hours as safety precaution.
- (AU) Australia sells A$1.0B vs. A$1.0B indicated in 3.00% Nov 2033 bonds; Avg Yield: 3.6854% v 3.3903% prior; bid-to-cover: 3.5x v 2.78x prior.
- (AU) Economists raise terminal RBA cash rate forecast to 3.85% v 3.60% prior [follows hawkish Feb RBA policy statement] - US financial press poll.
- (NZ) New Zealand Treasury: Auckland floods to add 0.4% to 1H inflation.
- (NZ) New Zealand PM Hipkins: Policy to be focused on the cost of living; minimum wage to rise in line with CPI from Apr [Q4 2022 CPI rose by 7.2% y/y].
China/Hong Kong
- Hang Seng opens flat at 21,283.
- Shanghai Composite opens +0.1% at 3,251.
- (CN) Follow Up: US says China military has a 'balloon surveillance program' - Washington Post.
- (CN) Wuhan (China) said to ease limits on home purchases - Chinese press.
- (CN) China: 2 homegrown COVID treatments to be covered by state insurance; the companies are Simcere Pharma and Shanghai Junshi.
- (CN) China EV supply chain faces overcapacity risk - Chinese press.
- (CN) China PBOC Open Market Operation (OMO): Sells CNY641B in 7-day reverse repos v CNY393B prior; Net injects CNY486B v CNY78B drain prior.
- (CN) China PBOC sets Yuan reference rate: 6.7752 v 6.7967 prior.
- *(CN) hina Jan foreign reserves: $3.184T V $3.155TE; gold portion rise for the 3rd straight month.
- (CN) China President Xi: Reiterates stance to strive to achieve an overall improvement in economic operations.
- (CN) China Preliminary Jan Retail Passenger Vehicle Sales at 1.24M -41% y/y - PCA.
Japan
- Nikkei 225 opens flat at 27,690.
- (JP) Bank of Japan (BOJ) announcement related to daily bond buying operation: inline with planned amounts.
- (JP) Japan Dec BOP Current Account: ¥33.4B v ¥112.0Be; Adj Current Account: ¥1.2T v ¥1.236Te.
- (JP) Japan Jan Bank Lending Y/Y: 3.1% v 2.7% prior; Bank Lending (ex-trusts) Y/Y: 3.5% v 3.0% prior.
- (JP) Japan MOF issues Jan Flows Data: Japanese purchased net ¥1.12T in Foreign Bonds; Foreigners sold net ¥4.24T in Japan bonds.
- (JP) Japan PM Kishida: Reiterates BOJ Governor choice concerns basic economic policy; Is mindful of very strong market attention.
- (JP) Japan to end blanket testing for all travelers from China upon arrival - Japanese press.
Korea
- Kospi opens +0.7% at 2,469.
- (KR) South Korea Dec Current Account: +$2.7B v -$0.6B prior.
Other Asia
- (IN) India central bank (RBI) raises repurchase rate by 25BPS TO 6.50%; as expected.
- (PH) Philippines Central Bank Gov Medalla: Can't rule out another surprise after CPI data, not ruling out a surprise supply shock after Jan [follows hotter Jan CPI data].
North America
- (US) Fed Chair Powell: Disinflationary process has begun, but we are at the very early stages.
- (US) President Biden: Reiterates US seeks competition and not conflict with China - State of the Union.
Europe
- (UK) National Institute of Economic and Social Research (NIESR) raises forecasts for UK CPI in 2023 and 2024; cuts 2023 and 2024 GDP forecasts.
Levels as of 00:20 ET
- Nikkei 225, -0.4%, ASX 200 +0.4% , Hang Seng -0.1%; Shanghai Composite -0.3% ; Kospi +1.3%.
- Equity S&P500 Futures: flat; Nasdaq100 flat, Dax +1%; FTSE100 flat.
- EUR 1.0735-1.0721 ; JPY 131.38-130.72 ; AUD 0.6970-0.6944 ;NZD 0.6332-0.6309.
- Gold +0.2% at $1,888/oz; Crude Oil +0.2% at $77.31/brl; Copper +0.2% at $4.0750/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
EUR/USD extends losses on dovish remarks from ECB members, trades near 1.0780
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD trades sideways above 1.2600 amid quiet session
The GBP/USD pair trades sideways around 1.2622 during the early Friday. The market is likely to be mute in light trading on Good Friday. Later in the day, the US Core Personal Consumption Expenditures Price Index will be released.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kickstart a massive rally.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.