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February 26th - According to Reuters, citing industry sources, suppliers to U.S. aerospace and semiconductor companies are facing a growing shortage of rare earth elements, with two suppliers even turning down some customer orders as a result. The shortage is primarily concentrated in rare earth elements such as yttrium and scandium, niche members of the 17-element family that play a small but crucial role in defense technology, aerospace, and semiconductors. Aerospace supply chain expert Kevin Michaels stated that while the yttrium shortage has not yet affected jet engine production, manufacturers are still concerned. Dylan Patel, founder and CEO of semiconductor research firm SemiAnalysis, said that U.S. semiconductor manufacturers scandium inventories are nearing depletion, which could jeopardize the production of next-generation 5G chips.The Hang Seng Tech Index continued its downward trend in the afternoon, falling more than 2%, with Horizon Robotics (09660.HK) and Hua Hong Semiconductor (01347.HK) leading the decline among constituent stocks. The Hang Seng Index is currently down 0.75%.Hajime Takada, a board member of the Bank of Japan: In the past, some overseas central banks had to raise interest rates at a fairly rapid pace, but this was not the case for Japan.The China Earthquake Networks Center officially determined that a 5.6-magnitude earthquake occurred at 12:59 on February 26 in the sea area near the east coast of Kamchatka (51.55 degrees north latitude, 159.50 degrees east longitude), with a focal depth of 30 kilometers.Bank of Japan policy board member Hajime Takada: The Bank of Japan must also pay attention to achieving its price target in a sustainable manner.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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