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Futures Market News, August 31st: Aluminum prices have recently rebounded after fluctuating. The main reasons are: 1. The US Treasury announced an expansion of its long-term bond repurchase program, leading to a decline in long-term interest rates and improved market risk appetite, resulting in a rebound in aluminum prices; the US July PCE price index slightly exceeded expectations, but the market reaction was limited; Nvidias second-quarter earnings report exceeded expectations, driving continued strong growth in related computing power and power investment. 2. While aluminum prices rose, downstream demand cooled slightly, while aluminum exports and the recycling sector maintained steady consumption. Looking ahead, considering the hawkish signals released by the Wash-Jackson Hole symposium and the remaining geopolitical uncertainties, aluminum prices may continue to fluctuate between 23,800-24,300 yuan/ton.On the morning of August 31 local time, Kyrgyz President Sadyr Japarov held talks with Chinese President Xi Jinping at the Harmony Palace in Bishkek. Xi Jinping pointed out that China and Kyrgyzstan should deepen practical cooperation, implement the intergovernmental economic and trade cooperation plan, enrich trade categories, and expand new growth points such as digital trade and cross-border e-commerce; build the China-Kyrgyzstan-Uzbekistan railway, a vital transportation artery carrying the hopes of the regions people, with high quality; modernize border crossings; and deepen "soft connectivity" in systems, standards, and rules; implement more landmark projects in renewable energy and resource recycling; implement green mineral cooperation documents; and carry out cooperation across the entire industrial chain; jointly build the Belt and Road Initiative joint laboratory; strengthen cooperation in areas such as artificial intelligence; and empower and enhance bilateral cooperation through technological innovation; further promote people-to-people exchanges; strengthen cooperation in youth, media, tourism, sports, healthcare, and local areas; and continuously consolidate the social and public opinion foundation for China-Kyrgyzstan friendship.On August 31, Japans Ministry of Economy, Trade and Industry (METI) announced a record budget request of 7.8 trillion yen (approximately US$49 billion) to accelerate investment in semiconductors, artificial intelligence, and other strategic industries at the heart of Prime Minister Sanae Takaichis economic growth agenda. The METI submitted the budget request on Monday, with funds earmarked for the fiscal year beginning April 2027. This follows Takaichis call for a combined 370 trillion yen in public and private sector investment over the next 14 years in key industries. This unusually large budget request reflects reforms to Japans budgeting process. Under the new process, ministries can submit proposals with no spending caps in a single budget request round. The Japanese government hopes this will reduce its reliance on supplementary budgets. Of the 7.8 trillion yen requested, 6.31 trillion yen is planned for investment under the "Strong and Prosperous Japan" category, reflecting Takaichis initiative to promote economic recovery. This includes approximately 2 trillion yen for artificial intelligence, semiconductors, and robotics; 680 billion yen to secure the supply of key minerals, including rare earth elements; 220 billion yen to strengthen naphtha supply capacity; and 180 billion yen to cooperate with the Ministry of Defense to enhance defense and dual-use capabilities.UAE Presidents Advisor: We need to take a more pragmatic approach, rather than simply signing a memorandum of understanding that fails to provide a practical and acceptable roadmap.UAE Presidents advisor: A political solution must begin with de-escalation and the restoration of normal shipping in the Strait of Hormuz.

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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