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On September 8th, the Bolivian Ministry of Defense announced on social media that the Bolivian Army had recovered a ninth body from the rubble of an explosion at a military camp in Biyazza, western Bolivia, bringing the death toll to nine. The post stated that rescue efforts were ongoing and authorities were investigating the cause of the explosion. According to local media reports, the incident also resulted in 84 injuries and five people missing. Bolivian police reported on the evening of September 4th that an explosion occurred at a military camp in Biyazza.On September 8th, Lu Daliang, Director of the Statistics and Analysis Department of the General Administration of Customs, stated that in the first eight months of the year, my countrys exports and imports from 112 countries and regions both increased, 17 more than the same period last year. my countrys trade with ASEAN grew by over 20%, solidifying its position as each others largest trading partner. This month, the 23rd China-ASEAN Expo will be held in Guangxi, and on August 31st, Nanning Customs supervised and released the first batch of imported exhibits. Economic and trade cooperation between my country and ASEAN will continue to deepen and become more practical, contributing to the common development of both sides.The yield on Japans 30-year government bonds fell 6 basis points to 3.960% during the day.According to the Financial Times, Anthony Whelan, Director-General of the European Commissions Directorate-General for Competition, said the EU would prefer to consider large-scale mergers because such mergers could boost investment, innovation, or secure supply chains and enhance the EUs competitiveness.September 8th - Reserve Bank of Australia (RBA) Assistant Governor Hunt stated that the RBA may need to raise interest rates for the fourth time this year if inflation is stronger than expected. Speaking at a housing conference, Hunt also said that the policy committee aims to cool the economy through interest rate hikes, but downplayed concerns about a potential recession.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Slides on Fed Fear

Alice Wang

Feb 21, 2023 15:39


Market Overview

It was a mixed morning session. There were no US economic indicators from Monday to provide direction, with the US markets closed to commemorate George Washington’s birthday. With no stats to consider, the US futures market, Asian economic indicators, and Fed Fear weighed on the Hang Seng Index and the broader Asian markets.


Fading hopes of a China economic resurgence also weighed on market sentiment this morning.


Private sector PMI numbers for February were in the spotlight today, which failed to drive demand for riskier assets ahead of today’s US PMI numbers.


For the ASX 200 and the Nikkei 225, investor sentiment toward central bank policy outlooks remained headwinds ahead of tomorrow’s FOMC meeting minutes. Amidst hawkish Fed bets, there is uncertainty over the Bank of Japan’s monetary policy outlook as inflationary pressures build.

ASX 200

The ASX 200 was down 0.23% this morning. A bearish end to the week for the Dow Jones and a fall in the Dow mini weighed ahead of economic indicators and the RBA meeting minutes.


Ahead of the RBA meeting minutes, private sector PMIs for February delivered mixed results. While the manufacturing PMI increased from 50.0 to 50.1 in February, the services sector continued to contract. According to prelim figures, the services PMI rose from 48.6 to 49.2.


Following the mixed PMI numbers, the RBA released its monetary policy meeting minutes, which delivered no surprises. Last week, RBA Governor Lowe signaled more interest rate hikes to tackle inflation. According to the minutes,


“Members agreed that further increases in interest rates are likely to be needed over the coming months ahead to ensure that inflation returns to target and that the current period of high inflation is only temporary.”


This morning, bank stocks had a bearish morning. Westpac Banking Corp (WBC) and National Australia Bank (NAB) saw losses of 1.32% and 0.99%, respectively. Commonwealth Bank of Australia (CBA) and ANZ Group (ANZ) also saw red, falling by 0.69% and 0.76%, respectively.


Mining stocks had a mixed session. Rio Tinto (RIO) and Fortescue Metals Group (FMG) were up by 1.22% and 2.92%, respectively, while BHP Group Ltd (BHP) slipped by 0.33%. Newcrest Mining (NCM) was up by 0.63%.


Oil stocks found support, with Woodside Energy Group (WDS) and Santos Ltd (STO) rising by 0.49% and 0.29%, respectively. The gains came despite WTI sitting remaining at sub-$77 this morning.


On the earnings front, BHP Group Ltd released earnings today. A cut in dividend payouts off a slide in profits weighed. The company declared a $0.90 a share. The dividend payout was down from $1.50 a share a year ago.

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