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September 15th news: In the early morning of September 15th local time, Yemeni Houthi armed spokesman Yahya Saraya issued a video statement on the social platform saying that the Houthi armed forces launched a total of 4 drones to attack 2 Israeli targets, of which 3 drones attacked Israel’s second largest airport-Ramon Airport, and another drone attacked Israeli military targets in the Negev region.On September 15th, if the Bank of England halts its active sales of gilts at a key decision this week, British Chancellor of the Exchequer Reeves will need to raise an additional £4 billion (US$5.4 billion) to keep his budget on track. In addition to Thursdays interest rate decision, the Bank of England will also announce the pace of reduction in its crisis-era quantitative easing bond portfolio over the next 12 months—a potentially daunting challenge for Reeves as he prepares to deliver the budget on November 26th. Since the Bank of Englands gilt holdings are currently losing money, a decision to slow the pace of reduction would increase the burden on British taxpayers. This would be a significant blow to Reeves, who already needs to raise £35 billion after rising borrowing costs, a weak growth outlook, and a series of sharp policy shifts that have depleted fiscal buffers. The Bank of England faces a dilemma: balancing the fiscal costs of slowing gilt sales with the risk of exacerbating financial market instability by continuing to ask investors for large-scale bond purchases. This month, the yield on 30-year gilts hit its highest level since 1998.Hong Kong-listed Yaojie Ankang-B (02617.HK) rose more than 50% in the afternoon and is now trading at HK$284 per share, having plummeted 18% in early trading.On September 15th, a policy document to further promote the development of private investment was being prepared for release. Several measures will further expand the space for private investment and break down various hidden barriers that restrict private investment. Among them, minimum requirements for private investment participation will be set for major projects in areas such as railways, nuclear power, and oil and gas pipelines. This will be a key measure to break down industry barriers to entry and hidden monopolies.According to media reports on September 15th, Nvidia (NVDA.O) has changed its plan to introduce low-power DRAM SOCAMM (system-on-chip attached memory module), abandoning the first-generation SOCAMM1 module in favor of the faster next-generation SOCAMM2. Nvidia has begun testing with Samsung Electronics, SK Hynix, and Micron Technology. Micron Technology has a first-mover advantage in SOCAMM1, but Samsung Electronics and SK Hynix are expected to catch up in SOCAMM2.

Hang Seng Index, ASX200, Nikkei 225: RBA Sends the ASX Down

Alice Wang

Feb 07, 2023 15:32

Market Overview

It was a mixed morning session. There were no US economic indicators from Monday to influence market sentiment. The Hang Seng and the Nikkei found support despite the renewed threat of US interest rates peaking above 5%.

However, with Fed Chair Powell speaking overnight, we could see caution resurface. The last Fed press conference preceded the jobs report, with softer inflation supporting a less hawkish policy outlook. Powell could shift gears today as the markets await the US CPI Report for January.

This morning, economic indicators from Asia delivered mixed results, while the RBA raised interest rates by 25 basis points.


ASX 200

The ASX 200 was down 0.50% this morning. Australian economic indicators had a muted impact on the ASX200 ahead of the RBA monetary policy decision.


In December, the Australian trade surplus narrowed from A$13.20 billion to A$12.237 billion. Exports fell by 1.0%, while imports increased by 1.0%. While the numbers were bearish, hopes of resuming trade ties with China following talks on Monday muted the impact.


However, the RBA sent the ASX200 into the red later in the morning. While lifting rates by 25 basis points to 3.35%, which was in line with expectations, the RBA warned of more rate hikes. The hawkish outlook was bearish for the ASX200.


This morning, bank stocks had a mixed morning. ANZ Group (ANZ) was up 0.22%, while Commonwealth Bank of Australia (CBA) was down 0.59%. National Australia Bank (NAB) and Westpac Banking Corp (WBC) saw losses of 0.35% and 0.46%, respectively.


Mining stocks also had a mixed session. BHP Group Ltd (BHP) and Rio Tinto (RIO) were down 0.33% and 0.83%, respectively, while Fortescue Metals Group (FMG) rose by 0.64%. Newcrest Mining (NCM) continued to find support on the news of US mining company Newmont Corp’s $17 billion bid, rising by 1.67%

Hang Seng Index

The Hang Seng found much-needed support this morning, rising by 0.90%.


Tencent Holdings Ltd (HK:0700) was up 1.75%, with Alibaba Group Holding Ltd (HK:9988) rising by 1.65% through the morning.


Bank stocks joined the broader market in the green, with Industrial and Commercial Bank of China (HK:9988) and China Construction Bank (HK: 0939) seeing gains of 1.25% and 0.60%, respectively.


However, CNOOC (HK: 0883) and ENN Energy holdings had a mixed morning. CNOOC rallied by 2.69% through the morning, while ENN Energy Holdings (2688) slipped by 0.17%.


Risk aversion could hit in the afternoon session, however. The investor focus will turn to Fed Chair Powell, who delivers a speech overnight.

Nikkei 225

The Nikkei 225 was up 0.22% this morning. While joining the broader market in positive territory, the gains were modest. The USD/JPY weakened this morning, falling 0.28% to 132.25, with economic data from Japan also weighing.


In December, household spending unexpectedly fell by 2.1%, following a 0.9% decline in November. The fall in spending came despite a marked pickup in wage growth. Average cash earnings were up 4.8% year-over-year versus 1.9% in November.


Fast Retailing Co (9984), Softbank Group Corp (9434), and KDDI Corp (9433) struggled this morning. Softbank Group Corp was down 0.82%, with Fast Retailing Co and KDDI Corp down 0.17% and 0.18%, respectively.


However, Tokyo Electron Ltd (8035) found much-needed support, rising by 0.67%, with Sony Corp (6758) up 0.21%. Advantest Corp (6857) was a front-runner among the most weighted stocks, rallying by 1.85%.

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