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March 12th news, Hong Kong Financial Secretary Paul Chan said in his speech at the Asian Technology Transformation Summit 2025 on March 12th that the scale of IPO fundraising in Hong Kong last year was about US$11 billion, and this year the local IPO fundraising scale is expected to reach US$17 billion to US$20 billion.On March 12, Goldman Sachs lowered its target price for the S&P 500 index by the end of 2025 from 6,500 to 6,200, reflecting that the agency adjusted its fair forward price-to-earnings (P/E) valuation from 21.5 times to 20.6 times, a decrease of 4%. At the same time, it lowered its earnings per share (EPS) expectations for index constituents, from $268 in 2024 to $262, and from $288 in 2025 to $280.On March 12, according to Yonhap News Agency, South Koreas financial regulator is considering lowering the mandatory solvency ratio (K-ICS) of insurance companies from the current 150% to a maximum of 130%. The regulator plans to introduce new basic capital solvency ratio regulatory standards to prevent the deterioration of capital quality, which is part of the insurance industrys two-track improvement strategy. Adjustments to the solvency ratio will also affect related regulations, including the reserve accumulation ratio for policyholder refunds, allowing for lower reserve requirements under certain conditions.World Bank: Vietnams economy still faces global uncertaintiesOn March 12, Bank of Japan Governor Kazuo Ueda said he was not worried about the rise in Japanese government bond yields to the highest level since 2008, and did not intend to take any immediate action. Kazuo Ueda said: "My understanding is that the upward trend since last year reflects the markets view on the economy and inflation, or changes in overseas interest rates. There is no major gap between our views and the markets views." This statement shows that even if the benchmark 10-year government bond yield breaks through the key threshold of 1.5%, the Bank of Japan is unlikely to get involved in the bond market. The Bank of Japan ended its yield curve control (YCC) last year, and Kazuo Ueda has always believed that the yield level should be determined by the market. "One of the biggest factors driving long-term yields is the markets expectations of the short-term interest rate outlook. It is natural for yields to fluctuate with expectations." On Wednesday morning, Japans 20-year government bond yields hit a new high since 2008, and the 30-year bond also climbed to its highest level since 2006.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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