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Key Events This Week: Nvidia Earnings And FOMC Minutes
It's a quiet start to the week thanks to the President's Day holiday in the US, and it's also a relatively quiet week on the data front, however as DB's Jim Reid writes in his weekly preview, "it's a reflection of the world we live in that the most important event of the week may be Nvidia's earnings on Wednesday." Indeed, NVDA is now the 4th largest company in the world and the best performer in the S&P 500 so far this year (+46.6% YTD), so this will be very important for sentiment. China's return from holidays will also add some interest after its recent equity market volatility and weak ... (full story)
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post: Japanese FinMin Suzuki: Closely Watching FX Moves With High Sense Of Urgency - FX Market Set By Various Factors post: JAPAN'S FINANCE MINISTER SUZUKI ACKNOWLEDGES CONCERNS THAT THE NEW "NISA" PROGRAMMES ARE CAUSING CAPITAL FLIGHT AND A WEAKENING YEN.
Members began by observing that global inflation remained high but that there had been encouraging progress in reducing inflation towards central banks’ targets. Much of the easing in inflation in advanced economies had been due to movements in energy and goods prices. Members noted that global shipping costs had increased recently, partly related to attacks on vessels in the Red Sea. While this posed some upside risk to tradable goods inflation, the increases in shipping costs had been small relative to those seen during the pandemic. Compared with goods price inflation, core services price inflation had continued to ease only gradually in most advanced economies. Rent inflation was yet to show clear signs of easing in many economies. On the other hand, inflation for services other than housing had eased from its peaks, consistent with the gradual easing in labour market conditions and an improvement in the balance of demand and supply for services. However, overall services price inflation remained high relative to pre-pandemic rates. Economic growth had slowed to below-trend rates in many advanced economies in response to restrictive monetary policy settings. This had contributed to progress in returning inflation to target. Members noted that real household disposable income growth was positive in a number of advanced economies, yet consumption growth remained subdued. The United States was the main exception, with relatively firm growth in real incomes and consumption underpinning robust economic growth. post: RBA Minutes: Board Considered Interest-Rate Hike, Saw Pause Case As Stronger - Needed ‘Some Time’ To Be Certain On Inflation Decline post: RBA: FINANCIAL CONDITIONS RESTRICTIVE ON SOME MEASURES, LESS SO ON OTHERS post: RBA: HIGH INFLATION, HIGHER TAX AND INTEREST PAYMENTS HAD WEIGHED ON CONSUMPTION post: RBA: DATA ON LABOUR MARKET, CONSUMPTION HAD BEEN WEAKER THAN EXPECTED
The US dollar index has risen over the past seven weeks mostly in a straight line. Yet it formed a shooting star reversal candle around the 105 handle, trend resistance and the ...
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post: CHINA SLASHES 5-YEAR LPR BY 25 BASIS POINTSPBOC Rate Cut (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%) People's Bank of China policy rate setting. LPRs set at: • 3.45% for the one-year (previously 3.45%) • 3.95% for the five-year (previously 4.20%) • first cut to the 5-year since August • 25bp is the largest cut ever The 5-year rate serves as an influence on mortgage rates. The cut to the 5-year will therefore be a positive for China's deeply troubled property sector. The PBOC's Loan Prime Rate (LPR): • Its an interest rate benchmark used in China, set by the People's Bank of China each month. • The LPR serves as a reference rate for banks when they determine the interest rates for (primarily new) loans issued to their customers. • Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. • Its calculated based on the interest rates that a panel of 18 selected commercial banks in China submit daily to the PBOC. • The panel consists of both domestic and foreign banks, with different weights assigned to each bank's contributions based on their size and importance in the Chinese financial system. The LPR is based on the average rates submitted by these panel banks, with the highest and lowest rates excluded to reduce volatility and manipulation. The remaining rates are then ranked, and the median rate becomes the LPR.
Chinese banks cut a key reference lending rate for mortgages by the most on record, ramping up support for the beleaguered property sector. The five-year Loan Prime Rate, a ...
The yen was pinned near a three-month low against the dollar on Tuesday as sticky U.S. inflation bolstered the case for higher-for-longer interest rates, contrasting with a ...
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- Posted: Feb 19, 2024 7:51pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,572
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