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On March 16th, the Ministry of Natural Resources and the National Forestry and Grassland Administration jointly issued a notice proposing to further improve the guarantee of natural resource elements. Among them, the new logic for land supply set by the Ministry of Natural Resources has been misinterpreted by many as "no more land will be approved for real estate projects." Firstly, this misunderstanding stems from a lack of understanding of the technical term "newly added construction land." It specifically refers to land converted from agricultural land and unused land into construction land, a strictly controlled and scarce indicator. Given its limited availability, prioritizing it for livelihood projects and major industrial projects is reasonable. The land for real estate development that we usually talk about mostly comes from existing construction land, such as urban renewal, redevelopment of inefficient land, urban village renovation, and state-owned construction land already reserved by the government. Secondly, there is no need to worry about a land supply shortage. After previous preparations, local governments have sufficient reserves of state-owned construction land to fully meet normal development needs. The pace of land supply through bidding and auction will not change and is not directly related to the trends in the new and second-hand housing markets.Royal Bank of Canada raised its price target for Micron Technology (MU.O) from $425 to $525.March 16 - The US dollar broke through the key psychological level of 60 against the Philippine peso on Monday, hitting a new intraday record high. A report from a FX strategist at OCBC Global Research stated that Asian currencies are typically sensitive to factors such as oil price fluctuations, global risk sentiment, and a weaker US dollar. Rising oil prices are creating trade headwinds for several regional economies, further increasing pressure on Asian currencies, including the Philippine peso.Samsung Electronics shares rose 2.7%.SK Hynix led the gains among South Korean chip stocks, rising 6.5% in late trading.

GBP/USD continues to trade below 1.2000 as risk aversion increases, with the US ISM PMI in focus

Alina Haynes

Jan 04, 2023 14:53

GBP:USD.png 

 

In the early Asian session, the GBP/USD pair has moved below the psychological support of 1.2000. Due to a risk-averse market mentality, the pound has been unable to surpass 1.2000. A dramatic fall in investors' risk appetite prior to the release of the United States ISM Manufacturing PMI data and the Federal Reserve's (FedDecember) monetary policy minutes boosted the United States Dollar.

 

The S&P 500 remained on a downward trajectory on Tuesday, showing the market participants' continued aversion to risk. The US Dollar Index (DXY) achieved a two-week high of roughly 104.40 after recovering strongly from 103.

 

Investors are afraid that the Federal Reserve (Fed) may be compelled to adopt additional policy tightening in order to confront persistent inflation. Bill Dudley, a Bloomberg analyst, identified three focal points for the Fed in CY2023. The labor market's tight conditions and low unemployment rate are the primary driver of wage inflation. Second is the underinvestment in the oil and gas sector, which could worsen inflation given Russia's ability to weaponize its control over major oil supplies. The third aspect is the performance of the budget deficit, which is projected to reach approximately 5% of Gross Domestic Product (GDP) in 2023.

 

In the meantime, investors await the release of the US ISM Manufacturing PMI, which is expected to be lower at 48.5 compared to the previous release of 49.0. While the New Orders Index is expected to be higher at 48.1, compared to the previous release's 47.2, the data is expected to be down at 47.2.

 

The diminishing appetite for corporate debt raises red flags for the United Kingdom's economic outlook. 70% of UK CFOs believe credit to be "expensive" in light of the Bank of England's (BoE) most severe tightening policies in more than three decades, according to a quarterly poll conducted by Deloitte CFP and cited by Reuters. In the meantime, the British government has withdrawn the obligation for Chinese newcomers to undergo Covid testing.


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