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Sony Group: Will repurchase up to 1.66% of its own shares, worth 250 billion yen.On May 14, Hang Seng Bank (00011.HK) reportedly carried out a more extensive layoff operation since the bonus was distributed in late March. The reduction in individual departments of Hang Seng is about 10% to 50%, and the layoff operation is expected to be completed by the end of June. According to reports, Hang Seng Bank has laid off employees in many departments since March. At this stage, it mainly involves the logistics support department, including the strategy and corporate development department. In addition, the layoff departments also include the information technology department, corporate communications department and Hang Seng Index Company. According to reports, even if employees in the affected departments have not been fired, they have to reapply for the position and compete with internal and external applicants. However, even if you apply for a position in the original department, the title may have changed due to the reorganization. Currently, Hang Seng is recruiting more than 100 positions, and the relevant employees can apply for any position at will.Samsonite (01910.HK) fell nearly 10% after the results. The companys adjusted EBITDA in the first quarter decreased by 20.9% to US$128 million.Smoore International (06969.HK) rose more than 7%, and its share price once reached HK$17 during the session, setting a new high since August 2022.The rupiah fell as much as 0.45% to 16,585 against the dollar, its lowest level since May 2.

WTI Anticipates Additional Losses Below $77.00 As Global Central Banks Prepare For a New Rate-Hiking Cycle

Daniel Rogers

Apr 21, 2023 13:54

Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have estimated a cushion around $77.00 during the Tokyo session. After a four-day adverse spell that raised doubts about further monetary policy tightening by global central banks, oil prices have heaved a sigh of relief.

 

The price of crude oil has surrendered the majority of its gains since OPEC+ announced unexpected production limits. A further decline in the price of oil would expose it to the crucial support level of $75.60. Growing concerns about a global economic downturn, coupled with the fact that central banks are preparing for a new cycle of rate hikes to combat persistent inflation, will have a significant impact on global oil demand.

 

Along with the Federal Reserve (Fed), it is anticipated that the European Central Bank (ECB) and the Bank of England (BoE) will increase interest rates to combat persistent inflation in their respective economies. The Fed and BoE are expected to raise rates by an additional 25 basis points (bps), while investors are divided over the path of rate increases by the ECB, with options ranging from 25 to 50 bps.

 

No one could deny that a more conservative approach to monetary policies by the world's central banks would reignite concerns of a global recession as manufacturing activities are severely hampered.

 

Aside from that, investors have disregarded China's robust Gross Domestic Product (GDP) figures, which have bolstered signs of economic recovery and, ultimately, oil demand in the world's second-largest nation. Notably, China is the world's greatest importer of oil, and the economic recovery in China would support oil prices.