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Hong Kong-listed auto stocks continued to rise in the afternoon, with Li Auto (02015.HK) and BYD (01211.HK) up more than 4%, NIO (09866.HK) up nearly 4%, and XPeng (09868.HK) and Great Wall Motor (02333.HK) up more than 2%.On January 28th, Hengrui Medicine announced that its subsidiary, Shandong Shengdi Pharmaceutical Co., Ltd., received a "Drug Clinical Trial Approval Notice" from the National Medical Products Administration, authorizing the company to conduct a Phase III clinical trial of its independently developed Class 1 innovative oral small molecule GLP-1 receptor agonist, HRS-7535 tablets, for the indication of hypertension complicated by overweight or obesity. HRS-7535 tablets are a novel oral small molecule GLP-1R agonist; currently, there are no other oral small molecule GLP-1R agonists on the market globally.ASMLs stock price rose 7.3% on the TRADEGATE platform compared to yesterdays closing price.On January 28th, according to futures market news: 1. WTI crude oil futures trading volume was 1,070,018 lots, an increase of 331,219 lots from the previous trading day. Open interest was 2,036,077 lots, an increase of 32,401 lots from the previous trading day. 2. Brent crude oil futures trading volume was 208,054 lots, an increase of 55,495 lots from the previous trading day. Open interest was 267,545 lots, an increase of 10,832 lots from the previous trading day. 3. Natural gas futures trading volume was 923,107 lots, a decrease of 177,024 lots from the previous trading day. Open interest was 1,626,209 lots, a decrease of 7,743 lots from the previous trading day.1. Nomura: Powell is not expected to give a clear signal on future rate cuts, and may reiterate that current policy is "in good shape," adding that current interest rates are "within a neutral and reasonable range." 2. Morgan Stanley: Powell is expected to rely on recent strong economic data, stable hiring, and declining unemployment to justify a pause in rate cuts. 3. Bank of America: Powell is expected to use cautious language, and investors will closely watch his assessment of the December unemployment rate decline and his view on whether strong economic growth is consistent with higher neutral interest rates. 4. Rabobank: Powell may be asked about forward guidance such as the timing and conditions of the next rate cut. He will likely use the default phrase of "meeting-by-meeting" and "data-dependent," but may further elaborate on the criteria for rate cuts. Powell may also be asked about his court subpoena, and he may be more hawkish than in previous press conferences. 5. Allianz: Market focus will be on the strength of Powells response to recent government challenges to the Feds independence, which may have a greater market impact than the interest rate decision itself. 6. First US Financial: Powell is likely to emphasize that last years cumulative rate cuts have given the Fed more room for maneuver, while closely monitoring the latest data and broader funding conditions. Further rate cuts are still possible later this year if inflation continues to moderate or economic growth slows more than expected.

AUD/USD soars to almost 0.6400 on stronger-than-expected 7.3% Australian CPI

Alina Haynes

Oct 26, 2022 15:31

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The AUD/USD pair increased to 0.6400 after the Australian Bureau of Statistics reported that the headline Consumer Price Index (CPI) for the third quarter of CY2022 was 7.3%, which was higher than the consensus expectation of 7.0% and the previous release of 6.1%. In addition, the quarterly inflation rate has matched the prior estimate of 1.8% and above predictions of 1.5%.

 

This may drive the Reserve Bank of Australia (RBA) to announce a higher rate hike in its upcoming monetary policy. The RBA raised the Official Cash Rate (OCR) by 25 basis points (bps) to 2.6% during its monetary policy meeting in October. Governor Philip Lowe of the RBA slowed the pace of rate hikes in October, after the central bank had projected a 50 basis point rate hike period. Now, a larger-than-expected rate hike will require the RBA to return to a rate hike cycle of 50 basis points.

 

The Aussie bulls displayed a significant increase on Tuesday and defended the pessimism generated by Chinese President Jinping. The extraordinary third term of Chinese President XI Jinping lowered investor enthusiasm for Chinese stocks and other linked assets. Because Jinping's ideology-driven policies are detrimental to China's economic prospects, Australia was punished for being China's most important trading partner.

 

In the interim, the US dollar index (DXY) is retracing and has surpassed the 111.00 mark. Following a three-day purchasing binge, the risk-on profile has taken a knock as S&P500 futures have experienced a dramatic plunge. This could be a correction in the S&P 500 index after a bigger advance.

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