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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

Hang Seng Index, ASX200, Nikkei 225: US CPI Report Weighs on Sentiment

Steven Zhao

Feb 15, 2023 16:19

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The Market Overview

The Hang Seng Index and the larger Asian markets had a gloomy morning session. This morning's market risk sentiment was affected by the US CPI Report for January. Investors would have hoped for softer-than-expected results despite the fact that US inflation eased in order to lessen the possibility that the Fed would raise interest rates over 5%.


The annual inflation rate in the US decreased in January from 6.5% to 6.4% compared to an anticipated 6.2%, confirming the hawkish view for interest rates.


The NASDAQ Composite Index increased on Monday while the Dow decreased by 0.46%.


Geopolitical tensions between the US and China added to the negative Hang Seng session despite the absence of any regional economic signs to divert investors.

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ASX 200

The ASX 200 was down this morning by 1.22%. Australian economic data were not available to influence market sentiment. RBA remarks, however, once again hurt the ASX 200.


RBA Governor Philip Lowe addressed members of parliament after last week's aggressive RBA Rate and Monetary Policy Statements, outlining the catastrophic repercussions of failing to control inflation.


Reuters quotes Lowe as saying, "The current inflation rate of 7.8% is much too high. It must be taken down. We are most concerned about it.


The ASX 200 fell as the US CPI report came in hotter than anticipated and the RBA said that it will fight inflation.


Bank stock prices saw a down day this morning. CBA and WBC both had declines of 5.78% and 4.48%, respectively. NAB and ANZ Group both had declines of 3.95% and 3.61%, respectively.


Small assistance came from mining stocks. Fortescue Metals Group (FMG) fell by 0.47%, while Rio Tinto (RIO) and BHP Group Ltd (BHP) both had increases of 1.05% and 0.11%, respectively. Newcrest Mining (NCM) also had a decline, dropping by 1.11%.


Woodside Energy Group (WDS) and Santos Ltd (STO), which were down 2.32% and 0.70%, respectively, were affected by a decline in crude oil prices. WTI fell 0.52% this morning to $78.65.

HONG SEN GOLD INDEX

Market response to the US CPI Report and the deterioration of US-China ties caused the Hang Seng to fall 1.28% this morning.


Tencent Holdings Ltd. (HK:0700) down 1.48%, while Alibaba Group Holding Ltd. (HK:9988) fell 2.15%.


Industrial and Commercial Bank of China (HK: 9988), China Construction Bank (HK: 0939), and HSBC Holdings PLC all saw declines in their respective bank stock prices.

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