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The Central Bank of Peru cut interest rates by 25 basis points, bringing the benchmark rate to 4.25%.1. All three major European stock indices closed higher, with Germanys DAX up 0.3%, Frances CAC 40 up 0.8%, and the UKs FTSE 100 up 0.78%. 2. U.S. Treasury yields were mixed, with the 2-year Treasury yield rising 0.19 basis points to 3.539%, the 3-year Treasury yield rising 1.11 basis points to 3.508%, the 5-year Treasury yield falling 0.35 basis points to 3.595%, the 10-year Treasury yield falling 2.29 basis points to 4.024%, and the 30-year Treasury yield falling 4.15 basis points to 4.654%. 3. International precious metals futures closed mixed, with COMEX gold futures down 0.23% to $3,673.40 per ounce and COMEX silver futures up 1.12% to $42.07 per ounce. 4. The main U.S. crude oil contract closed down 2.25% at $62.24 per barrel, while the main Brent crude oil contract fell 1.78% to $66.29 per barrel. 5. Base metals prices rose across the board in London, with LME aluminum futures up 2.06% at $2,679.00 per ton, LME zinc futures up 0.64% at $2,905.00 per ton, LME nickel futures up 0.49% at $15,220.00 per ton, and LME copper futures up 0.44% at $10,057.00 per ton.Futures News on September 12, the worlds largest gold ETF - SPDR Gold Trusts holdings decreased by 2.01 tons from the previous day, and the current holdings are 977.95 tons.Market news: Gemini raised $425 million in its IPO, issuing about 15.2 million shares at $28 per share, compared with the previous pricing range of $24 to $26 per share and a smaller number of shares issued.Google (GOOG.O): Issues with iOS, Android, and Maps SDKs have been resolved.

Hang Seng Index, ASX 200, Nikkei 225: The RBA Sinks the ASX 200 Again

Steven Zhao

Feb 10, 2023 15:22

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Market Snapshot

The ASX 200 and Hang Seng Index both saw losses during the morning session. China's inflation data increased the risk of a further increase in consumer prices, which would need more forceful action by central banks to bring inflation to goal.


In January, China's annual inflation rate increased from 1.8% to 2.1%. The producer price index, however, fell by 0.8% compared to December's 0.7% decline. For central bankers, the increase in inflation was cause for concern.


Following hawkish Fed rhetoric from mid-week, a gloomy US session from overnight spilled over to the Asian morning session.

ASX 200

This morning, the ASX 200 was down 0.59%. Investor appetite was dampened by the RBA monetary policy announcement even if there were no Australian economic data to serve as a guidance for them.


The RBA raised its predictions for inflation and wage growth and issued a caution about future rate increases to prevent a "price-wage spiral." The RBA predicted that inflation would decelerate to 6.7% by mid-2023, up from 6.3%, in its announcement this morning. By June 2023, the RBA expects salaries to increase by 4.1%, up from its earlier prediction of 3.7%.


Bank stock prices were falling this morning. Westpac Banking Corp (WBC) and Commonwealth Bank of Australia (CBA) both had declines of 0.15% and 0.29%, respectively. National Australia Bank (NAB) and ANZ Group (ANZ) both suffered worse losses of 0.68% and 0.83%, respectively.


Stocks in the mining industry had a mixed day. Fortescue Metals Group (FMG) decreased by 1.07%, Rio Tinto (RIO) dropped by 0.69%, and BHP Group Ltd. (BHP) increased by 0.06%. Newcrest Mining (NCM), which decreased by 1.13%, went down with the rest of the market.


However, coal stock performance was among the poorest. The announcement that the Indian coal company Adani Group is trying to sell off coal shipments at a discount caused New Hope Corp. (NHC) to fall by 7.32%.

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