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On March 30th, Jefferies released a research report stating that Meituan (03690.HK)s total revenue in the fourth quarter of last year increased by 4.1% year-on-year to RMB 92.1 billion, in line with the banks and market expectations. Core local commerce revenue fell by 1% year-on-year to RMB 64.8 billion, slightly lower than the market expectation of flat year-on-year growth, while the bank expected a 1.3% decline. Core local commerce operating loss reached RMB 10 billion. New business revenue increased by 18.9% year-on-year to RMB 27.3 billion, higher than expected, with an operating loss of RMB 4.6 billion. Adjusted net loss reached RMB 15 billion, lower than market expectations, but in line with the banks expectations. Jefferies indicated that Meituans core local commerce fundamentals have improved, and new businesses are on track, maintaining a "buy" rating on Meituan with a target price of HKD 130.Toyota: In February, the parent companys global sales were 737,134 vehicles, a year-on-year decrease of 3.3%. Domestic production in Japan was 278,916 vehicles, a year-on-year decrease of 2.6%.Binh Son Refining & Chemical Co., Ltd., a Vietnamese oil refiner, is in talks with its Russian partners to purchase Espo, Sokol and Novy crude oil.Binh Son Refining & Chemical Company, a Vietnamese oil refiner, has secured a supply of 2.3 million barrels of Vietnamese crude oil for production and operations in May and June.Binh Son Refining & Chemical Company, a Vietnamese oil refiner, will put its new oil storage tanks into operation in May.

AUD/NZD strengthens above 1.0800 as focus shifts to RBA Lowe's speech and RBNZ policy

Daniel Rogers

Nov 22, 2022 14:59

截屏2022-11-22 上午10.03.22.png 

 

In the early Tokyo session, the AUD/NZD pair is displaying inventory accumulation between 1.0810 and 1.0830. Investors have shifted their focus to Reserve Bank of Australia (RBA) Governor Philip Lowe's speech, which has caused the asset to swing unpredictably. The primary impetus for the cross will be the Reserve Bank of New Zealand's (RBNZ) interest rate decision on Wednesday.

 

Investors await the RBA policymaker's speech in order to get an informed opinion. The speech will include interest rate suggestions to counteract the exceptional increase in inflationary pressures. Third-quarter inflation hit 7.3%, compelling the Australian central bank to lift its price growth projection to 8%. To preserve healthy economic prospects and achieve price stability, the RBA maintained its rate hike timetable at 25 basis points (bps).

 

On the kiwi front, the Reserve Bank of New Zealand's (RBNZ) monetary policy statement will deepen policy divergence between the RBNZ and the RBA. Governor Adrian Orr of the Reserve Bank of New Zealand (RBNZ) has already announced five consecutive rate hikes of 50 basis points (bps) to a current level of 3.5 percent and has no plans to pause rate hikes despite rising inflationary pressures.

 

The Official Cash Rate (OCR) will climb by 75 basis points (bps) this time, according to a Reuters survey of the RBNZ's rate hike estimates. A comparable scenario would cause the OCR to increase to 4.25 percent and depart significantly from the RBA's policy structure.

 

The decision may boost the New Zealand Dollar in the future, but reduces the Reserve Bank of New Zealand's room for future rate increases. In addition, additional economic dynamics requirements will be shifted into the future.

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