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February 12th - Tencent Wealth Managements 7-day annualized yield for the "Current Account+" account ranges from a high of 1.4080% to a low of 0.8490%, WeChat Pays 7-day annualized yield for the "Lingqian Tong" account ranges from a high of 1.1990% to a low of 1.0260%, and Alipays Yuebao account ranges from a high of 1.2160% to a low of 1.0050%.Hong Kong-listed AI application stocks rallied in pre-market trading, with Zhipu (02513.HK) rising nearly 9%, MINIMAX-WP (00100.HK) up over 5.5%, 51 Vision (06651.HK) up over 5%, and Kingsoft Cloud (03896.HK) up over 2.5%. In related news, Zhipu issued a price adjustment letter for its GLM Coding Plan today, stating that it has decided to make structural adjustments to the pricing structure of its GLM Coding Plan packages.On February 12th, the Beijing Municipal Administration for Market Regulation organized an administrative meeting with 12 mainstream platforms involved in online train ticket sales, including Ctrip, Qunar, Fliggy, Tongcheng, Meituan, JD.com, TravelSky, High-Speed Rail Butler, Didi, Gaode Map, Baidu Map, and Tencent Map, focusing on prominent issues raised by the public regarding online train ticket sales. At the meeting, the Beijing Municipal Administration for Market Regulation clearly outlined four compliance requirements for each platform. These include: a comprehensive review of their business models and service processes; prohibiting explicit or implicit suggestions to consumers that they can obtain priority ticket purchase privileges through paid services; promptly rectifying misleading advertising such as "acceleration packages," "dual channels," and "remaining ticket monitoring" after tickets are sold out; and accepting public supervision. The meeting also requires a comprehensive review and rectification of platform pages, removal of products suspected of misleading advertising, adjustment of page promotional content, and a prohibition on using 12306 images, text, trademarks, etc., in advertising that could mislead consumers into believing that the platform has a specific business partnership with 12306.The Peoples Bank of China (PBOC) conducted 166.5 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 166.5 billion yuan. The winning bid rate was 1.40%, unchanged from the previous rate. The PBOC also conducted 400 billion yuan of 14-day reverse repurchase operations today.On Thursday, February 12, the Hang Seng Index opened down 55.82 points, or 0.2%, at 27,210.56; the Hang Seng Tech Index opened down 25.74 points, or 0.47%, at 5,474.25; the H-share Index opened down 17.91 points, or 0.19%, at 9,250.27; and the Red Chip Index opened up 20.64 points, or 0.47%, at 4,452.93.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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