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The Hang Seng Tech Index continued its upward trend in the final minutes of trading, rising more than 3%, while the Hang Seng Index is currently up 1.34%.On January 12th, Jefferies Research reported that its preview of Bilibilis (09626.HK) Q4 2025 results is in line with the banks forecasts, with total revenue expected to remain unchanged at approximately 5% year-on-year, reaching RMB 8.1 billion. Jefferies maintains its "Buy" rating on Bilibilis (BILI.O) US-listed shares at US$34 and its Hong Kong-listed shares at HK$267. By business segment, the bank expects mobile game revenue to increase by 1% quarter-on-quarter but decrease by 15% year-on-year to RMB 1.52 billion (accounting for 20% of total revenue); online advertising revenue is expected to increase by 21% year-on-year to RMB 2.9 billion (accounting for 36% of total revenue), primarily driven by several growth factors, including daily active users, traffic, and revenue per thousand impressions (rMI). The report also noted the success of "Escape from Dwarkov" in the gaming sector, highlighting the companys strategy of focusing on leading positions in vertical categories, long-term product operation, and targeting the younger generation. According to the banks 2026 outlook report, artificial intelligence is predicted to be a key area, while the entertainment industry is favored due to its defensive nature.On January 12th, the Shanghai Futures Exchange (SHFE) reported the following data on energy and chemical warehouse receipts and changes: 1. Pulp futures warehouse receipts: 130,363 tons, an increase of 5,874 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 12,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 2,040 tons, an increase of 40 tons compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged compared to the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 16,160 tons, an increase of 2,420 tons compared to the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 16,660 tons, unchanged compared to the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,464,000 barrels, unchanged compared to the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 22,760 tons, unchanged compared to the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged compared to the previous trading day.January 12th - It was learned today that the International Organization for Standardization (ISO) has officially released the international standard "Tribological properties of bearing materials for sliding bearings - Part 1: Testing of bearing alloys". This standard was led by my country, with experts from seven countries including Japan, Germany, the United Kingdom, France, and Austria participating in its development.On January 12th, Jefferies released a research report stating that it expects Lao Pu Gold (06181.HK) to achieve a net profit of RMB 2.3 billion in the second half of 2025, a year-on-year increase of 155%, with sales reaching RMB 15.3 billion, a year-on-year increase of 207%. Jefferies lowered its net profit forecasts for Lao Pu Gold for 2025, 2026, and 2027 by 14%, 6%, and 12% respectively, to reflect lower gross margins due to high gold prices and a return to normal growth in 2027. The bank lowered its target price for Lao Pu Gold from HKD 1,103 to HKD 981, corresponding to projected P/E ratios of 22x and 17x for 2026 and 2027 respectively. Despite profit margin pressures, Jefferies expects Lao Pu Gold to recover this year and reiterated its buy rating. Jefferies predicts that Lao Pu Gold will achieve a net profit of RMB 2.3 billion in the second half of 2025, with projected sales of RMB 13 billion in the mainland China market, a year-on-year increase of 188%; average sales per store are expected to increase by 130% year-on-year. Regarding overseas markets, overseas sales are projected to reach RMB 2.2 billion, representing a year-on-year increase of 295%. The gross profit margin is expected to be 36.4% during the period, compared to 38.1% in the first half of the year.

At the Tokyo open, the USD/JPY bulls pick up speed and aim for 138.00

Alina Haynes

Jul 14, 2022 12:00

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The USD/JPY pair is now trading at 138.00, up 0.44 percent from the day's beginning price of 137.28 and reaching a high of 137.96. The dollar is benefiting from central bank divergence at play.

 

The US dollar hit a 20-year high, according to the DXY index, which compares the dollar to a basket of currencies. After figures on Wednesday showed that US consumer price inflation hit a 40-and-a-half-year high in June, the euro dropped below parity. As gasoline and food costs continued to rise, the Consumer Price Index (CPI) increased to 3% last month, above the 1.1 percent forecast by the experts surveyed by Reuters.

 

However, "several Districts reported growing symptoms of a slowdown in demand, and contacts in five Districts voiced worries about the increased probability of a recession," according to data from the Fed's Beige Book on regional economic conditions. Bostic, the president of the Atlanta Fed, said that "everything is on the table" for the July policy decision, which may indicate a 100bp increase. The rising rate of inflation worries him.

 

Rates on the US bond market fluctuated after inflation data that was greater than expected. The long end increased while the short end decreased. The US 2-10yr curve is currently 22bps inverted, according to analysts at Westpac, "given the expectation of aggressive Fed tightening and the risks to the long-term economic outlook." While yields on 10-year government bonds declined from 2.95 percent to 2.90 percent, rates on 2-year bonds rose from 3.05 percent to 3.21 percent before leveling off at 3.13 percent.

 

Additionally, JPY net short positions increased significantly last week. The hawkish stances of other central banks have prompted speculation that the BoJ may have been obliged to alter its YCC policy as early as last month's meeting, according to Rabobank analysts. The BoJ kept its dovish approach, although there will probably be more talk of a shift in the coming months. This has given the JPY some support, along with inflows into safe havens.


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