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Market News: Trump welcomed Netanyahu and expressed optimism about reaching an Israel-Hamas agreement "this week."On July 7, the 27th Senate election of the Japanese Diet was scheduled for voting on the 20th. The latest opinion poll conducted by Kyodo News from the 5th to the 6th showed that the opposition camp was more popular than the ruling coalition, and nearly half of the respondents hoped that the ruling coalition composed of the Liberal Democratic Party and the Komeito Party would not achieve the goal of more than half of the seats. The Japanese Senate is responsible for legislative review and government supervision. It has 248 seats. The term of office of members is six years, and half of them are re-elected every three years. This election will focus on 125 seats. In addition to 74 constituency seats and 50 proportional representation seats, there is also 1 by-election seat. According to Japanese media, the results of this Senate election will determine the fate of Shigeru Ishibas cabinet. If the ruling coalition wins less than 50 seats, Japanese Prime Minister Shigeru Ishiba may resign or reorganize the ruling coalition.On July 7, Goldman Sachs said it expects the eight OPEC+ members to increase their oil production quotas by 550,000 barrels per day in September, thereby completely canceling the voluntary production cuts of 2.2 million barrels per day. OPEC+ hopes to restore idle production capacity to normal as global oil demand shows resilience. Goldman Sachs said: "The decision to accelerate the pace of production increases announced on Saturday strengthens our confidence. We have pointed out since last summer that OPEC+ will shift to a more long-term balanced strategy, focusing on normalizing idle production capacity and market share, supporting internal cohesion, and strategically restricting US shale oil supply." Goldman Sachs expects that the crude oil production of the eight OPEC+ members will increase by 1.67 million barrels per day from March to September to 33.2 million barrels per day, of which Saudi Arabia accounts for more than 60% of the increase.Jianpeng Holdings (01722.HK) rose more than 105%.Both U.S. and Brent crude oil prices fell by more than 1% during the day, and are now trading at $64.93 per barrel and $67.2 per barrel respectively.

Asian Markets Exhale An Exhalation of Relief Following The Ueda Hearing

Aria Thomas

Feb 24, 2023 11:21

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Asian markets heaved a sigh of relief on Friday after the incoming head of Japan's central bank allayed concerns of an early end to ultra-loose monetary policy, which pushed global bond yields lower.


Kazuo Ueda, who will succeed Haruhiko Kuroda as governor of the Bank of Japan (BOJ) in April, began a three-hour speech to parliament at 9:30 a.m. (00:30 GMT), providing markets with their first look at how the newly constituted central bank might navigate an exit from ultra-low interest rates.


Ueda has pledged to maintain ultra-loose monetary policy because inflation has yet to meet the central bank's 2% target sustainably and steadily, and there was little indication that he would soon unwind the BOJ's yield curve control policy (YCC).


"There have been strong hopes that Ueda will bring a hawkish slant to the BOJ, but his confirmation speech indicates otherwise," said Matt Simpson, senior market analyst at City Index.


Ueda's confirmation hearing in the lower house occurs as markets renew their assault on YCC and place wagers on a near-term increase in interest rates.


The yield on Japan's five-year government bonds decreased to 0.235% from 0.240% at the previous market close. Due to a lack of liquidity, ten-year bonds did not trade early on Friday, but bond futures advanced.


The Nikkei stock index increased by 1%.


The yen remained volatile. It reversed an early rise to trade at 134.71 per dollar, essentially unchanged.


Sean Callow, senior currency strategist at Westpac, stated, "Overall, Ueda is working hard to present himself as delivering continuity - at least initially." "Now is not the moment for him to implement his own policies; that is not why the government chose him."


Japan's annual core consumer inflation reached a new 41-year high of 4.2% in January, putting pressure on the central bank to wind down its vast stimulus program.


In other markets, equities were mixed. MSCI's broadest index of Asia-Pacific equities excluding Japan fell 0.2% and is on track for a 1.5% weekly decline.


Chinese blue chips and Hong Kong's Hang Seng Index fell 0.4% and 0.9%, respectively, while Australia's resource-rich stocks rose 0.2%.


The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all ended Thursday in positive territory, with the Dow Jones Industrial Average gaining 0.33%, the S&P 500 gaining 0.53%, and the Nasdaq Composite gaining 0.7%.


Investors anticipated the publication of the Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index for January on Friday. The index is anticipated to rise 4.3% annually, compared to 4.4% the previous month.


Overnight, robust data, including an unexpected decline in new unemployment claims and a revised increase in the PCE price index for the fourth quarter, indicated some economic strength.


The dollar index, which compares the safe-haven dollar to six other currencies, was hovering at 104.63, close to a seven-week high of 104.78.


On Friday, Treasury yields declined marginally. The yield on benchmark 10-year government bonds fell as low as 3.8590 percent, down from the previous close of 3.8810 percent.


The yield on two-year bonds hovered at 4.6810 percent, compared to the previous close of 4.6930 percent.


Brent crude futures rose 0.6% to $82.71 and U.S. West Texas Intermediate (WTI) crude rose 0.6% to $75.90 on the energy market.


Gold was marginally greater. The spot price of gold was $1825.13 per ounce.