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Kazuo Ueda, Governor of the Bank of Japan: Depending on the scale of the US tariff increase, this could have a significant impact on trade activities of various countries.The Hang Seng Index in Hong Kong opened on April 2 (Wednesday) down 39.53 points, or 0.17%, to 23,167.31 points; the Hang Seng Technology Index opened on April 2 (Wednesday) down 8.68 points, or 0.16%, to 5,398.7 points; the CSI 300 Index opened on April 2 (Wednesday) down 21.3 points, or 0.25%, to 8,516.04 points; the H-share Index opened on April 2 (Wednesday) down 2.77 points, or 0.07%, to 3,829.16 points.Market news: Rapidus president said that the initial goal of Rapidus semiconductor manufacturing yield is to increase to 50%, and eventually to 80~90%.Hang Seng Index futures opened down 0.23% at 23,206 points, 8 points below the spot price.April 2nd news, US President Trumps so-called "Liberation Day" is likely to be just one of many steps in the ongoing trade war. Ethan Harris, former head of economic research at Bank of America, said that the United States is unlikely to make the policy clarity that investors, businesses and households desire. Harris said that even if the trade war ends, the US economy will still be weakened by policies in other areas, such as cutting government spending and employment. He said that one way to judge who is hurting whom in global trade is to look at the complaints submitted to the World Trade Organization. He pointed out that the United States receives more complaints than it issues. The United States is the plaintiff in 135 cases and the defendant in 168 cases. Harris added that this is another reason why many countries will retaliate against US tariffs.

Copper price falls below $3.40 as recession fears intensify

Alina Haynes

Oct 25, 2022 15:28

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Copper prices fall below Monday's lows as fears of a US economic recession intensify. The base metal has broken to the downside from the consolidation formed in a narrow band of $3.41 to $3.44 and is aiming for further depreciation as rising interest rates challenge growth rate forecasts.

 

A Reuters poll predicts that the Federal Reserve (Fed) will raise interest rates by 75 basis points (bps) in the first week of November. Notably, the Federal Reserve is acting particularly actively to reduce the inflation rate. Consequently, policy-tightening measures have been consistently popular.

 

This has increased the likelihood of a future recession, as the growth rate has been significantly lowered and unemployment levels are anticipated to rise. Fears of a recession have bolstered US Treasury Chief Janet Yellen's statement that one "cannot rule out the likelihood" of a recession, as reported by MSNBC.

 

China's copper imports have increased by 25.6% during the past year. Amid the announcements of stimulus measures by the Chinese government to avoid the implications of the zero-tolerance Covid strategy and a real estate crash, infrastructure spending has increased. After the monsoon season in Asia, construction and real estate firms are known to recover throughout the winter months.

 

According to a report by ANZ Research, copper imports increased significantly as the forecast for demand in the power industry improved.

 

After the third continuation of XI Jinping's leadership in China, his policy pronouncements will continue to be crucial moving forward.