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On July 3rd, UBS released a research report stating that it recently invited Innovent Biologics (01801.HK) to participate in its virtual healthcare roadshow. Following strong product sales in the first quarter, management stated that sales momentum remained solid in the second quarter, viewing it as the new normal rather than a new shock, primarily supported by high unmet demand in its innovative product portfolio. Regarding GLP-1 drugs, management did not feel pressured by tightening online channels, noting that the recent 618 e-commerce event showed healthy demand across the category. UBS has included Pfizers licensing revenue and abexilic acid sales in its forecasts. However, considering the R&D commitments of the collaborative assets, it increased its R&D expense forecasts for 2026-2028, resulting in a downward revision of its 2026-2028 EPS forecasts from RMB 1.13, RMB 2.91, and RMB 4.41 to RMB 1.12, RMB 2.41, and RMB 3.42, respectively. UBS slightly raised its target price for Innovent Biologics from HKD 124 to HKD 124.1, reiterating its buy rating.July 3 - According to the Japan Meteorological Agency, a 6.4-magnitude earthquake struck off the northwest coast of Miyako Island, Japan, at approximately 1:05 p.m. local time. The earthquake was felt at a seismic intensity of 3 and had a very shallow depth.GFZ (German Center for Geosciences): A 6.02-magnitude earthquake struck southwestern Ryukyu Islands, Japan.July 3 - According to the latest statistics from the European Automobile Manufacturers Association (EAMA), Chinese passenger car manufacturers surpassed Japanese manufacturers in market share in Europe for the first time in May. Data shows that in May, five Chinese automakers sold 138,400 vehicles in 31 European countries, a year-on-year increase of 65%; while six Japanese automakers sold 130,400 vehicles in the same 31 countries, a year-on-year decrease of 3%.On July 3, Faraday Future (FFIE.O) announced that it plans to hold an online extraordinary general meeting of shareholders at 0:00 Beijing time on August 13 to seek approval of proposals aimed at supporting the global deployment and long-term growth of the companys EAI robots. Among the proposals, the Board of Directors is calling on all shareholders to approve the amendment to the companys Third Amendment and Restation of Incorporation Certificate, changing the company name from Faraday Future Intelligent Electric Inc. to Faraday Future Physical AI Ecosystem Inc.

The Devil Is In The Details: Gold Analysis - Federal Reserve Minutes

Larissa Barlow

Apr 07, 2022 10:33

Analyses of Federal Reserve Minutes 

While both the FOMC statement and Chairman Powell's press conference provide market participants with information about the FOMC's updated and revised monetary policy, it is the release of the minutes that provides investors with significantly greater clarity and understanding. The devil, as they say, is in the details.

 

The Federal Reserve issued the official minutes from its March FOMC meeting today, providing insight into the central bank's current plans to begin unwinding its balance sheet assets. Beginning in March 2020, the Federal Reserve will add around $4.6 trillion to its balance sheet by purchasing $120 billion monthly in mortgage-backed securities ($40 billion) and US Treasury securities ($80 billion), bringing their total to just over $9 trillion.

 

According to Federal Reserve Governor Lael Brainard, the Fed intends to employ a mix of interest rate rises and a quick run-off of the balance sheet to bring US monetary policy closer to neutral later this year.

 

However, the minutes released today imply that the Federal Reserve will unwind around $3 trillion over the next three years, reducing its $9 trillion balance sheet to $6 trillion. While the Fed appears to be indicating a quick runoff of its balance sheet, the reality is that the Federal Reserve's balance sheet will be nearly $2 trillion larger than it was prior to the epidemic.

 

"Participants continued their discussion on plans to reduce the size of the Federal Reserve's balance sheet in a manner consistent with the methodology outlined in the Committee's Principles for Reducing the Size of the Federal Reserve's Balance Sheet, announced following its January meeting."

 

Additionally, the minutes stated, "While no decision was made regarding the Committee's plan to reduce the Federal Reserve's balance sheet at this meeting, participants agreed that significant progress had been made on the plan and that the Committee was well positioned to begin the process of reducing the balance sheet's size as soon as after the conclusion of its upcoming May meeting."


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