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According to Interfax: Kazakhstans state oil and gas company plans to increase its oil supplies to Germany to 2 million tons by 2025.On June 20, it was learned from the Ministry of Industry and Information Technology that the Ministry of Industry and Information Technology and three other departments recently held a meeting to study and deploy this years new energy vehicle safety management work, proposing to adhere to long-termism, not engage in "involutionary" competition, and never cut corners or pass off inferior products as good ones, sacrificing product performance and reducing product quality in order to achieve short-term "cost reduction and efficiency improvement."The main contract of the Container Shipping Index (European line) fell 4.00% during the day and is now at 1950.6 points.On June 20, Morgan Stanley published a report stating that the Hong Kong residential market has fallen for seven consecutive years, and house prices have fallen nearly 30% from the historical high in August 2021 (first hit in July 2018). Although it may still be in the early stages, the bank is optimistic that it may be at the beginning of an upward cycle and may last for 4 to 5 years. The reasons include that Centaline CCL has lagged behind the Hang Seng Index and may catch up; wage growth will help affordability return to the level of 2010; structural benefits such as low land supply and the abolition of additional stamp duty; low interest rates. It is also expected that house prices will rise by 2% in the second half of the year. In terms of stock selection, the bank prefers Sun Hung Kai Properties (00016.HK), Henderson Land Development (00012.HK) and Kerry Properties (00683.HK) because they are the main beneficiaries of the reduction in Hong Kong interbank offered rates and have ample saleable resources. Among them, the rating of Henderson Land Development was upgraded from "in line with the market" to "overweight", but the rating of Sino Group (00083.HK) was downgraded from "overweight" to "in line with the market".The South Korean won rose 1% against the dollar during the day.

Following The Upbeat Australian Employment Number, AUD / NZD Rises Above1.0750

Daniel Rogers

Mar 16, 2023 14:01

AUD:NZD.png 

 

The AUD / NZD exchange rate has increased by approximately 0.50% following the release of Australia's Employment Change data for the month of February. Employment Change came in at 64.6K, compared to 48.5K anticipated and -11.5K in the prior period. The unemployment rate has decreased from 3.7% to 3.5%. Full-time employment increased significantly from -43.3K to 74.9K.

 

After two negative readings in December and January, the positive employment data will likely encourage the Reserve Bank of Australia (RBA) to implement an additional 25 basis point (bps) rate hike at their next meeting, despite indicating a pause thereafter.

 

The Gross Domestic Product (GDP) data for the fourth quarter of 2022 in New Zealand were worse than expected, with the quarterly reading at -0.6% compared to -0.2% from the previous 2% and the annual reading at 2.2% compared to 3.3% from the previous 6.4%.

 

The economic contraction was caused by stagnant consumption, a decline in real national total disposable income, and a lack of investment in the industrial sectors. The economic impact of Cyclone Gabrielle is excluded from this figure, which represents the fourth quarter of 2022.

 

The Reserve Bank of New Zealand (RBNZ) may reconsider its hawkish stance at its April 5 meeting in light of this growth data. Despite the fact that many market analysts anticipate a 25 basis point rate hike from the RBNZ in April, the upside bias for AUD / NZD remains intact as economic data for both economies continues to diverge.


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