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On April 27th, data from the State Taxation Administration showed that in the year since the implementation of the "instant tax refund upon purchase" policy for departing tourists, the number of people applying nationwide has increased by 12.96 times year-on-year, while the sales volume and amount of tax refunds have increased by 9.35 times year-on-year, demonstrating rapid growth in business scale. It is understood that "instant tax refund upon purchase" means that in regions where the departing tourists have implemented the tax refund policy, when purchasing tax-refundable goods at "instant refund" stores, they can sign an agreement and pre-authorize their credit cards to receive a refund in RMB equivalent to the tax amount on-site at the store. The government actively encourages eligible tax refund stores to provide "instant refund upon purchase" services. Currently, there are over 8,000 tax refund stores nationwide offering this service, an increase of over 100% compared to when the policy was first rolled out nationwide a year ago.On April 27th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust Asset Management, stated that the Bank of Japan is expected to maintain its policy rate at 0.75% on Tuesday. However, even if it pauses its actions, it doesnt necessarily mean a further postponement of interest rate hikes. He said, "The Bank of Japan has repeatedly emphasized that financial conditions remain accommodative, and its policy stance still leans towards tightening." The economist added, "If tensions in the Middle East ease and uncertainty decreases even slightly, the likelihood of a rate hike in June or July will increase."April 27th - The Bank of Japan will announce its interest rate decision on Tuesday. Keisuke Tsuruta, senior bond strategist at Mitsubishi UFJ Morgan Stanley Securities, stated that the market is currently paying close attention to the extent to which Bank of Japan Governor Kazuo Ueda will hint at a possible rate hike in June. Such comments will alter market expectations regarding the policy rate path and could potentially impact the Japanese government bond yield curve.On April 27th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust Asset Management, stated that the yen is likely to remain weak regardless of how the situation in the Middle East develops. He said, "Even if the conflict with Iran eases, oil prices are likely to remain high given the continued supply constraints. Concerns about deteriorating fiscal conditions and a weakening trade balance are expected to persist, making it difficult for the yen to appreciate in the short term." He also pointed out that given the current yen weakness is driven more by economic fundamentals than speculative factors, the effectiveness of foreign exchange market intervention may be limited.The Federation of Thai Industries reported that Thailands automobile production rose 2.69% year-on-year in March (compared to 3.43% in February).

S&P 500 Price Forecast – Stock Markets Continue to Hover

Skylar Shaw

Jan 11, 2023 15:04

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Technical Analysis of the S&P 500

During Tuesday's trading session, the E-mini S&P 500 contract slightly declined and fell below the 50-Day EMA as Jerome Powell took the podium to deliver a speech. Given that not much changed after his speech, it is perhaps not shocking to see that the market has reversed course and returned to its previous level. The issue of whether or not we can hold onto this region is very different, and it is fairly probable that the Thursday session will be far more significant since the CPI statistics will be out during that session.


You need to pay great attention to those data because they are significant at a time when the globe is still concerned about inflation. In the end, the market will continue to oscillate a lot, but for now, the 200-Day EMA, which is now at the 4000 level, is sandwiched between the 50-Day EMA and the 200-Day EMA signs. I feel that we should "fade the rallies," but because there has likely been a lot of loud activity in the meantime, I do believe that it will likely not be long before we must make a more significant choice.


Nevertheless, do not undervalue Wall Street's capacity for seeing the positive side of any situation. However, sooner or later, the wise money will arrive and put everyone on the defensive. The 200-Day EMA and the 4000 level are slightly above us, and we are also in a well defined channel.

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