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On June 25th, Westpac stated that it expects the Reserve Bank of New Zealand (RBNZ) to be less likely to raise interest rates as sharply as initially anticipated. This is because an early resolution to the Iranian conflict implies a weaker inflation outlook and an earlier economic recovery. Westpac anticipates the RBNZ will begin raising rates in September, but will only raise them once more for the remainder of the year. This means the official cash rate will peak at 4.0% by the end of 2027, before falling back to a neutral level of 3.75% by the end of 2028. Previously, Westpac had predicted the rate could reach as high as 4.25%. Westpac wrote, "Our core view suggests that the RBNZ will raise rates one less time this year than our most recent forecast, but one more time than pre-conflict projections."The yield on Japans 20-year government bonds fell 1.5 basis points to 3.55%.The bid-to-cover ratio for Japans 20-year government bond auction was 2.97, the lowest level since May 2025, compared to 4.01 in May.June 25th - The 4th China International Blockchain Expo (CIE) was held in Beijing from June 22nd to 26th. It is reported that Japan had the largest number of delegations from Asian countries at this years CIE. Ten Japanese economic delegations visited China, including representatives from the Japan Business Federation (Keidanren) and the Japan Chamber of Commerce and Industry. Keidanren is Japans largest and most authoritative comprehensive economic organization, with core members encompassing leading companies across almost all sectors. The Japan Chamber of Commerce and Industry is one of Japans largest national business organizations. The Kansai Economic Federation represents the Kansai region, Japans second-largest economic zone. These ten organizations broadly cover all aspects of Japans social enterprise network.June 25 – The Ministry of Ecology and Environment held its regular June press conference today (June 25). Officials stated that my country has entered its main flood season, and in response to the severe situation of potentially large fluctuations in water quality during this period, the Ministry has acted swiftly and made arrangements. Regarding abnormal water quality fluctuations during the flood season, the Ministry will promptly conduct analysis and consultations, providing point-to-point guidance to local authorities to identify the causes and accelerate rectification. Simultaneously, it will promote joint risk assessment and collaborative countermeasures between upstream and downstream areas, as well as between left and right banks of river basins, to avoid situations where "upstream pollution leads to downstream liability" or "left-bank remediation leads to right-bank relapse," thus forming a closed-loop management system for problem assignment, rectification implementation, and follow-up evaluation.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Trails on Growth Targets

Alice Wang

Mar 06, 2023 17:13

Market Overview

It was a bullish start to the week for the Asian markets, with the ASX 200 and Nikkei 225 on the move. However, the Hang Seng Index trailed the front runners, with revised growth targets from Beijing testing buyer appetite.

Economic indicators from the US and a shift in sentiment toward Fed monetary policy supported a bullish end to the week for the US markets. The ISM Non-Manufacturing PMI slipped from 55.2 to 55.1, indicating solid service sector activity and a sharp rise in hiring. In February, the ISM Non-Manufacturing Employment Index jumped from 50.0 to 54.0.


However, the numbers failed to fuel more aggressive Fed policy bets, with the talk of slow and steady rate hikes resonating.

Hawkish chatter from the weekend failed to weigh in risk sentiment this morning. On Saturday, FOMC Member Mary Daly spoke of lifting interest rates in 50-basis point increments to tackle inflation.

However, growth targets from Beijing pegged back the Hang Seng Index. China delivered a 5% growth target, below market expectations of 5.5%. The disappointing growth target weighed on the CSI 300, which fell by 0.56% this morning, bucking a bullish market trend.

There were no economic indicators from Asia to distract investors this morning. With US factory orders out later today, the focus will shift to the Fed and Fed Chair Powell’s testimony on Tuesday. A move to a more hawkish posture would catch the markets by surprise.

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