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On Monday, April 20, the Hang Seng Index opened 44.28 points higher, or 0.17%, at 26,204.61; the Hang Seng Tech Index opened 16.9 points higher, or 0.34%, at 5,059.58; the H-share Index opened 11.23 points higher, or 0.13%, at 8,856.25; and the Red Chip Index opened 8.71 points higher, or 0.2%, at 4,334.43.The Peoples Bank of China (PBOC) announced today that it conducted 500 million yuan of 7-day reverse repurchase operations, with a bid amount of 500 million yuan and a winning bid amount of 500 million yuan. The operation rate was 1.40%, unchanged from the previous rate.April 20th - Hong Kong and China Gas Company Limited and Tencent Holdings (00700.HK) recently reached a new round of strategic cooperation. The two parties will engage in in-depth cooperation in areas such as unified cloud resource management, digital platform construction, big data modeling and AI applications, user operation capability enhancement, and collaborative R&D tools.On April 20th, Morgan Stanley released a research report stating that it remains bullish on A-shares looking ahead to the end of the year, predicting a moderate upside of approximately 5-10% for the Chinese stock market by the end of the year. This is primarily attributed to factors such as easing e-commerce competition, a more balanced index composition, and the emerging advantages of upstream/green technology. The report reiterates its year-end target of 27,500 points for the Hang Seng Index and 90 points for the MSCI China Index. The report states that the Chinese stock market has lagged behind its major Asian peers year-to-date, mainly due to the continued pressure on the heavyweight internet sector amid the "ByteDance effect" and intensified e-commerce competition, which has masked the steady gains in sectors such as energy, materials, industrials, semiconductors, and healthcare. Furthermore, the report notes that the index compilation rules have resulted in insufficient weighting of well-performing upstream/technology companies in the indices, leading to an overall undervaluation of the Chinese stock market.On Monday, April 20, the Shanghai Gold Exchanges gold T+D contract fell 0.24% to 1049.9 yuan/gram in early trading; the Shanghai Gold Exchanges silver T+D contract rose 1.49% to 19836.0 yuan/kilogram in early trading.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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