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On January 23, the Shenzhen Municipal Peoples Procuratorate of Guangdong Province, after review in accordance with the law, filed a public prosecution with the Shenzhen Intermediate Peoples Court of Guangdong Province against 30 defendants, including Sui Guangyi and Ma Xiaoqiu, for committing illegal fundraising crimes in Shenzhen and other places through Shenzhen Dingyifeng Asset Management Co., Ltd., Hong Kong Dingyifeng International Holdings Group Co., Ltd. and its affiliated companies. The prosecution charges include crimes such as fundraising fraud, illegally absorbing public deposits, money laundering, embezzlement, illegally crossing national (border) boundaries, and providing false documents.On January 23, Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, stated, “Given the continued high level of uncertainty surrounding the election and subsequent parliamentary sessions, it will be difficult for the Bank of Japan to take any policy action. If the yen falls below 160 against the dollar, the Bank of Japan will have no choice but to take action, but I expect monetary intervention to be the first step. If the yen continues to weaken, the political environment may become more tolerant of interest rate hikes, increasing the likelihood of an earlier rate increase. As for rising bond yields, since this is mainly driven by Japanese political factors, it will be difficult for the Bank of Japan to intervene and increase its purchases of Japanese government bonds. Doing so would run counter to the process of normalizing monetary policy.”On January 23, the Shanghai Headquarters of the Peoples Bank of China released its 2025 report on Shanghais monetary and credit operations. The data shows that in 2025, RMB loans in Shanghai increased by 773.4 billion yuan, and RMB deposits increased by 2.35 trillion yuan. Regarding loans, at the end of December, the outstanding balance of RMB and foreign currency loans in Shanghai was 13.07 trillion yuan, a year-on-year increase of 6.5%. The outstanding balance of RMB loans was 12.47 trillion yuan, a year-on-year increase of 6.6%; the outstanding balance of foreign currency loans was 85.5 billion US dollars, a year-on-year increase of 6.4%. In 2025, among RMB personal deposits, time deposits increased by 319.9 billion yuan, a decrease of 201.3 billion yuan year-on-year; demand deposits, large-denomination certificates of deposit, structured deposits, and call deposits increased by 151.9 billion yuan, 91.4 billion yuan, 17.1 billion yuan, and 6.6 billion yuan respectively, an increase of 43.3 billion yuan, 46.2 billion yuan, 33.1 billion yuan, and 120 billion yuan respectively year-on-year.The yield on Japans two-year government bonds rose to 1.245%, a new high since 1996.The yield on Japans 40-year government bonds continued to fall, last dropping 5.5 basis points to 3.940%.

Wall Street Mixed Ahead of Friday’s US Jobs Data; Energy Stocks Drop 3.6% on Oil Price Decline

Skylar Shaw

Aug 05, 2022 15:39

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Indices Are Mixed, and Energy Stocks Are Hurt Due to the Declining Oil Price

On Thursday, the major US stock indexes were uneven, with the Nasdaq 100 index rising 0.44 percent to new highs over 13,300 since early May, the S&P 500 maintaining flat at 4,150, and the Dow falling 0.26 percent to close to 32,725 points. A near 6.0 percent increase in Advanced Micro Devices and a more than 2.0 percent increase in Amazon's share price were the main drivers of Nasdaq 100 outperformance. While this was happening, Walmart's near 4% decline and Chevron's almost 3% decline weighed on the Dow.


Chevron was hardly the only US oil company to suffer; in fact. Exxon Mobil had a decrease of almost 4.0 percent, while the S&P 500 Energy GICS sector as a whole lost 3.6 percent. This was due to additional drops in the world's oil markets and a dimming demand forecast. WTI dropped to below $90 per barrel, its lowest point since February 2014, just before Russia invaded Ukraine.


The price of Coinbase Global's stock increased by 10% at the close of business on Thursday as a result of the announcement that global asset management firm Blackrock would provide its customers with access to cryptocurrency trading services via Coinbase's institutional platform, Coinbase Prime. Shares of COIN had increased by as much as 44% throughout the day at one point.

Investor Attention Turns to the NFP Data on Friday

Wall Street was neutral on Thursday, but none of the main indexes experienced significant swings outside of previous levels due to investors' caution ahead of the Friday publication of important US job market data. The assumption that US inflation has peaked and the notion that the labor market is now weakening as the US economy slows are just two emerging economic storylines that recent data has shown are forming.


The second of these two storylines was in fact strengthened on Thursday by new data showing an increase in US weekly unemployment claims, perhaps putting pressure on the US currency and US rates. Traders will consider Friday's data in light of how it contributes to these stories. It may be more confident in a less aggressive Fed tightening forecast if the pace of job increases slows from June's 372,000 and the pace of average hourly wage growth moderates from June's 5.1 percent YoY.


Given that the battle against inflation is far from being won, Fed officials have been careful this week to caution the markets not to get ahead of themselves by betting on rate decreases in 2023. The Fed's Loretta Mester signaled that the bank is open to another 75 basis point rate rise in September, depending on the data, and said that the Fed would need to see many months of inflation drifting down before the central bank would take its foot off the throttle in terms of tightening.

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