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[Armed conflict hits domestic industrial system hard, Sudans trade deficit reaches 4.8 billion US dollars in the first quarter] According to Sudanese media reports on the 19th local time, Sudans Minister of Trade and Supply Yusuf said that Sudans trade deficit in the first quarter of this year reached 4.8 billion US dollars. Among them, the total export volume was 3.8 billion US dollars and the total import volume was 8.6 billion US dollars. It is understood that Sudans ongoing armed conflict has destroyed the countrys industrial system, and 85% of Sudans factories have been damaged. This has forced the Sudanese government to import large amounts of daily necessities such as sugar, tea, milk, and flour from overseas to meet domestic demand. Yusuf said that the influx of Sudan also includes uncontrolled imported goods, which has led the Sudanese Ministry of Trade and Supply to implement stricter import and export control measures.According to the Times of Israel: Azmi Abu Daqqa, a senior Hamas operative, was killed in an Israeli airstrike.[The Dow Jones Industrial Average closed above 40,000 points for the first time, and US stock analysts continue to be bullish] The US blue-chip stock index Dow Jones Industrial Average closed above 40,000 points for the first time in its 128-year history, a milestone reached as the bull market continues to advance. After the inflation report rekindled the markets hope that the Federal Reserve would cut interest rates, the stock market hit its longest weekly positive cycle since February this year. Strong corporate earnings also drove the stock market higher. "We maintain our bullish stance." Blue-chip stock analyst Larry Tentarelli said. He pointed out that "if this situation continues," it will lay the foundation for the Dow Jones Index to stand above 42,500 points by the end of this year. Mark Newton, an analyst at the US "Fund Strategy" global consulting firm, said: "The bullishness is correct, and the market consolidation will make the S&P 500 more attractive to further rise and stand above 5,400 points. It is a difficult choice for investors to choose to wait for the possible consolidation. But I think the facts will prove that any weakness is temporary."Ukrainian sources: Ukraines Security Service used military drones to hit an oil refinery and an airport in the Krasnodar region in southern Russia in a nighttime attack.According to the Times of Israel: Israeli troops operating in Jabaliya in northern Gaza have discovered several weapons caches, as well as rocket launchers and a weapons manufacturing plant in the area.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Trails on Growth Targets

Alice Wang

Mar 06, 2023 17:13

Market Overview

It was a bullish start to the week for the Asian markets, with the ASX 200 and Nikkei 225 on the move. However, the Hang Seng Index trailed the front runners, with revised growth targets from Beijing testing buyer appetite.

Economic indicators from the US and a shift in sentiment toward Fed monetary policy supported a bullish end to the week for the US markets. The ISM Non-Manufacturing PMI slipped from 55.2 to 55.1, indicating solid service sector activity and a sharp rise in hiring. In February, the ISM Non-Manufacturing Employment Index jumped from 50.0 to 54.0.


However, the numbers failed to fuel more aggressive Fed policy bets, with the talk of slow and steady rate hikes resonating.

Hawkish chatter from the weekend failed to weigh in risk sentiment this morning. On Saturday, FOMC Member Mary Daly spoke of lifting interest rates in 50-basis point increments to tackle inflation.

However, growth targets from Beijing pegged back the Hang Seng Index. China delivered a 5% growth target, below market expectations of 5.5%. The disappointing growth target weighed on the CSI 300, which fell by 0.56% this morning, bucking a bullish market trend.

There were no economic indicators from Asia to distract investors this morning. With US factory orders out later today, the focus will shift to the Fed and Fed Chair Powell’s testimony on Tuesday. A move to a more hawkish posture would catch the markets by surprise.

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