The headlines on this hit earlier:The Bank of Japan monetary policy meeting is on Thursday and Friday this week. The 15th and 16th of June. The statement will be Friday, most likely in the 0230 to 0330 GMT time window (there is no firmly scheduled time or the BOJ...
Former Treasury Secretary Summers says US has underlying 4.5-5% inflation
Former Treasury Secretary Summers spoke, remotely, at the start of the two-day Caixin Asia New Vision Forum in Singapore today. Summers said core inflation in the US running hot:“The United States is, today, an underlying 4.5-5% inflation country,” And did not sound...
Goldman Sachs warn property weakness likely a multi-year growth drag on China’s economy
Bloomberg say the drop in iron ore today, its first in nine sessions, is "as Goldman Sachs Group Inc. warned that property weakness would likely be a multi-year growth drag for China’s economy."GS says:it sees persistent problems in Chinese real-estateno quick...
New Zealand PM Hipkins to visit China at the end of this month
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ForexLive Asia-Pacific FX news wrap: More Chinese banks cut deposit rates
Later this week we’ll get the People’s Bank of China setting the rate on its Medium Term Lending Facility (MLF). The MLF will be set on Thursday, the 15th. The chance of a cut to the rate, expected of around 10 basis points for the one-year, is firming up with more...
Bank of America say they remain bearish US stocks, investors are too bullish, Fed not done
I had this earlier from Bank of America on their Federal Open Market Committee (FOMC) outlook:With high inflation sticky, BoA argue the risk is for further Fed rate hikes:"We remain bearish; still think biggest 'pain trade' next 12 months Fed funds 6% not 3%,"BoA add...
Nomura cites a “strong signal” for a cut to MLF rate this week and the LPR next week
Last week China commercial banks cut rates:More Chinese banks cut ratesIndustrial and Commercial Bank of China cuts yuan deposit ratesNomura looking for a 10bp cut:“We believe the cut in banks’ deposit rates sends a strong signal that the PBOC is paving the way for a...
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PBOC sets USD/ CNY reference rate for today at 7.1212 (vs. estimate at 7.1214)
People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
Iran’s supreme leader said a deal with the West over the nuclear program is possible
Remarks from Ayatollah Ali Khamenei flagging the possibility of a nuke deal:"There is nothing wrong with the agreement [with the West], but the infrastructure of our nuclear industry should not be touched." Iran should continue working with the UN nuclear...
New Zealand GDP forecasts revised lower
NZIER is the new Zealand Institute of Economic Research. Their latest Consensus Forecasts (these are an average of New Zealand economic forecasts compiled from a survey, not forecasts from NZIER itself).In brief:The latest NZIER Consensus Forecasts show a downward...
PBOC is expected to set the USD/CNY reference rate at 7.1214 – Reuters estimate
People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate...
China state-controlled financial media says PBOC may cut MLF rate by 5 to 10 bp this week
Securities Daily says there may be a cut to the Medium Term Lending Facility. The MLF will be set on Thursday, the 15th. The MLF sets the stage for Loan Prime Setting on the 20th, the following Tuesday (the 20th)There is plenty of speculation of a rate cut from the...
BOJ dep gov Wakatabe – don’t expect a change from BOJ at this week’s, June, meeting
Bank of Japan (BOJ) Deputy Governor Masazumi Wakatabe. Letting the cat out of the bag already?No change is expected anyway:Comment from the deputy gov. reported over news wires with no further detail at this stage. The Bank of Japan meeting is Thursday (15th) and...
Japan PPI (May) -0.7% m/m (expected -0.2%)
Japan PPI, AKA Corporate Goods Price Index. This is 'wholesale' level inflation , the price that firms charge each other for products.PPI -0.7% m/mexpected -0.2%, prior +0.2%+5.1% y/yexpected 5.6%, prior 5.8%This data point is from the Bank of Japan. The Bank's policy...
Bank of Japan to remain on hold at its meeting this week – preview
The Bank of Japan monetary policy meeting is on Thursday and Friday this week. The 15th and 16th of June.The statement will be Friday, most likely in the 0230 to 0330 GMT time window (there is no firmly scheduled time or the BOJ announcement). This is from 10.30 to...
BCC said the UK economy will probably avoid recession. BCI says the same now.
On Friday the British Chambers of Commerce (BCC), a business lobby group, said the UK economy would probably avoid a recession. “We are on course to only narrowly avoid a recession,” “With anemic growth rates predicted into the future, there is a real danger of...
New Zealand data – May retail sales -1.7% m/m 9exp +0.3%)
Data for purchases made in New Zealand on debit, credit and store cards. Sales on electronic cards cover about 68% of core retail sales in New Zealand.Disappointing data from NZ, the long cycle of Reserve Bank of New Zealand rate rises are taking a toll on the...
UBS is looking for a lower USD
The US dollar view from UBS is via its equity analyst folks, saying that they'd rather look for overseas growth to fund equity valuations, with a lower US dollar contributing to that, than to continue chasing the narrow breadth leaders:“ ... rather than chasing the...
ICYMI – China raised gold holding for 7th straight month / Physical gold demand slowed
Posting this on gold from Friday ICYMI:Physical gold demand slowed in China and India this week and forced dealers to offer discounts, with volatile prices in India prompting buyers to delay purchases.China raises gold holding for 7th straight monthWhile the headline...