China property sector woes persist – new home prices fall again
Data for China’s December new home prices down 0.25% m/m down 1.5% y/y On Friday I posted on further support for the sector: China will loosen restrictions on Chinese developers’ financing with changes to the “Collective management system for real estate loans” on banks and also on the “Three Red Lines” policy. China will add […]
Week Ahead: Highlights include US retail sales, China data, ECB minutes, UK data
Week Ahead January 16-20th: Highlights include US retail sales, China activity data, ECB minutes, UK data MON: Eurogroup Meeting; Chinese GDP (Q4), House Prices, Industrial Output & Retail Sales (Dec). TUE: OPEC MOMR; German Final CPI (Dec), UK PPI (Nov), Unemployment (Nov), German ZEW (Feb), Canadian CPI (Dec), Australian Consumer Sentiment (Jan). WED: UK CPI […]
USD/CNY unlikely to extend its decline toward 6.30 – SocGen
China FX has front-loaded the China reopening and economists at Société Générale are cautious about chasing a CNY rally. Neutral on Yuan “As USD/CNY has already reversed more than 50% of the rise in 2022, it would be necessary to feed more positive surprises to the market to deepen a CNY rally to the 6.30 […]
Global economy going into recession, 2023 growth to slow
The World Bank slashed its global growth forecasts from projections it made in mid-2022 on the back of what it sees as broadly worsening economic conditions.The international development institution downgraded almost all of its forecasts for advanced economies in the world, cutting its growth outlook for the global economy to 1.7% for 2023, it said […]
WTI struggles to extend recovery towards $79.00, optimism remains on softer US inflation
Oil prices have turned sideways after failing to extend recovery to near $80.00. The black gold price has not run out of steam as the US administration is ceasing oil supply to China. Falling US inflation has triggered odds of a slowdown in the pace of the Fed’s policy tightening. West Texas Intermediate (WTI), futures […]
China Dec trade USD terms: Exports -9.9% y/y (expected -10.0%) Imports -7.5% (-9.8%)
Exports USD terms -9.9% y/y forecast was -11.1%, previous -8.7% Imports -7.5% y/y expected -9.8%, previous -10.6% Trade Balance USD 78bn surplus expected $76.20bn, prior $69.84bn – Yuan terms also … Exports -0.5% y/y Imports 2.2% y/y Trade Balance 550.1bn — For 2022 as a whole exports rose 4.3% and imports +10.5% ADVERTISEMENT – CONTINUE […]
Asian FX bulls jump to multi-year highs, spurred by China reopening: Reuters poll By Reuters
© Reuters By Archishma Iyer (Reuters) – Bullish bets on the Thai baht and Chinese yuan hit five-year highs as China’s sharp pivot from its strict COVID-19 curbs boosted investors’ appetite for strengthening long positions in regional currencies, a Reuters poll showed on Thursday. Long positions firmed on nearly all Asian emerging currencies, many of […]
PBOC to cut RRR And LPR in 2023 – China Securities Journal
The People’s Bank of China (PBOC) is seen cutting the reserve requirement ratio (RRR) and the over-five-year Loan Prime Rate (LPR) further in 2023, “as authorities implement “accurate and forceful” monetary policy,” China Securities Journal reported, citing experts. Additional quotes “To support the real estate sector, cuts to the over-five-year LPR are likely, with Beijing […]
BofA Sees Gold Over $2,000 Oz in Coming Months
ank of America Securities expects gold prices to head over $2,000 oz in the coming months on the back of developments in US interest rates and foreign exchange markets, it said today. Source link
China state media warn of two-way volatility for yuan in 2023 By Reuters
© Reuters. A Chinese yuan currency sign is illustrated inside a bank in Hong Kong, March 25, 2013. REUTERS/Bobby Yip/Files SHANGHAI (Reuters) – Investors should avoid Chinese currency risk and adapt to higher foreign exchange volatility, three state financial newspapers in Shanghai and Beijing said in front-page commentaries on Tuesday after more than a week […]